What your current Tax Software doesn’t do…

None of the tax preparation software packages have full Form 8621 functionality.
Most are limited to calculating the additional interest and taxes for 1291 funds, and transfer the income to the tax return based on the entries made in the tax software.

You still must do the base calculations to know what to enter into your software, and you still must maintain:

• Separate calculations of basis,
• Unreversed income inclusions,
• Line 15b adjusted annual distributions
• Other pieces of the PFIC regime.

Your Tax Software does not calculate…

• The special OVDP alternate mark to market taxation,
• Apply the becoming a US person rules,
• Allowable foreign tax credits
• Expatriation dispositions.

Form 8621 Calculator does all of this!

Here is why you need to use the Form 8621 Calculator

• We track all the moving pieces that your tax software does not…
  • Cost basis per share,
  • Unreversed inclusions per share,
  • Holding period,
  • Adjusted annual distribution amounts,
  • Pre & Post PFIC income inclusions
  • Character of income
  • Calculates and re-allocates the excess distribution amount
  • Automatically purges the taint when an election is made
  • And more that we haven’t listed

• We also apply currency conversions for 150+ foreign currencies using the daily rate for each transaction.
• We provide calculation details for your files.
• We tell you where all the numbers go on the tax return as a crosscheck
• We provide all statements required by the IRS to support the calculated amounts on Form 8621 which can be attached as a PDF to most tax software programs.
• You can say goodbye to your spreadsheets.

If your software is Prosystem fx, Global fx, or Axcess Tax our calculator also provides you with…

• a completed form 8621 return and statements,
• importable excel sheets where they are allowed,
• the entries needed by your software based on the PFIC’s transaction history.

As a demo user you will get to explore the full Form 8621 Calculator software and try out all the features, you can even prepare and print a form. The account will expire after you create a form or 2 weeks from the date you first log in- whichever comes first. Once you see how easy Form 8621 Calculator makes the process you will never want to do another Form 8621 by hand!

Our Form 8621 Calculator lets you generate an unlimited number of forms. Whether you choose the pay-as-you-go option or purchase a bundle, you’ll be surprised how easily you can prepare multiple filings—without the usual stress.

The IRS Regulations do not allow the use of average cost base for PFIC shares – the Calculator converts each transaction to USD using the exchange rate in place on the date of occurrence. Cost basis and unreversed inclusions per share are calculated and tracked by the software automatically.

Currently the following calculation modules are available through our solution:

• Section 1291 (default taxation)
• Election A: Election To Treat the PFIC as a QEF
• Election C: Election To Mark-to-Market PFIC Stock
• Election D: Deemed Sale Election
• Section 1296 (Mark-to-Market taxation)
• Pedigreed and Unpedigreed QEF calculations
• Becoming a US person Transitional Rule Application
• Expatriation

Form 8621 is generated with a blank heading and a unique alphanumeric reference number, allowing you to identify which client it belongs to. You may enter client information when generating the PDF, but this data is not saved or stored in our system.

The PFIC Pro calculator is accessed by logging in using a compatible internet browser.

Cloud users only need a supported browser to access the Form 8621 Calculator.

Form 8621 Calculator will work in:

• Internet Explorer 10+
• Chrome 22+
• Firefox 27+
• Safari 6+

Our Calculators use the latest advanced web technology and standards. Older versions of browsers do not support many of these new features which could cause the program not to function properly.

Annual Subscription Fee

To utilize the calculator, an annual subscription is necessary, priced at $59.40 USD or $79.80 CAD.

Calculation Bundles

In addition to the subscription fee you can purchase forms individually or in a bundle as outlined in the following table:

When purchasing a bundle, additional form updates can be acquired at a rate of $9.95 USD / $13.95 CAD per form within one year from the date of the bundle purchase.

Bundle pricing allows you to purchase only the amount of forms you need.

Refunds

Since bundles do not expire we offer no refunds for unused forms.

Inactive Accounts

Note that failure to remit the annual subscription fee, your account becomes inactive and it will result in the imposition of a monthly inactivity fee of $4.95 USD / 6.65 CAD, provided there is a positive credit balance in your account. This fee is intended to maintain and preserve your client information and database within our systems. However, in the event that your account does not maintain a positive credit balance, your client information will be subject to permanent deletion after a period of two years of inactivity. This measure is implemented to uphold the integrity and security of our client database.

Reinstate Inactive Accounts

During the two-year grace period, you have the option to reactivate an inactive account. The reactivation fee is waived for the first 90 days of inactivity, and thereafter, it is $125 USD / $175 CAD.

We accept payment in US or Canadian dollars by credit card, wire transfer and e-transfer.

Yes, we offer a pay as you go solution for both professionals and individuals. To utilize the calculator, an annual subscription is necessary, priced at $79.80 CAD / $59.40 USD. In addition to the subscription fee you can purchase forms individually as needed. The fee per form is $104.95 CAD / $74.95 USD.

We also offer form preparation service, where you send us your documents and we send you the completed forms with a guide showing where the income ends up on the tax return.

The base fee for the form preparation is $220 CAD / $165 USD per form when the transactions are submitted in an excel format. There is an additional $220 CAD / $165 USD hourly charge for transactions submitted using statements or other documents. Jobs over 10 forms require a 50% retainer.

Yes – You may import the transaction history of the investment using a “.csv” export of your excel file.