• We understand the IRS regulations on PFICs
• We are more accurate, faster and less expensive than accountants and tax professionals
• The IRS estimates the time to learn about the law and form is 11 hours 24 minutes with an additional 20 hours 34 minutes to complete each form
• We provide you with full calculations to provide to the IRS
• We use secure file transfer methods when communications include personal information

A completed form 8621 and a set of calculations ready to slide into your 1040 tax return, and a forms guide that show where all the numbers end up on your tax return.

Everyone should be careful when providing personal information to an unknown person. We can prepare Form 8621 for you without your sensitive information. We really only need the information regarding the PFIC- not your SSN, not your bank or account number. If you do not wish to provide us with your personal information, we will produce the form with the heading blank and you can fill that in yourself. In fact- we prefer it that way.

• The year or years of forms you need prepared;
• A copy of the prior year’s Form 8621 if one has been filed
• Whether a QEF or Mark to Market election was made in an earlier year;
• A full transactional history of the investment in the functional currency for all PFICs you owned on January 1 of the first year we are preparing. The history must include the date and amount of purchases, reinvestment of distributions, sales, and distributions- and whether you included distribution amounts in taxable income on a US tax return in the year you received them (even if you reported them incorrectly);
• The December 31 balances for each PFIC for each year you are having us prepare, as well as the December 31 balance for the year immediately preceding the first year we are preparing;
• The PFIC Annual Information Statement if you would like a QEF election

Any amounts of cash or property distributed to the owner for any reason other than as a result of a sale- such as dividends, interest, return of capital, etc…

The currency in which the investment is denominated.

No- we will do all the currency conversions for you. We use the spot rate as supplied on www.xe-rates.com which is accepted by the IRS. Our database has over 150 currencies.

We can certainly assist with explaining the pros, cons, and ramifications of making a QEF or Mark to Market election about your PFIC.

The fee for the theory consultation is $275 USD / $370 CAD per hour, with a minimum charge of half an hour. Check out the PFIC information and articles on our website.

If you would like us to prepare Form 8621 so you can compare the numbers- there is a modest fee of $50 USD for the additional form, calculations, and forms guide.

Payments can be made by credit card at https://tools.expattaxtools.com/invoices/, a zelle or e-transfer sent to info@expattaxtools.com, or by wire transfer (contact us for details)