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Did you know that there is new legislation that will impact many individuals and corporations who may not be aware of relationships they have where a bare trust arrangement exists.
For tax years ending on or after Dec. 31, 2023, bare trust arrangements now have to file trust tax returns. In these relationships, the person or entity listed as the owner of an asset is not the beneficial owner of the asset, but the holder of legal title for the property.
Please refer to our blog post or call our office for more information.