Form 8621 PFIC Reporting: Navigating the Highly Complex IRS Passive Foreign Investment Company Rules

Duration: 60 Minutes
This webinar will furnish tax advisers with a thorough and practical guide to the reporting of investments in a passive foreign investment company (PFIC) on IRS Form 8621. The webinar will identify those investments that require PFIC reporting and outline the various elections available to taxpayers holding interests in PFICs and discuss the tax implications of those elections and will provide an example of a completed Form 8621 to illustrate reporting requirements.
Form 8621 PFIC Reporting
Instructor: Stanley I. Foodman
Product ID: 502038
Objectives of the Presentation
After completing this course, you will be able to:
  • Identify investment holdings that require reporting as a PFIC on IRS Form 8621
  • Recognize the elections available to minimize the impact of PFIC holdings on filing
  • Discern the specific requirements for making the elections
  • Ascertain tax impacts of PFIC elections
  • Recognize a properly completed Form 8621
Why Should you Attend
Among the most complex of IRS requirements affecting individual taxpayers are the rules for PFICs. Taxpayers owning interests in PFICs have a significantly higher reporting burden than U.S. taxpayers owning interests in U.S.-based mutual funds. Further complicating matters is that, unlike U.S.-based funds, foreign investments have no obligation to furnish U.S.-based investors with any tax reporting information, so the responsibility falls entirely on the shareholder to determine ownership share and tax obligations arising from that share.

In recent years, the IRS has issued several Notices to provide guidance in clarifying the reporting obligations of PFIC holdings. The result of this guidance is that more taxpayers are filing Form 8621 than in the past.

While the thresholds for determining whether an investment qualifies as ownership of a PFIC seem relatively straightforward, there are exceptions and exclusions to those definitions. Further, the Code provides for elections for the taxpayer to elect out of the "tax and interest" regime of IRC 1291. However, each method of electing out of PFIC treatment has tax and reporting consequences, and tax advisers must have a thorough knowledge of the tax impact of these elections in advising their clients.

Areas Covered
  • Types of foreign investments that must be reported as PFIC holdings
  • Calculating the "tax and interest" on PFICs under IRC 1291
  • Available elections to opt out of PFIC treatment
  • Tax effects of these elections, from a tax due and a reporting standpoint
  • Completing a Form 8621 to report PFIC holdings, including reporting elections
Who will Benefit
  • Tax Return Preparers
  • Tax Advisors
  • Securities Dealers
$300
Recorded Session for one participant
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Instructor Profile:
Stanley I. Foodman is the CEO of Foodman CPAs & Advisors, and a recognized and respected forensic accounting and litigation support practitioner. Specializing in complex international and domestic tax matters, he has served as an expert witness and forensic accountant for some of the nation's most challenging, high-profile economic crime cases. He and his team of accountants also assist clients with a full range of accounting matters including compliance, voluntary disclosure, corporate and individual taxation, estate and trust tax and wealth planning.

Mr. Foodman is a former auxiliary special agent for the Florida Department of Law Enforcement with specialization in economic crime - money laundering, bank fraud, public corruption and discovery of hidden assets. He is also a former consultant to the Miami office of the U.S. Attorney for civil RICO money laundering recoveries.

He is an active member of the civic and charitable community focusing on education, legal and social justice and economic development.
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