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This form provides instructions for shareholders of Passive Foreign Investment Companies (PFICs) or Qualified Electing Funds (QEFs) regarding the election process, tax implications, and general filing
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How to fill out form 8621
How to fill out Form 8621
01
Obtain Form 8621 from the IRS website.
02
Fill in your personal information in the top section.
03
Identify the type of reporting you are doing (e.g., direct or indirect ownership).
04
Complete Part I by stating the name and address of the foreign corporation.
05
Fill out Part II to report relevant information about the corporation’s financial status.
06
Provide details in Part III if you are making a mark-to-market election.
07
Review the instructions carefully for additional requirements based on your situation.
08
Sign and date the form before submitting it with your tax return.
Who needs Form 8621?
01
U.S. persons who own shares in a Passive Foreign Investment Company (PFIC),
02
U.S. taxpayers who receive distributions from a PFIC,
03
Individuals who have made a mark-to-market election for their PFIC shares.
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People Also Ask about
How much is the fee for form 8621?
How much does it cost? The base fee is $165 USD / $220 CAD per form when the transactions are submitted in an excel format.
What is the penalty for failing to file 8621?
Penalties for Related Forms: While Form 8621 lacks direct penalties, the IRS may impose penalties for non-compliance with related forms, such as Form 5471 (Information Return of U.S. Persons With Respect To Certain Foreign Corporations), which can impact PFIC reporting.
What is the penalty for failing to file S Corp return?
S Corporation Late Filing – IRC 6699 — We charge a penalty when you file your S Corporation return late. The penalty is $220 for each person who was a shareholder at any time during the tax year, for each month or part of a month that the return was filed late, for up to 12 months.
What is the penalty for filing form 8621?
While there is no Form 8621 penalty, most filers fail to simultaneously file Form 8938 to report the investment. The failure to report the PFIC interest on Form 8938 gives rise to a $10,000 penalty for failure to file, per incidence penalty.
How much is the fee for form 8621?
Our fee is $150 USD per form, with discounts starting on the 11th form. If you wish to make a mark to market or QEF election we will do that for no additional fee. No matter which option is right for you, our services provide a seamless continuity from year to year.
What is the difference between form 8621 and 8938?
Meanwhile, Form 8621 falls under the IRS regulation that requires expat taxpayers to report investments in mutual funds and other pooled investments. It is a more specific report of a source of income compared to the general scope of Form 8938.
What is the penalty for not reporting foreign income?
Learn about what to do if you have unreported foreign income and accounts. Non-Compliance with foreign asset reporting can lead to some hefty penalties such as: Failure to file FBAR: $10,000 for each non-willful violation. Failure to willfully file FBAR: the greater of $100,000 or 50% of the account's highest balance.
What is IRS form 8621 used for?
A U.S. person that is a direct or indirect shareholder of a passive foreign investment company (PFIC) files Form 8621 if they: Receive certain direct or indirect distributions from a PFIC. Recognize a gain on a direct or indirect disposition of PFIC stock.
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What is Form 8621?
Form 8621 is a tax form used by U.S. persons to report their interests in certain foreign corporations, specifically for the purpose of disclosing information about passive foreign investment companies (PFICs).
Who is required to file Form 8621?
U.S. persons who own shares in a PFIC must file Form 8621. This includes individual taxpayers, corporations, partnerships, and trusts that have interests in such foreign corporations.
How to fill out Form 8621?
To fill out Form 8621, taxpayers must provide information about the PFIC, including the number of shares owned, the type of income generated, distributions received, and elections made regarding the PFIC status.
What is the purpose of Form 8621?
The purpose of Form 8621 is to report ownership of PFICs and to disclose certain information to the IRS, ensuring compliance with U.S. tax laws and the proper taxation of income from these foreign investments.
What information must be reported on Form 8621?
Information required includes the name, address, and EIN of the PFIC, the number of shares owned, acquisitions and dispositions of shares, income generated by the PFIC, and any elections made by the taxpayer.
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