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Form 8621 Calculator – Read-only mode

Form 8621 Calculator

New Feature

  • Read-only mode for administrators.
    Extract your client data from the Calculator using the export grids function in the new read-only mode.

Maintenance Updates

  • Transaction import fix from older versions (update 15.11.11)
  • Create “QEF-FMV” table if not exist (update 15.11.10)
  • PDF Account number & number of units printout fix (update 15.11.09)
Interplay of Foreign Assignment Length and Income Tax Considerations (BMA Webinar)

Wednesday, December 16, 2015

1:00 PM to 2:00 PM ET


This program goes back to basics to reinforce how the current tax code affects the personal income tax situations for your employees on foreign assignment.  A well-crafted package can allow your employee to benefit from the best the Internal Revenue Code and State Tax Codes have to offer on a personal level.  Too often, employees on international assignments are surprised at tax time to learn that they do not qualify for federal earned income exclusions or state safe harbor programs which could have saved them thousands in taxes.  When employees accept assignments outside the United States and are provided with a thoughtful employment package that considers not only the company’s interest but their own, your company will be able to retain talent easier and have employees more willing to accept international assignments.

More Information

Form 8621 Calculator Update 15.11.06

Form 8621 Calculator


  • Transaction history export naming to include client id, account number, and the fund name


  • ACB tracking correction on the PDF view of the transaction history
  • Year-end FMV per share fix. The FMV per share amount is saved and used in calculations

New Features

  • Printing the information of the financial institution can be disabled through the administrative module / data settings option
  • Forced Client ID print on forms and reports when the Client’s SSN is not collected.
Form 8621 Calculator Updates 15.11.02 & 15.11.03

Form 8621 Calculator


  • Updated interest calculation to increase speed
  • Form 8621 list filtering by account number and year
  • 2015 draft forms for calculation estimation
  • Separate carry-over PDF statements

New Administrative Features

  • Internal Data Backup & Restore System


  • Using actual exchange rates instead of the annual averages on Line 10/15a
The Nightmare of PFICs at the State Level – Answers to FAQs


Bloomberg BNA

The taxation of Passive Foreign Investment Companies is incredibly complicated because of the various ways these companies can be treated federally. In this article, Mary Beth Lougen of Expat Tax Tools brings up frequently asked questions intended to make tax professionals think about what their clients with state residency or domicile who also own a PFIC are facing.

If the federal treatment of passive foreign investment companies (PFICs) under I.R.C. §§1291–1298 isn’t enough to send you screaming from the room, have you ever considered how the various states view that same investment?

Once you start looking closely at the multiple federal treatments and how many ways a state can view those treatments, you quickly realize that the number of considerations and potential issues awaiting your clients is on a scale that is so large it can overwhelm the most seasoned professional. This article will bring up more questions than it answers and is intended to have you really think about what you are dealing with when you have a client with a U.S. state residency or domicile who also owns a PFIC.

You need to stop and thoughtfully evaluate how the state will treat income that is included in federal AGI but does not meet the definition for constructive receipt, income that is constructively received but not included in federal income, losses that are taxed differently than gains for the same investment, losses that are accounted for in different years than gains, income not included in AGI but instead subject to an additional tax by the IRS and just as many
variations of basis adjustments.

As I see it, the main issues are:

  • determining when state adjustments are required to accurately reflect state income,
  • how to recognize when state and federal basis may be different due to timing of income inclusions, and
  • lack of guidance by many state tax codes…
Form 8621 Calculator: New features

f8621_boxNew features

  • Allow override on Unreversed Inclusions
  • Allow force Section 1296 Calculations
  • Allocate overwritten Unreversed inclusions to blocks based on using one of the following options (selected by the user):
    • number of units,
    • number of units and days held,
    • number of units and years held, or
    • custom, entered by the user
  • New advance training module for overriding the Unreversed Inclusions


  • Capitalizing State/Province and Postal Codes in financial institutions
  • Form 8621 entries – new form layout to include only the required fields.
  • List user notes in the Form 8621 summary screen.
  • New election information in the Form 8621 summary screen:
    • MTM – Mark to Market election was made
    • MTM (in red) – Section 1296 (Mark to Market) override was selected
    • QEF – QEF election was made
    • QEF (DD) – Deemed Dividend election was made
    • QEF (DS) – Deemed Sale election was made
    • QEF (in red) – Pedigreed QEF override was selected
Is your Form 8621 Calculator server slow?

imagesYou may need to disable IPv6 in your Windows.

Download and run the Microsoft Fix it 50409 – Disable IPv6 program from Microsoft’s website:


Note that you may also have to modify your apache (httpd.conf) configuration file replacing Listen 80 to Listen

Form 8621 Calculator – New Features

With the new update comes new exciting features:

  • Multilingual user interface (English and French)
  • Becoming a U.S. person transitional rule application
  • Fiscal and Part year reporting
  • Detailed and Summary Form 8621 generation
  • Block-by-block based Excess Distribution Calculations, and more…