EST2608. What The CPA Needs To Know About Foreign Trusts

This session focuses on the application of the U.S. tax laws as they relate to identifying a client's foreign versus domestic trust structure, and whether such trust is a grantor or nongrantor trust for U.S. tax purposes. Properly identifying a trust is essential to ensuring that the appropriate IRS forms are filed and failure to do so could lead to various penalties.

Learning Objectives:

• Recognize whether your client's entity qualifies as a trust for U.S. tax purposes.
• Identify the appropriate IRS classification for your client's trust to ensure proper compliance with IRS reporting obligations.