Latest / Expat Wealth - Cross-Border Financial Advice for Expats in America and Americans Abroad
39. There Are SEVERE Penalties for Tax Non-Compliance. Here’s How to Avoid Them | Ask An Expert with Ishali Patel
An accountant moves to the US in the 1980s with a portfolio of non-U.S. mutual funds (classified as PFICs under US tax law). Decades later and the portfolio has grown significantly, but is never reported under the US PFIC rules. Assuming it was taxed like a standard investment, the accountant has blindly walked into an 80% penalty, lost to taxes and interest. This cautionary tale highlights the critical need for early, specialised cross-border tax advice. Thankfully, we’ve got it here. Richard Taylor is joined for this week’s Ask An Expert by Ishali Patel, Senior Director at Trowbridge…
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.