Expanded Trust Reporting Rules for 2024
February 12, 2024
New rules effective for trusts with years ending on or after December 31, 2023 will require enhanced disclosure and most trusts will be required to file a tax return.
The new disclosure rules apply to trust-like relationships whereby a person holding legal title to an asset differs from the beneficial owner, commonly known as a bare trust. There are significant penalties for noncompliance. View our summary for important deadlines and details.
Please click on the image to view the full document and download the PDF.
Check out these other resources on expanded trust reporting:
- The New Trust Filing Rule Could be a Real “Bare” to Deal With – DFK Tax Digest, 2023 Issue Four.