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Form 8621 (Rev. October 1991) Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund Department of the Treasury Internal Revenue Service ? OMB No. 1545-1002 Expires

How to fill out form 8621 return by

How to fill out form 8621 return by:

1. Gather all necessary information: Start by collecting all the relevant information required to complete form 8621. This includes details about any controlled foreign corporation (CFC) you own, such as the name, address, and tax identification number.
2. Filling out Part I: Begin by completing Part I of form 8621. This section requires you to provide general information about the taxpayer and the specific CFC being reported. Make sure to accurately fill in all the requested details, such as the taxpayer's name, address, and tax identification number, as well as the CFC's name and EIN.
3. Proceeding with Part II: In Part II of the form, you need to provide specific information about each CFC. This includes details such as the CFC's annual reportable income, post-1986 undistributed earnings, and any previously taxed income.
4. Completing Part III: Part III of form 8621 requires you to report certain elections and other additional information related to the CFC. This may include electing to use a mark-to-market method or providing details about any specified foreign financial assets.
5. Finalizing the form: After filling out all the relevant sections of form 8621, make sure to review your entries for accuracy and completeness. Any errors or missing information could lead to complications during the return process. Once you are satisfied with the form, sign and date it in the appropriate sections.

Who needs form 8621 return by:

1. US shareholders of controlled foreign corporations (CFCs): Individuals who own shares in one or more CFCs are required to file form 8621. This form helps the IRS track the income and investments of US taxpayers in foreign corporations.
2. Taxpayers with certain specified foreign financial assets: If you meet the specified threshold for passive foreign investment companies (PFICs) in terms of ownership or investment, you may be required to file form 8621. This applies even if you are not an actual shareholder of a CFC but have ownership or investment in a PFIC.
3. Taxpayers subject to reporting requirements under IRS regulations: It is important to consult the relevant IRS guidelines or a tax professional to determine if you are obliged to file form 8621. Certain taxpayers may have increased reporting obligations based on their specific circumstances, such as individuals with complex international investments or those who receive certain distributions from foreign corporations.

For pdfFiller’s FAQs

What is form 8621 return by?

Form 8621 is filed by U.S. taxpayers who own shares of a passive foreign investment company (PFIC).

Who is required to file form 8621 return by?

Individuals, corporations, and partnerships who meet the ownership criteria of a PFIC are required to file Form 8621.

How to fill out form 8621 return by?

Form 8621 requires information about the PFIC, its income, distributions, and the taxpayer's ownership. It is recommended to consult a tax professional or refer to the instructions provided by the IRS.

What is the purpose of form 8621 return by?

The purpose of Form 8621 is to report and calculate taxes on the income, gains, and distributions from a PFIC.

What information must be reported on form 8621 return by?

Form 8621 requires reporting the taxpayer's ownership percentage, income, gains, distributions, and any relevant elections made.

When is the deadline to file form 8621 return by in 2023?

The deadline to file Form 8621 in 2023 is April 17th.

What is the penalty for the late filing of form 8621 return by?

The penalty for the late filing of Form 8621 is $10,000, with additional penalties for continued failure to file.

How do I complete form 8621 return by online?

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