U.S. beneficiaries of foreign trusts must comply with new disclosure rules
The Hiring Incentives to Restore Employment Act (the HIRE Act)1 of 2010, found in Internal Revenue Code Section 6038D, enacted foreign asset disclosure rules that apply to most U.S. taxpayers for the first time this tax filing season. Here's an overview of those rules and how they apply to U.S. beneficiaries of foreign trusts. Why? IRC Section 6038D imposes self-reporting on U.S. taxpayers with respect to their foreign financial assets and is effective for tax years beginning after March ...
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