FATCA Update: New Annual PFIC Reporting Rules/Guidance on Definitions and Scope under Chapter 4 Withholding

FATCA Update: New Annual PFIC Reporting Rules/Guidance on Definitions and Scope under Chapter 4 Withholding

On April 6, 2010, the Internal Revenue Service (IRS) released an advance copy of Notice 2010-34, which provides guidance pursuant to the recently enacted Section 1298(f), concerning the annual reporting requirements of U.S. persons who are shareholders of a passive foreign investment company (PFIC).

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