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The complexities of Passive Foreign Investment Companies -- aka PFICs -- surprise a good numbers of US taxpayers.
PFICs can be a terribly onerous tax treatment sometimes just one PFIC can require 3000 of pages on one Form 8621!
So how did everything get so out of hand? What should you do if you have an unreported PFIC?
Usually PFICs are foreign mutual funds, but may include other types of foreign investments, including foreign life insurance. But other times, you need to look wherever you have passive income on foreign assets that are managed by someone else.
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Contact us at 888-727-8796 if you need assistance with your foreign or domestic tax problem (and yes, your information will be subject to the attorney client privilege). We’ve successfully assisted thousands of clients deal with IRS issues. You can also email us at info@irsmedic.com. www.irsmedic.com
