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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:
By Edward Parsons, CPA | Ed Parsons CPA, Doral, Florida | Representing taxpayers nationwide A PFIC, or Passive Foreign Investment Company,
The Florida Department of Revenue opens a sales tax audit with one of two notices. Form DR-840, the Notice of Intent
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The 5% Streamlined Domestic Offshore Procedures (SDOP) penalty is calculated on the highest aggregate year-end value of
The Streamlined Foreign Offshore Procedures (SFOP) carry a zero penalty, while the Streamlined Domestic Offshore Procedures (SDOP)
A Passive Foreign Investment Company (PFIC) includes most foreign mutual funds, ETFs, and investment funds held outside
If you are the U.S. owner of a foreign trust and Form 3520-A was never filed, the
If you received money or property from a foreign trust and did not file Form 3520, the
Form 8938 is required for U.S. taxpayers with foreign financial assets above $50,000 (single filers in the
If you held a foreign bank account with a balance exceeding $10,000 at any point during the
To retrieve your IRS IP PIN, log in to your IRS Online Account at IRS.gov and check
IRS transcript codes 150, 806, 766, and 768 are transaction codes on your IRS account transcript. Code