Foreign mutual funds, known as passive foreign investment companies or “PFICs,” pose significant compliance burdens for U.S. taxpayers. Click here for the full article.
Other posts of interest:
U.S. Persons’ Reporting Obligations Regarding Foreign Financial Assets
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Reporting Horrors of Foreign Mutual Funds (“PFICs”)
Compliance Required of U.S. Persons Concerning Foreign Financial Accounts
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Foreign Accounts? Here’s What You Need to Know
Our Approach to Foreign Accounts Cases
Conflicts of Interest in Handling Foreign Financial Accounts Cases
Disclosure of Indian Financial Accounts to the U.S. Government
Passive Foreign Investment Companies: U.S. Clients Should Consider Compliance
Status of Intergovernmental Information Sharing Concerning U.S. Persons’ Foreign Financial Accounts
The Use of John Doe Summonses in Identifying U.S. Persons’ Accounts