Save time. Serve your clients. Stop the headaches.
Why should I trust you to prepare Form 8621?
We understand the IRS regulations on PFICs
We are more accurate, faster and less expensive than accountants and tax professionals
The IRS estimates the time to learn about the law and form is 11 hours 24 minutes with an additional 20 hours 34 minutes to complete each form
We provide you with full calculations to provide to the IRS
We use secure file transfer methods when communications include personal information
What if I am participating in the IRS Offshore Voluntary Disclosure Program, can you calculate using the alternate rules?
Yes- we can provide forms prepared using the OVDP alternate resolution for PFICs.
What do I get for my money?
A completed form 8621 and a set of calculations ready to slide into your 1040 tax return, and a forms guide that show where all the numbers end up on your tax return.
I have concerns about protecting my personal information.
Everyone should be careful when providing personal information to an unknown person. We can prepare Form 8621 for you without your sensitive information. We really only need the information regarding the PFIC- not your SSN, not your bank or account number. If you do not wish to provide us with your personal information, we will produce the form with the heading blank and you can fill that in yourself. In fact- we prefer it that way.
What information do you need to provide to us?
The year or years of forms you need prepared;
A copy of the prior year’s Form 8621 if one has been filed
Whether a QEF or Mark to Market election was made in an earlier year;
A full transactional history of the investment in the functional currency for all PFICs you owned on January 1 of the first year we are preparing. The history must include the date and amount of purchases, reinvestment of distributions, sales, and distributions- and whether you included distribution amounts in taxable income on a US tax return in the year you received them (even if you reported them incorrectly);
The December 31 balances for each PFIC for each year you are having us prepare, as well as the December 31 balance for the year immediately preceding the first year we are preparing;
The PFIC Annual Information Statement if you would like a QEF election
What is a distribution?
Any amounts of cash or property distributed to the owner for any reason other than as a result of a sale- such as dividends, interest, return of capital, etc…
What is a functional currency?
The currency in which the investment is denominated.
Do I need to convert the amounts into USD?
No- we will do all the currency conversions for you. We use the spot rate as supplied on www.xe-rates.com which is accepted by the IRS. Our database has over 150 currencies.
What if I have questions?
We will always answer questions on how the process works and what you should expect. If your questions involve explaining, what a PFIC is and how it is taxed, we are happy to set up a time for you to speak with one of our PFIC experts for a fee.
The additional fee is $125 USD for 30 minutes (minimum charge), and $62.50 for each additional 15 minutes or fraction thereof. Check out the PFIC information and articles on our website.
Can you help me decide whether I should make an election?
We can certainly assist with explaining the pros, cons, and ramifications of making a QEF or Mark to Market election about your PFIC.
Information provided by Expat Tax Tools, Inc. on this site is not to be construed as legal, tax, or accounting advice. Every effort is made to provide current and accurate information but tax laws and regulations can change and errors can occur. This information is provided “as is” with no guarantees of completeness or accuracy and without warranties of any kind- express or implicit.