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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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A rejected streamlined filing eliminates the 5% penalty reduction permanently for the assets covered in the submission.
Form 14654 is the IRS certification used for the Streamlined Domestic Offshore Procedures. It combines three high-risk
Moving to Colombia can change your lifestyle, your cost of living, your banking, your income, and your
Antes de amendar, ignorarlo o esperar una carta del IRS, revisa qué muestra tu record y qué
Worried your U.S. tax return missed something from Colombia? Start with a CPA-led review before you amend,
IRS transcripts can tell part of the story. They may show filing history, refund activity, payments, penalties,
You may know what your tax return says. But do you know what the IRS record says?
If the IRS reclassifies your foreign company as a Controlled Foreign Corporation (CFC) under the constructive ownership
Section 962 is an election that lets individual U.S. shareholders of a Controlled Foreign Corporation (CFC) pay