A Passive Foreign Investment Company (PFIC) is a foreign corporation that meets certain passive income and asset tests under the Internal Revenue Code.

What is a late deemed sale election?

A late deemed sale election is an option available to a U.S. person who has sold or disposed of stock in a PFIC after the end of the taxable year and before the due date (including extensions) of the U.S. person's income tax return for the taxable year.

What is Form 8621-A used for?

Form 8621-A is used to report transactions involving certain foreign financial assets and provide information about the taxpayer's compliance with the Foreign Account Tax Compliance Act (FATCA). It is also used to determine if a U.S. person has an obligation to file Form 8938, Statement of Specified Foreign Financial Assets.

What is the consequence of not filing Form 8621-A on time?

The consequences of not filing Form 8621-A on time include potential penalties and the inability to use certain elections or protections under the Internal Revenue Code.

What is a late deemed dividend election?

A late deemed dividend election is an option available to a U.S. person who has received a distribution from a PFIC after the end of the taxable year and before the due date (including extensions) of the U.S. person's income tax return for the taxable year.

What is the due date for filing Form 8621-A?

Form 8621-A must be filed with the IRS no later than the due date (including extensions) of the U.S. shareholder's income tax return for the election year.

What information is required on Form 8621-A?

Form 8621-A requires the taxpayer's identifying number, name and address, the name of the foreign corporation, the taxable year of the foreign corporation, and various details about the excess distribution or deemed sale. A balance sheet is also required for certain types of elections.

What is a Specified Non-Financial Asset?

A Specified Non-Financial Asset (SNFA) is a non-financial asset that is considered a 'foreign asset' for purposes of the Foreign Investment in Real Property Tax Act (FIRPTA). SNFAs include interests in real property, personal property, and other types of assets not qualifying as financial assets.

What is a Specified Foreign Financial Asset?

A Specified Foreign Financial Asset (SFFAA) is a financial asset held by a U.S. person in a foreign jurisdiction that can create tax compliance and reporting challenges under U.S. law, such as deposit accounts, securities, or mutual funds. SFFAAs subject to FATCA include deposit accounts held at foreign branches of U.S. financial institutions, certain equity or debt interests in foreign issuers, and certain mutual funds.

What is Form 8938 used for?

Form 8938 is used to report specified foreign financial assets held by certain U.S. taxpayers. It is used in conjunction with Form 8621 and other forms to provide information on the taxpayer's offshore financial accounts, securities, and other types of Specified Foreign Financial Assets.

FATCA stands for the Foreign Account Tax Compliance Act, which is a U.S. law aimed at preventing tax evasion by U.S. taxpayers with offshore accounts. It requires financial institutions to report information about financial accounts held by U.S. taxpayers to the U.S. Department of the Treasury. FATCA also imposes reporting obligations on certain U.S. taxpayers with respect to their foreign financial assets.

What is a Partner or Owner?

For purposes of Form 8621, a Partner or Owner refers to an individual who owns an interest in a partnership or an owner of an entity treated as a disregarded entity for tax purposes. A partner's share of the partnership is reported on Schedule B of Form 8621.

What are Partnership Interests?

Partnership Interests refer to an individual's share in a partnership, which must be reported on Schedule B of Form 8621. The partner's interest in the partnership is determined by their distributive share of the partnership's income.

Form 8621-A

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Return by a Shareholder Making Certain Late Elections To End Treatment as a Passive Foreign Investment Company

Rev. December 2013

This document is a closing agreement between Shareholder and the Commissioner of Internal Revenue regarding the late election under sections 1298(b)(1) or 1297(b)(1) of the Internal Revenue Code for Shareholder's ownership in Corporation. The agreement includes the determination that granting late elections will not affect U.S. taxation, and the calculation of assets and liabilities using U.S. GAAP.

Instructions

Form 8621-A Instructions - Instructions for Form 8621-A, Return by a Shareholder Making Certain Late Elections To End Treatment as a Passive Foreign Investment Company

