August 15, 2026 Beneficial Ownership Reporting for U.S. Companies Is Officially Over: What Tax Professionals Should Know By Mary Beth Lougen, EA, U.S. Tax Court Practitioner, COO – Expat Tax Tools For the past several years, beneficial ownership information reporting under the Corporate Transparency Act has been a...
Read MoreBY MARY BETH LOUGEN, EA, USTCP Under the international information reporting rules, if a required Form 8621 is not filed, the IRS may be able to keep the statute of limitations open on the entire tax return indefinitely. As international investing becomes more common among U.S. taxpayers,...
Read MoreReporting ownership in Passive Foreign Investment Companies (PFICs) by U.S. taxpayers (2-26) In today's fast-paced world, time has become an increasingly precious commodity. With the complexities of tax compliance, particularly when it comes to forms like the IRS Form 8621, Information Return by a Shareholder of...
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Form 8621 Mistakes Are Triggering IRS Problems for Global Investors VIRGINIA BEACH, VA, UNITED STATES, February 25, 2026 /EINPresswire.com/ Failing to disclose ownership of a Passive Foreign Investment Company (PFIC) to the Internal Revenue Service can come back to haunt you — sometimes many years later. Over...
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IRS Issues New Framework for Retroactive QEF Elections Under Revenue Procedure 2026-10 This week, the IRS released Revenue Procedure 2026-10, providing long-awaited clarity for passive foreign investment company (“PFIC”) shareholders seeking private letter rulings (PLRs) to obtain retroactive qualified electing fund (“QEF”) elections. The guidance introduces...
Read MoreTax compliance can be a daunting task, especially for individuals with investments in passive foreign investment companies or qualified electing funds VIRGINIA BEACH, VA, UNITED STATES, April 7, 2025 /EINPresswire.com/ -- In today's fast-paced world, time is a precious commodity. Tax compliance can be a daunting...
Read MoreBY MARY BETH LOUGEN, EA, USTCP 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....
Read MoreBY MARY BETH LOUGEN, EA, USTCP 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...
Read MoreAs the fiscal lives of an increasing number of U.S. residents cross international borders, tax planning for these individuals is full of complications. In this article, Mary Beth Lougen, EA, discusses tax strategies and tips to alleviate double taxation on foreign income at the state...
Read MoreTaxpayers who move in and out of the country should fully consider the state tax consequences of living and working in another jurisdiction. In this article, Mary Beth Lougen of American Expat Taxes explains the general considerations states use in determining whether a taxpayer is...
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