Daily Tax Update - December 27, 2016: IRS Issues Final Regulations on PFIC Ownership

IRS Issues Final Regulations on PFIC Ownership:  Today, the Treasury Department and the IRS issued final regulations and removed temporary regulations regarding definitions and reporting requirements for shareholders of passive foreign investment companies (PFICs).  The regulations assist in determining ownership of a PFIC and provide guidance on an exception to the requirement for shareholders of foreign corporations to file Form 5471.  These regulations finalize, with some changes, proposed regulations issued in December 2013 (REG–140974–11).