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Foreign mutual funds = Passive Foreign Investment Companies (PFICs)?

- By : Parag Patel

…investors. U.S. investors report their PFIC holdings on Forms 8621 – Return by Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund, which are filed with their annual…

Checklist of tax forms for taxpayers with foreign assets

- By : Parag Patel

…rather than sent separately to the Department of Treasury. Form 8621: Information Return for Passive Foreign Investment Company (PFIC) — If you own shares in a Passive Foreign Investment Company,…

New Streamlined Domestic Offshore Procedures (SDOP) is a Game Changer

- By : Parag Patel

…5472, 8938, 926, and 8621) with respect to the foreign financial asset, and (4) such failures resulted from non-willful conduct. Non-willful conduct is conduct that is due to negligence, inadvertence,…

Beware of Overlooked Common Overseas Tax Forms

- By : Parag Patel

…your preparer is qualified to do the work. Many of these forms are quite complex and require special training to prepare. The IRS, for example, estimates that each Form 8621

Watch Out for PFIC Status

- By : Parag Patel

…it takes up to 30 hours of tax preparation time to complete Form 8621, which needs to be filed for each PFIC every year. As a result, the benefit of…

New IRS internal procedure guidance for Streamline Filing Compliance Procedures

- By : Parag Patel

…(Forms 3520, 3520-A, 5471, 5472, 8938, 926, or 8621) by e-mailing the CIS ID number to “*LB&I OVDP Compliance” with an explanation that the case is being forwarded due to…

Common Issues for US-India Tax Reporting

- By : Parag Patel

…on the foreign facilitators hotlist. Indian Mutual Funds require PFIC computations using Form 8621. We treat EPFs as employee trusts. This means they need special treatment under IRC 402(b) and…

The Misunderstood Extension of time to file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR)

- By : Parag Patel

…5471 (Information Return of U.S. Persons With Respect to Certain Foreign Corporations), IRS Form 8865 (Return of U.S. Persons With Respect to Certain Foreign Partnerships) and IRS Form 8621 (Information…

New IRS IRM with Updated Streamlined Filing Compliance procedures

- By : Parag Patel

…date) has passed together with any required information returns (e.g., Forms 3520, 3520-A, 5471, 5472, 8938, 926, and 8621) even if these information returns would normally not be submitted had…

Below is a List of Common Forms Applicable in Compliance Requirements for U.S. Citizens and Residents with Foreign Assets, Trusts, and Entities

- By : Parag Patel

…Persons With Respect to Certain Foreign Partnerships Form 8621 Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund Form 926 Return by a U.S….

More Tax Complexity: New Form 8938

- By : Parag Patel

…on Form 3520, Form 3520-A, Form 5471, Form 8621, Form 8865, or Form 8891, you do not need to report the asset on Form 8938. On the Form 8938, however,…

A solution in a tough tax season: the IRS Streamlined Offshore Procedures

- By : Parag Patel

…returns (e.g., Forms 3520, 3520-A, 5471, 5472, 8938, 926, and 8621) for the foreign financial asset; and (4) these failures resulted from non-willful conduct. To be eligible for the streamlined…

The IRS is Hiring: Expect New Enforcement

- By : Parag Patel

…will be more audits with respect to Forms 5471 (owners of a foreign corporation), 3520/3520A (owners and beneficiaries of foreign trusts), 8621 (PFICs, including foreign mutual funds) and 8865 (owners…