Passive Foreign Investments (PFICs) - Form 8621

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Description

Passive Foreign Investments (PFICs) - Form 8621
IRS Program #: X9QQU-T-01086-23-O
CTEC #: 6257-CE-0252
CE: 1 IRS & 1 CTEC credit
Speaker: Liz Zitzow, EA

A lot of U.S. individuals hold investments in foreign corporations that produce passive income, for example a foreign mutual fund. These types of corporations are known as Passive Foreign Investment Companies (PFIC). The tax treatment of PFICs is one of the most complex areas within the Internal Revenue Code. The U.S. individual holding such passive investments has a plethora of elections to properly determine the tax implications of such investments. Additionally, such individual must file form 8621 to report those investments. This presentation will provide a thorough review of PFICS and will provide a basic understanding of form 8621.

Learning Objectives:

Identify a PFIC.
Determine the various tax treatments that a PFIC may elect.
Understand form the basics of form 8621.

Contributors

Liz Zitzow, EA

Liz Zitzow is an Enrolled Agent licensed to practice before the IRS with over 34 years of experience in US taxation and 23 years specializing in British/US tax issues. She is the Managing Director of British American Tax and oversees all aspects of the business, providing personal consultations to clients. She does a lot of Streamline Foreign Offshore Procedures (SFOP) nonfiler cases and occasionally opts for so-called “quiet disclosure” when SFOP won’t work.

Prior to BATax, she worked at US Tax and Financial Services in London as a Senior Tax Manager. Back in the states, she worked at Taxman reviewing the tax returns for about twelve offices to ensure accuracy. She represented their clients every year on audits. She got her feet wet with H&R Block at the very beginning. She loves gardening, travel, and goes to film festivals several times a year. Once upon a time a long time ago she recorded several albums as a singer in the Boston music scene.