This article aims to serve as your comprehensive guide to understanding the nuances of foreign trusts. Whether you’re a trustee, grantor, settlor, or beneficiary, we’re here to unravel the complexities and shed light on potential pitfalls and opportunities within the realm of cross-border trust taxation. Demystifying ‘US Person’ ClassificationBefore delving into the specifics of foreign […]

Please note this post was updated on January 23, 2024 to include figures for 2024 for the 2023 tax season. A trust is a legal arrangement where the creator of the trust (called either a grantor or settlor) transfers legal title to property to a trustee to manage for the benefit of individual(s) or entities […]

US taxpayers often participate in foreign pension plans as these can be useful, tax preferred, investment tools in the jurisdiction where they are tax resident.  Complexities arise with how these plans are reported to the IRS, especially considering the substantial US tax penalties associated with non-compliance. What is a Foreign Private Pension Plan? Pension plans […]