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- Title
Foreign Retirement and Savings Plans, Waiver of Forms 3520 and Forms 3520-A, and Limits of Rev. Proc. 2020-17.
- Authors
Sheppard, Hale E.
- Abstract
The article reports that the U.S. Internal Revenue Service (IRS) has issued Revenue Procedure 2020-17, which offers beneficial treatment, to certain U.S. individuals with interests in applicable tax-favored foreign trusts. It mentions U.S. tax and information-reporting obligations for U.S. individuals with foreign plans. It also mentions IRS needs to issue additional guidance to overcome the current ambiguity, complexity with respect to the U.S. treatment of foreign plans.
- Subjects
UNITED States. Internal Revenue Service; TAXATION of foreign trusts; TAXATION; FOREIGN subsidiaries; REVENUE rulings
- Publication
International Tax Journal, 2020, Vol 46, Issue 2, p29
- ISSN
0097-7314
- Publication type
Article