8621-A - irs ustreas-2025

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The document is Form 8621-A, used by shareholders to make late elections regarding the treatment of a Passive Foreign Investment Company (PFIC) for tax purposes. It outlines the necessary information and elections that shareholders can make, including deemed dividend and sale elections, as well as the computation of tax and interest due. The form also includes sections for shareholder identification, election details, and a closing agreement with the IRS.

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What is the statute of limitations on 8621?

The Form 8621 statute of limitations (the period of time in which the IRS may audit or examine the filing) typically expires 3 years from that April 15th date or the later date if the due date of the tax return was timely extended.

How much is the fee for form 8621?

How much does it cost? The base fee is $165 USD / $220 CAD per form when the transactions are submitted in an excel format.

What is the threshold for 8621 reporting?

The IRS isnt interested in making everyone file Form 8621 for owning a single foreign stock. The thresholds for reporting are: Single or married filing separately: More than $25,000 in PFICs. Married filing jointly: More than $50,000 in PFICs.

Is form 8621 required?

US taxpayers, including expats, are required to file Form 8621 if they have any direct or indirect ownership in a PFIC, regardless of the amount. This means even a small investment in a foreign mutual fund or similar financial vehicle could necessitate filing Form 8621.

Is there a penalty for not filing?

The failure-to-file penalty is usually 5% of the tax owed for each month your return is overdue, up to 25% of the bill.

What triggers form 8621?

A U.S. person that is a direct or indirect shareholder of a passive foreign investment company (PFIC) files Form 8621 if they: Receive certain direct or indirect distributions from a PFIC. Recognize a gain on a direct or indirect disposition of PFIC stock.

Is there a penalty for not filing form 8621?

There is no penalty for not filing this form when you are supposed to. However, the statute of limitations for assessing penalties is suspended until you do file the form, if required. That means your entire return remains subject to audit until three years after you file the required Form 8621.

8621-A - irs ustreas-2025

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