Now that you have established or become a beneficiary of a foreign trust, you may need to consider whether you have a US income tax return and information reporting requirement. If you are a US citizen, permanent resident, or a US resident taxpayer you may be subject to US taxes and reporting on your worldwide assets.

If you have a foreign pension or investment account abroad, you've probably never heard of a PFIC. That's a problem — because the IRS has, and the tax rules around them are brutal. What's a PFIC? PFIC stands for Passive Foreign Investment Company. In plain English: almost any foreign fund. Foreign mutual funds, foreign ETFs, foreign pension funds that invest in pooled vehicles — they almost all qualify. If your foreign pension invests in foreign funds (which virtually all d