Passive Foreign Investment Company (PFIC) Reporting for Expats

PFIC reporting

While abroad U.S. expats sometimes choose to invest in vehicles that inadvertently trigger additional U.S. reporting requirements.   One of these reporting requirements are in regards to Passive Foreign Investment Corporations (PFICs), which can be triggered by a U.S. person simply…

Remember: “Failure to Report Offshore Funds Remains a Crime” – IRS

report offshore funds

With every increasing global travel and trade the IRS chose to remind everyone today that individuals considered to be U.S. Persons for U.S. tax filing purposes must report offshore funds and income derived from those funds. Remember: "Failure to Report…