The Journal of Accountancy reports that on Wednesday, the IRS announced that it will amend the regulations governing the reporting requirements for U.S. persons who hold stock in passive foreign investment companies PFICs. The amendments will provide that, if a taxpayer marks to market PFIC stock under Sec. 475 or any Code section other than Sec. 1296, the taxpayer will not be required to file Form 8621, Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund Notice 2014-51.

To read more, see PFIC reporting rules do not apply to certain marked-to-market stock.

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.