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Upcoming conference exhibits
Upcoming Training Sessions

Upcoming trainings and presentations

PFIC related:

  • Potential Issues and Benefits
  • Identification, reporting, elections
  • PFIC/8621 Case Study

International Taxation:

  • Foreign Earned Income Exclusion & Other Things International;
  • The Canadian In America
IRS fines Toronto man $165,000 for not filing forms; CRA helped collect

By Patrick Cain
National Online Journalist, News Global News

A U.S. federal court has upheld a $165,000 penalty against a Toronto man for not filing forms reporting his Canadian business on his U.S. tax returns.
Donald Dewees, a 76-year-old U.S. citizen, has been living in Canada since 1971. He had been paying taxes in Canada, but not filing U.S. tax returns, which U.S. law required him to do.
His lawyer, Mark Feigenbaum, calls it “a rule that a lot of people don’t know about.”

Read the full article at Global News.

Form 8621 Update: Consolidated Forms Guide (v17.03.02)


New Features

  • Consolidated Forms Guide
  • Export consolidated tax software grids for Schedule D and Schedule B
  • Form 1040 Statements for consolidated report: Line 21, Additional Tax and Interest, Form 1116 Line 12
  • Election in settings to use or opt out of the new consolidated reporting.
  • List Reference ID in Forms and Fund list
  • Order forms list by reference ID


  • PDF report fix when the transitional rule is applied
  • Remove the day of purchase from the holding period when counting days
Form 8621 Update: QEF Calculation Module (v17.03.01)


Expat Tax Tools is pleased to announce the release of our newest calculation module for completing the Form 8621 for Qualified Electing Funds (QEF).

The new QEF module includes both the pedigreed and un-pedigreed calculations, deemed sale elections, and prior year adjustments (when needed).

Also included in this release the following exciting new features:

  • Hiding or Showing PFIC investments that are sold in the form view screen;
  • Ability to enter per-share transaction amounts;
  • Ability to add notes to transactions and making an election whether the note appears on the PDF statement or not.

Additional changes:

  • Removed the alternate data entry option;
  • Removed the pop-up notification when the current transaction is over or under the set threshold amount.
The Trouble with QEF Reporting


Wolters Kluwer

Mary Beth Lougen examines the issues surrounding the sale of a fiscal year qualified electing fund (QEF) by passive foreign investment companies (PFICs).

Practitioners that work with clients who have international connections often have to run the gauntlet of Code Secs. 1291–1298, the portion of the statute that covers passive foreign investment companies or PFICs. As someone who frequents the PFIC regulations, I am always in awe of this section of the Internal Revenue Code (“the Code”). The men and women who took the directive provided by Congress in the Tax Reform Act of 1986 and put to paper how we are to treat passive foreign investment companies on a U.S. tax return were geniuses. They have woven an intricate and complex web of “if this, then that” rules that speak to many other sections of the Code—if the PFIC is also a CFC, then … , if the shareholder becomes a U.S. person after already owning an investment that became a PFIC the minute they crossed into U.S. personhood, then … , if the investment was owned prior to 1987 when the regulations came into play, then … . But there is one place where the interaction between the PFIC rules and the rest of the regulations is not in sync, this is the case when there is a sale of a fiscal year qualified electing fund (QEF) during the period between the end of the fiscal reporting year and the taxpayer’s calendar year end.

It is widely thought that QEF election is the best solution to a bad problem— but I am going to have to disagree, or at least disagree when the PFIC reports on a fiscal year.

Form 8621 Calculator Update v17.02.01

OVDP Calculation Update:

  • Finalized OVDP calculations including CCH Tax Software entries
Form 8621 Calculator Update v17.01.02


  • Manual & Automated update so the calculator can correspond with our new form8621.com domain
Form 8621 Calculator Update v17.01.01

2017 Update:

  • 2016 IRS interest and tax rates,
  • 2016 exchange rates,
  • 2016 forms and calculations,
  • Read-only module.