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By Edward Parsons, CPA | Ed Parsons CPA, Doral, Florida | Representing taxpayers nationwide | Never filed Form 8621 for a
By Edward Parsons, CPA | Ed Parsons CPA, Doral, Florida | Representing taxpayers nationwide | A PFIC can be taxed three
By Edward Parsons, CPA | Ed Parsons CPA, Doral, Florida | Representing taxpayers nationwide The excess distribution regime under Section 1291
Do you have to file Form 8621? Not always. The de minimis exception lets you skip the yearly PFIC report if
By Edward Parsons, CPA | Ed Parsons CPA, Doral, Florida | Representing taxpayers nationwide | If you moved to the U.S.
Are foreign ETFs PFICs? Almost always, yes. An ETF organized outside the United States, including the Irish-domiciled UCITS ETFs common in
A CFC and a PFIC are two separate sets of U.S. tax rules for foreign corporations. A CFC is about control:
By Edward Parsons, CPA | Ed Parsons CPA, Doral, Florida | Representing taxpayers nationwide | Is your foreign mutual fund a
By Edward Parsons, CPA | Ed Parsons CPA, Doral, Florida | Representing taxpayers nationwide | You must file Form 8621 if
The PFIC asset test asks whether, on average across the year, at least 50% of a foreign corporation’s assets are passive,
By Edward Parsons, CPA | Ed Parsons CPA, Doral, Florida | Representing taxpayers nationwide The PFIC income test asks one question:
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When the Florida Department of Revenue uses the markup method, it estimates your restaurant’s sales from your
Florida’s Voluntary Disclosure Program lets a restaurant that owes back sales tax come forward before the Department
In Florida, grocery food products are generally exempt from sales tax, but food prepared, served, or sold
In a Florida restaurant sales tax audit, the Department rarely reviews every transaction. Instead it examines a
Florida use tax is the companion to sales tax. When a restaurant buys equipment, supplies, or decor
In Florida, a voluntary tip a customer chooses to leave is not subject to sales tax, but
In a Florida restaurant sales tax audit, the markup method estimates your sales from your purchases. The
A Florida DR-840 (Notice of Intent to Audit Books and Records) tells you the Florida Department of
For reversing a passport certification, an Installment Agreement is almost always faster than an Offer in Compromise.