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FAQ

What is a PFIC?
A Passive Foreign Investment Company (PFIC) is a foreign corporation that meets certain passive income and asset tests under the Internal Revenue Code.
What is a late deemed sale election?
A late deemed sale election is an option available to a U.S. person who has sold or disposed of stock in a PFIC after the end of the taxable year and before the due date (including extensions) of the U.S. person's income tax return for the taxable year.
What is Form 8621-A used for?
Form 8621-A is used to report transactions involving certain foreign financial assets and provide information about the taxpayer's compliance with the Foreign Account Tax Compliance Act (FATCA). It is also used to determine if a U.S. person has an obligation to file Form 8938, Statement of Specified Foreign Financial Assets.
What is the consequence of not filing Form 8621-A on time?
The consequences of not filing Form 8621-A on time include potential penalties and the inability to use certain elections or protections under the Internal Revenue Code.
What is a late deemed dividend election?
A late deemed dividend election is an option available to a U.S. person who has received a distribution from a PFIC after the end of the taxable year and before the due date (including extensions) of the U.S. person's income tax return for the taxable year.
What is the due date for filing Form 8621-A?
Form 8621-A must be filed with the IRS no later than the due date (including extensions) of the U.S. shareholder's income tax return for the election year.
What information is required on Form 8621-A?
Form 8621-A requires the taxpayer's identifying number, name and address, the name of the foreign corporation, the taxable year of the foreign corporation, and various details about the excess distribution or deemed sale. A balance sheet is also required for certain types of elections.
What is a Specified Non-Financial Asset?
A Specified Non-Financial Asset (SNFA) is a non-financial asset that is considered a 'foreign asset' for purposes of the Foreign Investment in Real Property Tax Act (FIRPTA). SNFAs include interests in real property, personal property, and other types of assets not qualifying as financial assets.
What is a Specified Foreign Financial Asset?
A Specified Foreign Financial Asset (SFFAA) is a financial asset held by a U.S. person in a foreign jurisdiction that can create tax compliance and reporting challenges under U.S. law, such as deposit accounts, securities, or mutual funds. SFFAAs subject to FATCA include deposit accounts held at foreign branches of U.S. financial institutions, certain equity or debt interests in foreign issuers, and certain mutual funds.
What is Form 8938 used for?
Form 8938 is used to report specified foreign financial assets held by certain U.S. taxpayers. It is used in conjunction with Form 8621 and other forms to provide information on the taxpayer's offshore financial accounts, securities, and other types of Specified Foreign Financial Assets.
What is FATCA?
FATCA stands for the Foreign Account Tax Compliance Act, which is a U.S. law aimed at preventing tax evasion by U.S. taxpayers with offshore accounts. It requires financial institutions to report information about financial accounts held by U.S. taxpayers to the U.S. Department of the Treasury. FATCA also imposes reporting obligations on certain U.S. taxpayers with respect to their foreign financial assets.
What is a Partner or Owner?
For purposes of Form 8621, a Partner or Owner refers to an individual who owns an interest in a partnership or an owner of an entity treated as a disregarded entity for tax purposes. A partner's share of the partnership is reported on Schedule B of Form 8621.
What are Partnership Interests?
Partnership Interests refer to an individual's share in a partnership, which must be reported on Schedule B of Form 8621. The partner's interest in the partnership is determined by their distributive share of the partnership's income.

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Tax forms

Form 8621-A is one of Tax forms that are documents used to report information about an individual's or business's income, deductions, and tax liability to the relevant tax authority. These forms are necessary to comply with tax laws and fulfill tax obligations. Tax forms vary depending on the country and the specific tax requirements in place. Here are some common types of tax forms:

Individual Tax Forms: These forms are used by individual taxpayers to report their personal income and claim deductions, credits, and exemptions. Examples include the 1040 form in the United States or the Self-Assessment Tax Return form in the United Kingdom.

Business Tax Forms: Business tax forms are used by companies, partnerships, or self-employed individuals to report their business income, expenses, and other tax-related information. Examples include the Schedule C form (Profit or Loss from Business) in the United States or the CT600 form (Company Tax Return) in the United Kingdom.

Payroll Tax Forms: These forms are used by employers to report the wages, salaries, and taxes withheld from their employees' paychecks. Examples include the W-2 form in the United States or the P60 form in the United Kingdom.

Sales Tax Forms: Sales tax forms are used by businesses to report and remit sales tax collected on taxable goods or services. The specific sales tax forms vary by jurisdiction.

Value Added Tax (VAT) Forms: VAT forms are used in countries that impose a value-added tax to report and remit VAT collected on sales and claim VAT credits for purchases. Examples include the VAT return forms used in many countries.

Estimated Tax Forms: Estimated tax forms are used to report and pay estimated taxes on income that is not subject to withholding, such as self-employment income or investment income.

These are just a few examples of the numerous tax forms that may exist. The specific forms required depend on the tax laws and regulations in your country or jurisdiction. It is important to consult the tax authority's guidelines or seek professional advice to determine which forms are applicable to your situation.

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