CPE: 1 hours
Advanced prep: None
Who should attend: Tax practitioners advising U.S. taxpayers on foreign tax issues or preparing income tax returns for Americans abroad.
PFIC tax and reporting rules can be complicated and confusing. Determine whether you have PFIC and understand rules that apply, such as qualified electing fund, mark-to-market election and excess distribution regime under IRC Sec. 1291. We'll also cover Form 8621 and unusual situations that trigger the PFIC reporting requirements.
- Identify a PFIC
- Recognize Form 8621 and PFIC taxation and reporting requirements
- Passive Foreign Investment Companies (PFICs)
- Income tax consequences
- Form 8621 preparation