itonewbie
Level 15
04-30-2020
04:00 PM
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If the dividend is from foreign mutual funds, REIT, etc., your client may be subject to PFIC and have a F.8621 reporting requirement, which could get costly in terms of compliance burden, tax regime, and potential penalties for incompliance, not to mention that delinquent filing will toll the SOL on the entire return.
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