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Posts tagged "trusts"

Out-of-State Trusts Can Now Participate in California Voluntary Disclosure Program

On September 25, 2017, Governor Brown signed S.B. 813 into law, which, effective January 1, 2018, expands the existing California state voluntary disclosure program to include out-of-state trusts with California beneficiaries and non-resident partners. Such taxpayers will now be eligible to use the voluntary disclosure program to bring non-California trusts into compliance with California state tax laws. In addition, the Franchise Tax Board (FTB) may waive late-filing penalties for certain types of entities and returns under the program.

IRS Announces That Per Capita Payments From Settlement of Tribal Trust Cases Are Not Taxable

The United States entered into agreements earlier this year with certain federally recognized Indian tribes to settle long-running lawsuits in which the tribes accused the Interior Department and the Treasury Department of mismanaging the monetary assets and natural resources that the United States holds in trust for the benefit of the tribes. In Notice 2012-60, the IRS advised taxpayers that the per capita payments made from the proceeds of these settlements are excluded from the gross income of tribal members who receive the payments.

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