Foreign Reporting

What are your tax responsibility if you are a U.S. Person?

• June 11, 2015
• Ravi
• International Taxation

If you are a U.S. Person for tax purposes, and let's say you own a Foreign bank account with interest income, you MUST include your Foreign Bank account income even if it is ONE Dollar. So regardless if you earn…

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What is a PFIC (Passive Foreign Investment Company)? What are the tax implication and reporting rules if you own a PFIC?

• June 11, 2015
• Ravi
• International Taxation

A Passive foreign investment company (PFIC) is any foreign corporation if 75 percent or more of its gross income for the taxable year consists of passive income, or 50 percent or more of the average fair market value of its…

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