U.S. Tax Rules for PFICs – Canadian Context (Business Opportunities - Other Business Ads)
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U.S. Tax Rules for PFICs – Canadian Context | |
This comprehensive article discusses Passive Foreign Investment Company (PFIC) rules and their implications for U.S. taxpayers, particularly those living in Canada. It covers the definition of PFICs, ownership requirements, tests for classification, exceptions, tax consequences, and available options such as the Qualifying Electing Fund (QEF) and Mark-to-Market (MTM) regimes. Additionally, it addresses late QEF elections and the importance of filing Form 8621 for reporting PFIC shares. The article emphasizes the complexity of PFIC rules and the need for careful consideration and planning by U.S. taxpayers investing in foreign assets to ensure compliance with reporting requirements and tax implications. For more information please visit - https://www.maroofhs.com/post/us-tax-rules-for-the-shareholders-of-canadian-pfics/ Address: Maroof HS CPA Professional Corporation 4102-85 Queens Wharf Rd Toronto, M5V 0J9, ON Canada (647)724-4308  | |
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| Target Prov.: Ontario Target City : Toronto Last Update : May 06, 2024 11:56 PM Number of Views: 44 | Item Owner : Maroof Contact Email: Contact Phone: (647)724-4308 |
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2025-01-31 (0.385 sec)