PFIC streamline procedures for compliance??

mcaps · Post by **mcaps** » Mon Feb 23, 2015 6:58 pm

anyone heard of streamline procedures available for PFIC compliance, or are these for the OVDI program?

Have these been applied to the PFIC?

thanks,

mcaps

JGCA · Post by **JGCA** » Mon Feb 23, 2015 7:39 pm

No they have not it was not part of the June 2014 package that introduced the new OVDI package and penalty relief to apply if you made the disclosures up to August 2014 under the old rule of penalty at 27% vs the new 50% penalty .

The foreign passive income elections afforded to p[eople like the market to market rate and other remedies were put in place to offer some relief but no formal OVDI for PFIC was ever included due to its complexity it will be looked at for a while longer before anything is done.

mcaps · Post by **mcaps** » Mon Feb 23, 2015 7:47 pm

I did not have to enter the OVDI under FAQ 17, no distributions/dispositions were ever made. I'll keep researching my situation.

thank you,
mcaps.

[quote="JGCA"]No they have not it was not part of the June 2014 package that introduced the new OVDI package and penalty relief to apply if you made the disclosures up to August 2014 under the old rule of penalty at 27% vs the new 50% penalty .

The foreign passive income elections afforded to p[eople like the market to market rate and other remedies were put in place to offer some relief but no formal OVDI for PFIC was ever included due to its complexity it will be looked at for a while longer before anything is done.[/quote]