Day: June 17, 2019

Taxes on Foreign Mutual Funds: Common Mistakes to Avoid

Many taxpayers know that American tax law requires US tax residents to report their worldwide income and assets on their US taxes.  However, some taxpayers are not aware that foreign mutual funds are classified as Passive Foreign Investment Companies (PFIC) and must be taxed accordingly. Failing to apply for ownership in foreign mutual funds can result in substantial penalties.

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