A Cross-Border Finance & Tax Podcast To Filter Out The Noise
Hosted by Jane Mepham, CFP & Manasa Nadig, EA
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About
The International Money Café Podcast addresses the unique financial, tax, and life challenges faced by foreign-born individuals, foreign nationals on work visas, and U.S expats living outside the U.S.
Join us as we navigate the financial complexities, decode the challenges, and provide actionable strategies for thriving financially in a global landscape.
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Every episode gives you tips on pursuing your financial dream while staying tax-compliant, saving you hours of combing the Internet for information relevant to your situation!
Ep 55: What is English for "Is It A PFIC Or Not"?
In this conversation, we discuss the complexities of Passive Foreign Investment Companies (PFICs) and their implications for U.S. tax residents with overseas investments.
We explain what PFICs are, the tax burdens associated with them, and provide practical steps for identifying whether a foreign fund qualifies as a PFIC.
The discussion emphasizes the importance of consulting tax professionals and understanding the tax implications of foreign investments.
Takeaways
PFIC stands for Passive Foreign Investment Company.
PFICs are legally permissible for investment, but they come with tax burdens.
Growth in foreign mutual funds is taxed at income tax rates.
IRS Form 8621 can take up to 25 hours to complete.
Foreign mutual funds and retirement accounts can be PFICs.
Three ways of identifying if a foreign fund is a PFIC or not.
Chapters
00:00 Understanding PFICs: The Basics
02:59 The Tax Implications of PFICs
05:28 Identifying PFICs: Practical Steps
Episode Links and Resources
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Meet Your Hosts
Jane Mepham, CFP and
Manasa Nadig, EA
Jane Mepham, CFP®, and Manasa Nadig, EA, are leading experts revolutionizing cross-border financial and tax advice for green card holders, foreign-born U.S. citizens, foreign nationals on work visas, and U.S. expats.
Jane, the founder of Elgon Financial Advisors in Austin, TX, and Manasa, the founder of MN Tax & Business Services in Plymouth, MI, combine their extensive knowledge and personal experiences to provide invaluable insights on the podcast.
Explore their journeys and expertise through their blogs, LinkedIn, Twitter, and Instagram pages.
If you’d like to go beyond the podcast and explore working with us one-on-one
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