Identify Foreign Corporations in Your myICLUB.com Portfolio
We've added a feature to identify foreign corporations in your portfolio.
IRS rules require that investors report income from foreign sources (such as dividends paid by foreign corporations) on their tax returns. To ensure that all foreign source income is reported correctly, we've adding a Country selector to the Update Security Settings page (in the Accounting > Securities section of myICLUB.com). The 2-digit country abbreviation is displayed on the Security Settings summary page for your reference.
According to the IRS, a foreign corporation is any corporation that is not a U.S. corporation. Owning American Depository Receipts (ADRs) or American Depository Shares (ADSs) is considered as ownership of the underlying foreign corporations.
It's a good idea to review the Settings in myICLUB.com for every security that your club acquires. Not only can you select the Country for a foreign corporation, you can specify the Type for any security (Common Stock, REIT, Mutual Fund or ETF, Fixed Income Investments, or Other). This information must be correct in order to generate accurate tax return information.
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