IRS Issues New Framework for Retroactive QEF Elections Under Revenue Procedure 2026-10 This week, the IRS released Revenue Procedure 2026-10, providing long-awaited clarity for passive foreign investment company (“PFIC”) shareholders seeking private letter rulings (PLRs) to obtain retroactive qualified electing fund (“QEF”) elections. The guidance introduces a...
Read MoreTax compliance can be a daunting task, especially for individuals with investments in passive foreign investment companies or qualified electing funds VIRGINIA BEACH, VA, UNITED STATES, April 7, 2025 /EINPresswire.com/ -- In today's fast-paced world, time is a precious commodity. Tax compliance can be a daunting...
Read MoreBY MARY BETH LOUGEN, EA, USTCP Mary Beth Lougen examines the issues surrounding the sale of a fiscal year qualified electing fund (QEF) by passive foreign investment companies (PFICs). Practitioners that work with clients who have international connections often have to run the gauntlet of Code Secs....
Read MoreBY MARY BETH LOUGEN, EA, USTCP The taxation of Passive Foreign Investment Companies is incredibly complicated because of the various ways these companies can be treated federally. In this article, Mary Beth Lougen of Expat Tax Tools brings up frequently asked questions intended to make tax...
Read MoreAs the fiscal lives of an increasing number of U.S. residents cross international borders, tax planning for these individuals is full of complications. In this article, Mary Beth Lougen, EA, discusses tax strategies and tips to alleviate double taxation on foreign income at the state...
Read MoreTaxpayers who move in and out of the country should fully consider the state tax consequences of living and working in another jurisdiction. In this article, Mary Beth Lougen of American Expat Taxes explains the general considerations states use in determining whether a taxpayer is...
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