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Foreign mutual funds typically are classified as passive foreign investment companies (PFICs) for US tax purposes. PFICs have a notoriously punitive tax treatment. Learn why foreign mutual funds are PFICs, and how to compute income and tax under the mark-to-market method of PFIC taxation. Lastly, learn how to prepare Form 8621 to report income from foreign mutual funds.
View all webcasts offered in the International Tax Lunch Series.
*Recognize when a client has a foreign mutual fund
*Determine why foreign mutual funds are taxed as PFICs
*Compute income and tax under the mark-to-market method for PFICs
*Apply taxation and reporting concepts to prepare Form 8621 for a foreign mutual fund
*Passive foreign investment companies
*Foreign mutual funds
*Section 1291 taxation
Debra Rudd is a CPA at HodgenLaw PC, a boutique international tax law firm in Pasadena. She has a bachelor’s degree in philosophy from Columbia University and is pursuing a master’s degree in taxation at Golden Gate University.
In addition to managing the firm’s day-to-day operations, she prepares complex tax returns for high net worth individuals and various entities. Focus areas include passive foreign investment companies, controlled foreign corporations, foreign trusts, and foreign investment in U.S. real estate. Russ frequently writes and speaks on various crossborder tax topics for HodgenLaw and CalCPA.