CPE: 1 hours
Advanced prep: An understanding of trust filing requirements and preparation of trust returns.
Who should attend: CPAs and lawyers.
Federal tax rules for foreign trusts are complex and compliance failures mean steep penalties. Identify the penalty risks that apply to foreign trusts, their settlors, trustees and beneficiaries and different strategies for fixing the problems.
- Identify potential compliance and tax issues for your clients with foreign grantor and non-grantor trusts.
- Determine issues surrounding transfers to and distributions from foreign trusts.
- Compliance rules and penalties applicable to settlors, trustees and beneficiaries of foreign trusts
- Handling noncompliance
- Penalty abatement