BY 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 MoreIn this hour long training video for the Form 8621 Calculator™ you will be presented with a detailed explanation of the work-flow, setting up clients and investment portfolios, a how to guide to complete form 8621s using our software. You will also learn how to...
Read MoreQuick 10 minute long overview of how to make entries in the Form 8621 Calculator™ and make elections under Mark to Market, QEF and OVDP. (video only – no sound)....
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...
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