Own Indian mutual funds and also file US taxes? They’re almost certainly classified as PFICs under US tax law — and that comes with unusually strict reporting rules. Here’s what that means. Quick Summary PFIC (Passive Foreign Investment Company) status applies to most Indian mutual funds under US tax law, given their passive-income structure. PFIC…

Just realized you missed years of FBAR or US tax filings on your Indian accounts? The Streamlined Filing Compliance Procedures exist for exactly this — here’s the general idea of how they work. Quick Summary The Streamlined Domestic Offshore Procedures (SDOP) and Streamlined Foreign Offshore Procedures (SFOP) let eligible taxpayers catch up on missed foreign…