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Click ‘Get Form’ to open it in the editor.
Begin by entering your name and identifying number at the top of the form. Ensure that you select the correct type of shareholder from the options provided.
Fill in your address details, including street, city, state, and ZIP code. Specify your tax year for accurate reporting.
In Part I, summarize your annual information regarding shares held. Include details such as the description of shares, acquisition date, and their value at year-end.
Proceed to Part II to make any necessary elections regarding your PFIC status. Carefully follow instructions for each election option you choose.
Complete Parts III through VI by providing detailed financial information related to distributions and gains. Ensure all calculations are accurate before submission.
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Not filing Form 8621 can lead to an incomplete tax return, which in IRS terms, means they can audit you indefinitely. Or, this could result in penalties and interest accruing on any unpaid taxes related to your PFIC holdings.
What is the statute of limitations on form 8621?
The statute for the Form 8621 and the overall tax return itself, will instead only expire three years after that Form 8621 is filed late or delinquent.
Does form 8621 need to be filed every year?
Filing the PFIC form: When and how to submit If you hold a PFIC, Form 8621 must be filed with your annual federal tax return for the relevant tax year. Its an information returnbut not filing it can delay your return or trigger penalties.
Do you have to file form 8621 every year?
If you hold a PFIC, Form 8621 must be filed with your annual federal tax return for the relevant tax year. Its an information returnbut not filing it can delay your return or trigger penalties.
What is the penalty for late 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.
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The PFIC Annual Information Statement contains reporting information that would enable U.S. persons that directly or indirectly own shares (U.S. shareholder) to make the Qualified Electing Fund (QEF) election.
What is the IRS form 8621 for?
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.
Related links
Form 8621 (Rev. December 2015)
Check type of shareholder filing the return: Individual. Corporation. Partnership. S Corporation. Nongrantor Trust. Estate. Check if any Excepted Specified
Jun 30, 2020 IRS Form 8621. U.S. individuals are required to report an interest in any specified foreign financial asset if the aggregate value of such
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