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The AICPA requires International Information Reporting Guidelines for Domestic Grantor Trusts
Washington, DC (February 8, 2024) The American Institute of CPAs (AICPA) presented a paper The US Department of the Treasury and the Internal Revenue Service (IRS) requesting guidance regarding international information reporting for domestic grantor trusts. The AICPA's recommendations focus on simplifying filings for taxpayers and practitioners and reducing the administrative burden on the IRS.
The AICPA emphasizes the need for the Treasury and the IRS to issue a Notice or Revenue Procedure to resolve uncertainty regarding the obligation of donor domestic funds to file Form 5471, Form 8858, Form 8865, and Form 8992. Issuance of a Notice or Procedure The Revenue would help resolve the uncertainty by clarifying that domestic concessionaire trusts are not taken into account for the purpose of filing these forms or establish some exemptions for domestic concessionaire trusts from filing these information statements.
Although grantor trusts are disregarded for federal income tax purposes, domestic grantor trusts have been interpreted by the United States Tax Court as US persons. The Tax Courts' treatment of domestic grantor trusts as US persons is inconsistent with IRS form guidance and instructions and has created uncertainty regarding the obligation of domestic grantor trusts to file certain international information returns.
In light of this uncertainty, a number of taxpayers have conservatively filed international information returns with their gift certificates. The approach of having both domestic grantor trusts and US owners of such trusts file these information returns creates redundancy in reporting requirements rather than providing additional information that may be useful to the government.
Treating domestic grantor trusts as entities for the purpose of filing these information statements is also inconsistent with global intangible low-tax income (GILTI) in which calculations are aggregated at the level of US shareholders rather than at the level of local transmitted entities. own shares of controlled foreign corporations (CFCs).
We hope the IRS will provide the necessary guidance to clarify that domestic grantor trusts are exempt from filing these international information reporting forms, says Eileen Sherr, AICPA Director of Tax Policy and Advocacy. The AICPA believes this further guidance will reduce redundancy and simplify registration.
About the American Institute of CPAs
The American Institute of CPAs (AICPA) is the world's largest membership association representing the CPA profession, with more than 415,000 members in the United States and worldwide, and a history of serving the public interest since 1887. AICPA members represent many practice areas. including business and industry, public practice, government, education and consultancy. The AICPA sets ethical standards for its members and US auditing standards for private companies, not-for-profit organizations, and federal, state, and local governments. It develops and evaluates the Uniform CPA Exam, offers specialized credentials, builds the pipeline of future talent, and fosters continuing education to advance the vitality, relevance, and quality of the profession.
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