Information Reporting Suspended for Foreign Financial Asset and PFIC Shareholders |
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The Internal Revenue Service (IRS) released Notice 2011-55, which:
- Suspends certain information reporting requirements under IRC Section 6038D for tax years beginning after March 18, 2010 until the release of new Form 8938, Statement of Specified Foreign Financial Assets, and
- Suspends certain information reporting requirements under IRC Section 1298(f) for tax years beginning on or after March 18, 2010 until the release of revised Form 8621, Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund.
Download the PDF to learn more about implications.
Information reporting suspended for foreign financial asset and PFIC shareholders
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