Overview of Passive Foreign Investment Companies (PFICs) (Completed)
Date: Tuesday, July 9, 2024
Instructor: Robert J. Misey
| Begin Time: |
11:00am Pacific Time
12:00pm Mountain Time
1:00pm Central Time
2:00pm Eastern Time |
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
|
NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
With the globalization of investments, many U.S. individuals (not only high-net worth individuals) are investing in foreign entities. If these foreign entities constitute PFICs, the U.S. individuals will have to deal with one of the more complex tax regimes. This program will show how to plan and comply with taxation of a PFIC.
Topics Covered
- Determining a PFIC under the income test
- Determining a PFIC under the asset test
- Taxation pursuant to a Qualified Electing Fund (QEF) election
- Taxation by marking-to-market
- Taxation under the excess distribution regime
- Compliance on Form 8621
Learning Objectives
- Determining whether a foreign corporation is a PFIC
- Complying with PFIC reporting on Form 8621
Level
Basic
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
