I mean, is it true? The article effectively amounts to, “it’s cool bro,” yet it acknowledges the “truism” that PFICs make foreign investing extremely complicated. They’re saying that there are no PFIC reporting requirements, with the “evidence” being “there has been 15 years of dialogue…..” and it’s all good “because the funds are professional managed” (source: “trust me bro?”).
I have an iDeco that an employer put money into, but I never invested it, it’s just sitting there. If I go into that account right now, and invest it in a Japanese mutual fund, this author seems to be saying the only reporting requirements is FBAR. Is that actually true?
I certainly wish that it were that simple, but one accountant doesn’t really give me a lot of faith in that.
> There are no PFIC reporting concerns because the fund holds and owns the PFICs and no investment planning decisions to worry about because the fund is professionally managed
Sounds a whole lot like “those aren’t my drugs! I just pay that guy and that guy happens to buy illegal drugs” to my non-professional ears.
Is this guy Rick a reliable source?
Would be nice to get some confirmation from a bigger authority on this
googled author’s linkedin
…..
>write speculative fiction and have published short stories in venues such as Nature.
uhm???
What is he even suggesting his clients invest in inside their NISA?
As others have said, I don’t see anything in this article that convinces me.
I would really like some clear guidance one way or another. Someone ought to just start a class action lawsuit against the IRS for clarification.
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Nice
I mean, is it true? The article effectively amounts to, “it’s cool bro,” yet it acknowledges the “truism” that PFICs make foreign investing extremely complicated. They’re saying that there are no PFIC reporting requirements, with the “evidence” being “there has been 15 years of dialogue…..” and it’s all good “because the funds are professional managed” (source: “trust me bro?”).
I have an iDeco that an employer put money into, but I never invested it, it’s just sitting there. If I go into that account right now, and invest it in a Japanese mutual fund, this author seems to be saying the only reporting requirements is FBAR. Is that actually true?
I certainly wish that it were that simple, but one accountant doesn’t really give me a lot of faith in that.
> There are no PFIC reporting concerns because the fund holds and owns the PFICs and no investment planning decisions to worry about because the fund is professionally managed
Sounds a whole lot like “those aren’t my drugs! I just pay that guy and that guy happens to buy illegal drugs” to my non-professional ears.
Is this guy Rick a reliable source?
Would be nice to get some confirmation from a bigger authority on this
googled author’s linkedin
…..
>write speculative fiction and have published short stories in venues such as Nature.
uhm???
What is he even suggesting his clients invest in inside their NISA?
As others have said, I don’t see anything in this article that convinces me.
I would really like some clear guidance one way or another. Someone ought to just start a class action lawsuit against the IRS for clarification.
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