Analyzing Form 8621: PFIC

This course will delve into the Form 8621 – Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund. In this course, we will:

- Review the statutory provisions requiring reporting
- Identify key concepts and investments that require PFIC reporting – will review both
direct and indirect investment
- Review various elections and tax implications of those elections available to those
Taxpayers holding PFICS and the “once a PFIC always a PFIC” rule
- Review the updates the IRS is seeking to make in this election space
- Discus the punitive interest charge when elections are not made
- Review filing requirements and how to avoid costly mistakes
- Review available options for remediation

2 IRS CE/2 NASBA CPE Credits