The AICPA recently submitted comments to the IRS and Treasury on proposed regulations regarding reporting transactions with foreign trusts, receiving large foreign gifts, and dealing with loans and property from foreign trusts.
The recommendations aim to simplify filing for taxpayers and practitioners, reduce the administrative burden on the IRS, and are consistent with the AICPA's prior comments on foreign trust and foreign gift reporting issues.
The AICPA also requested to testify at the IRS hearing on the proposed regulations on Wednesday, Aug. 21. Read more.