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.
By: Shailesh Patel What is aN ITIN? An Individual Taxpayer Identification Number (ITIN) is a number issued by the Internal Revenue Service (IRS) to individuals who are not eligible to get a Social Security Number (SSN). Taxpayers can use ITINs on their tax returns to comply with US laws. WHO SHOULD APPLY FOR AN ITIN? …
Individual Taxpayer Identification Number (ITIN) Fact Sheet Read More »
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