Washington, D.C. — MFA submitted a redesigned Form 8621 for passive foreign investment company reporting to the IRS and issued the following statement:
“Updating Form 8621 to allow for disclosure of more than one passive foreign investment company will significantly ease unnecessary compliance burdens by enabling taxpayers to report multiple investments on a single form. Reducing paperwork and respondent burden will empower alternative asset managers to better serve their investors, including pensions, foundations, and endowments. We look forward to continuing to support the IRS in its efforts to reduce paperwork and improve efficiency for taxpayers.”– Joseph Schwartz, MFA Vice President & Senior Counsel, Regulatory Affairs
Read the comment letter and redesigned tax form here.
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About the global alternative asset management industry
The global alternative asset management industry, including hedge funds, credit funds, and crossover funds, has assets under management of $5.5 trillion (Q3 2023). The industry serves thousands of public and private pension funds, charitable endowments, foundations, sovereign governments, and other global institutional investors by providing portfolio diversification and risk-adjusted returns to help meet their funding obligations and return targets.
About MFA
Managed Funds Association (MFA), based in Washington, DC, New York, Brussels, and London, represents the global alternative asset management industry. MFA’s mission is to advance the ability of alternative asset managers to raise capital, invest, and generate returns for their beneficiaries. MFA advocates on behalf of its membership and convenes stakeholders to address global regulatory, operational, and business issues. MFA has more than 180 member fund managers, including traditional hedge funds, credit funds, and crossover funds, that collectively manage over $3.2 trillion across a diverse group of investment strategies. Member firms help pension plans, university endowments, charitable foundations, and other institutional investors to diversify their investments, manage risk, and generate attractive returns over time.
