Treasury Hearing August 21, 2024: Simplifying Foreign Trust Regulations: Voices from Abroad

PREP Podcaster - ”Success Favours The PREPared Mind”

Treasury Hearing On Foreign Trust and Foreign Gift Proposed Regulations - [REG-124850-08] - August 21, 2024

(My presentation starts at the 51 minute mark.)

The persons below have requested to present oral testimony on proposed regulations regarding “Transactions With Foreign Trusts and Information Reporting on Transactions With Foreign Trusts and Large Foreign Gifts” (REG-124850-08). A notice of proposed rulemaking and a notice of hearing were published in the Federal
Register on Wednesday, May 8, 2024.

Each speaker or group of speakers is allocated 10 minutes to speak.

In-Person Speakers

NAME REPRESENTING
1. Gary Carter Self - Start at approximate 61 minute mark
2. Henry P. Alden II - Start at approximate 10 minute mark
Karen Brodsky American Institute of CPAs (AICPA) - 14:10

3. Kevin Matz American College of Trust and Estate - Start at approximate 23:20 minute mark

Counsel (ACTEC)

Telephonic Speakers
4. Dennis Haszho Self - start at approximate 32:30 minute mark
5. Rebecca Lammers Democrats Abroad - Start at approximate 40:50 minute mark
6. John Richardson Stop Extraterritorial American Taxation - start at approximate 51 minute mark

Note that Gary Carter appeared by phone and started at the approximate 60 minute mark.

AI Description:

"In this episode, we dive into a pivotal IRS hearing concerning proposed regulations on foreign trusts and large foreign gifts, touching upon key sections of the Internal Revenue Code. Held at the IRS Auditorium in Washington, D.C., the hearing features a panel of experts and multiple speakers, including representatives from the American Institute of CPAs (AICPA), the American College of Trust and Estate Council (ACTEC), and various advocacy groups for Americans living abroad.

Our speakers share insights on the complexities and challenges faced by taxpayers, particularly those living outside the U.S., in navigating the intricate web of tax regulations. From the nuances of reporting non-U.S. pensions to the hefty penalties for non-compliance, the discussion underscores the urgent need for clarity and reform. Hear firsthand accounts from individuals and professionals alike, as they call for more lenient and clear-cut guidelines to better serve the global American community.

Join us as we explore the implications of these proposed regulations and the heartfelt testimonies advocating for a fairer and more straightforward tax system."