Definition

A PFIC is a foreign corporation — most commonly a non-US mutual fund or ETF — that the IRS subjects to a complex, punitive tax regime with onerous reporting on Form 8621. For this reason, U.S. taxpayers generally should not hold foreign mutual funds; investing in US-domiciled funds that hold international stocks avoids the problem.

1. H-1B Visa Holders: A Complete Guide to Personal Finance in the US

   Managing money on an H-1B visa involves unique challenges that most standard financial advice does not address: dual-country tax obligations, visa-dependent career planning, and investments that do not translate internationally.
   immigrant finance

1. FATCA (Foreign Account Tax Compliance Act)

   A U.S. law requiring reporting of certain foreign financial assets, often via Form 8938.
2. Resident Alien vs. Nonresident Alien

   IRS tax categories that determine whether you are taxed on worldwide or only U.S. income.
3. Mutual Fund

   A pooled investment that buys many securities and prices once per day.