Archive for the ‘Banking’ Category
Important information about recent changes in U.S. tax legislation and enforcement
ScotiaMcLeod Exchange (winter 2011)
The first two pages of this semiannual newsletter from the brokerage arm of Bank of Nova Scotia address U.S. tax legislation and enforcement. The presumption of this article is remarkable: “For the most part, U.S. Persons are aware of their U.S. status and their duty to file a yearly tax return and other tax documents with the U.S. government.” Over half of the article is concerned with U.S. treatment of PFIC (known to ordinary investors as Canadian mutual funds).