• IRS Issues Regulations Regarding Ownership and Information Reporting of Passive Foreign Investment Companies: Final and Temporary Regulations Provide Guidance Regarding Ownership of Passive Foreign Investment Companies and Implement the Annual Report Requirement for Shareholders of Passive Foreign Investment Companies
  • January 8, 2014
  • Law Firm: Sullivan Cromwell LLP - New York Office
  • On December 30, 2013, the IRS and Treasury Department issued Temporary and Final Regulations providing guidance on the ownership of “passive foreign investment companies” and implementing an annual reporting requirement for shareholders of such companies. The regulations replace and expand certain provisions of regulations that had been proposed on April 1, 1992. The Temporary and Final Regulations are effective December 30, 2013.