Foreign Pensions

IRS Reporting Relief for U.S. Taxpayers with Certain Foreign Pensions

December 15, 2020

The IRS released Revenue Procedure 2020-17, which will be published in the Internal Revenue Bulletin on March 16th, 2020 and could have implications for your 2019 tax return. What’s the big deal about this new Rev. Proc? It provides relief to US participants of foreign pensions and other tax favored foreign accounts. This article will focus on the relief on foreign pension reporting, which can be one of the biggest headaches for

Do you Have a Foreign Pension? It May be Invested in PFICs

December 15, 2020

In our blog post IRS Tax Relief for U.S. Taxpayers with Certain Foreign Pensions I wrote: Before anyone goes rushing into investing in a Pillar 3 or other individual foreign pensions, though, one final comment about PFICs. Swiss ETFs or mutual funds, and other foreign investment funds that are the typical investment vehicles used in foreign individual retirement accounts, are generally classified as PFICs for US tax purposes. PFICs are

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Marina Hernandez is an Investment Advisor Representative with Dynamic Wealth Advisors dba Swiss American Wealth Advisors. All investment advisory services are offered through Dynamic Wealth Advisors. Marina Hernandez offers tax preparation services under MHTax, this is considered an outside business activities from Dynamic Wealth Advisors and is separate and apart from Ms. Hernandez's activities as an investment advisor representative of Dynamic Wealth Advisors. Insurance products are not offered through Dynamic Wealth Advisors. This is considered an outside business activity and is separate and apart from advisory services offered through Dynamic. You can learn more about us by reading our ADV. You can get your copy on the Securities and Exchange Commission website. See adviserinfo.sec.gov/IAPD by searching under crd #151367.

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