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PFIC Training Series – PFIC Taxation Fundamentals
PFIC Training Series – PFIC Taxation Fundamentals

PFIC Taxation Fundamentals

Date:  October 16, 2018
Time: 2pm – 4pm EDT
Instructor:  Mary Beth Lougen, EA, USTCP
IRS Program Number:  NMVBP-T-00110-18-O

This course is the first in the Passive Foreign Investment Companies series training, that gives a broad overview of the tax law related to passive foreign investment companies, or PFICs.  Failing to properly file Form 8621 can expose your client to both onerous penalties and an unlimited statute of limitations for the assessment of tax.  Even though the PFIC provisions are among the most complicated and punitive sections of the Internal Revenue Code, we will explain PFICs in plain English so you can explain them to your clients.

Learning Objectives:

  • Explain what qualifies as a PFIC and how to identify them.
  • Describe when a taxpayer must file Form 8621.
  • Compare and contrast the three different taxation regimes for PFICs.
  • Understand the potential penalties & statute of limitation issues with PFIC non-compliance.

Webinar Cost:  $149.00

More Information & Registration
International Tax Issues Webinar Series
International Tax Issues Webinar Series

Series 1 – Fundamentals of International Tax

  • 9/18: Introduction to International Tax – Mary Beth Lougen, EA, USTCP (IRS Program Number NMVBP-T-00107-18-O)
  • 10/2: Mechanisms for Offsetting U.S. Taxation of Foreign Income – Thomas Gorczynski, EA, USTCP (IRS Program Number NMVBP-T-00109-18-O)

Series 2 – Passive Foreign Investment Companies

Series 3 – Advanced International Tax Issues

  • 11/27: GILTI Fundamentals – Mary Beth Lougen, EA, USTCP (IRS Program Number NMVBP-T-00113-18-O)
  • 12/4: International Penalties and Abatement Strategies – Mary Beth Lougen, EA, USTCP (IRS Program Number NMVBP-T-00114-18-O)
    12/11: Fixing International Non-Compliance – Thomas Gorczynski, EA, USTCP (IRS Program Number NMVBP-T-00115-18-O
Practitioner’s Guide to the Sec. 965 Repatriation Tax
Practitioner’s Guide to the Sec. 965 Repatriation Tax

Join special guest instructor Mary Beth Lougen, EA, USTCP for the Compass Tax Educators webinar “Practitioner’s Guide to the Sec. 965 Repatriation Tax” on April 3, 2018. Other members of the Compass Tax Educators team will also be available on this webinar to moderate the event and answer questions.

The Tax Cuts & Jobs Act completely redefined the U.S. tax regime for foreign corporations owned by U.S. persons. To facilitate this change, Congress imposed a one-time tax on certain offshore earnings: the learning curve is steep, the IRS issued guidance only last week, and the timeline for our clients is very short. This course outlines the who, what, when, where, and, most importantly, how of computing and paying this tax.

The learning objectives for this webinar include:

  • Recognize the new terminology and expanded definitions in §965.
  • Identify taxpayers who are subject to the §965 repatriation tax.
  • Apply IRS guidance to compute the §965 repatriation tax.
  • Prepare the election to pay the §965 tax over 8 years.

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Form 8621 Calculator – Walk-through training
Form 8621 Calculator – Walk-through training

Recorded on February 14, 2018. In 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 make elections under Mark to Market, QEF, and OVDP. As well as tips and best practices to save you time and money when working with PFICs.

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Form 8621 Calculator Update v18.01.01


  • 2017 CCH Tax Preparation Program data entry update


  • Removed disallowed Foreign Tax Credits credits the form 8621
  • Deemed Sale Fair Market Value currency fix
Form 8621 Calculator Update v18.01.00


  • Currency update 2017 December
  • 2017 interest and tax rates
  • 2017 forms and calculations
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