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International Tax Lunch: Form 8621: How Foreign Mutual Funds are Taxed and Reported

04.20.18 3:00PM – 04.20.18 4:00PM

Details

Credits
1.00

Level
Overview

Fees

Member Fee
$30.00

Nonmember Fee
$50.00

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General Info

Description

<span style="font-size:13px;font-family:arial,sans,sans-serif;" data-sheets-value="{"1":2,"2":"Foreign mutual funds typically are classified as passive foreign investment companies (PFICs) for US tax purposes. PFICs have a notoriously punitive tax treatment. Learn why foreign mutual funds are PFICs, and how to compute income and tax under the default method of PFIC taxation. Lastly, learn how to prepare Form 8621 to report income from foreign mutual funds."}" data-sheets-userformat="{"2":897,"3":{"1":0},"10":0,"11":4,"12":0}">Foreign mutual funds typically are classified as passive foreign investment companies (PFICs) for US tax purposes. PFICs have a notoriously punitive tax treatment. Learn why foreign mutual funds are PFICs, and how to compute income and tax under the default method of PFIC taxation. Lastly, learn how to prepare Form 8621 to report income from foreign mutual funds.

Highlights

<span style="font-size:13px;font-family:arial,sans,sans-serif;" data-sheets-value="{"1":2,"2":"*Form 8621\n*Passive foreign investment companies\n*Foreign mutual funds\n*Section 1291 taxation\n*Excess distributions\n"}" data-sheets-userformat="{"2":897,"3":{"1":0},"10":0,"11":4,"12":0}">*Form 8621
*Passive foreign investment companies
*Foreign mutual funds
*Section 1291 taxation
*Excess distributions

Objectives

<span style="font-size:13px;font-family:arial,sans,sans-serif;" data-sheets-value="{"1":2,"2":"*Recognize when a client has a foreign mutual fund\n*Understand why foreign mutual funds are taxed as PFICs\n*Compute income and tax under the default method for PFICs\n*Apply taxation and reporting concepts to prepare Form 8621 for a foreign mutual fund"}" data-sheets-userformat="{"2":897,"3":{"1":0},"10":0,"11":4,"12":0}">*Recognize when a client has a foreign mutual fund
*Determine why foreign mutual funds are taxed as PFICs
*Compute income and tax under the default method for PFICs
*Apply taxation and reporting concepts to prepare Form 8621 for a foreign mutual fund

Designed For

CPAs, Attorneys

Vendor
CalCPA Education Foundation
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