Webcast: Americans Abroad: Passive Foreign Investment Companies (Form 8621) (XCAAITP18)
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Tax and reporting rules for Passive Foreign Investment Company can be complicated and confusing. This course reviews how you can determine whether you have a PFIC by applying the PFIC definition, look-through rules and the attribution rules as well as look at the different ways in which PFICs can be taxed, whether under the default rules of IRC Sec. 1291, the Mark-to-Market election or the QEF rules. You will go through some examples of how to perform the calculations and prepare the forms under

2/8/2018
When: 02/08/2018
12:30 PM until 1:30 PM
Where: Webcast
CALCPA
4173010A
United States
Presenter: Debra Rudd, CPA


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Acronym XCAAITP18
CPE 1 hour
Vendor CalCPA
Category
Taxation
Level Overview
Prerequisite None
Adv Prep None
Yellow Book? No
Designed for Tax practitioners advising U.S. taxpayers on foreign tax issues or preparing income tax returns for Americans abroad.
Registration
Member $30
CPA Non-Member $50

The Member rate applies to LCPA members, other state society members, and non-CPA staff of LCPA members. To register online, use the ‘Register’ button above. To register by phone, call the LCPA Member Service Center at 800.288.5272 or 504.464.1040, Monday through Friday, 8am to 5pm.

Course Description

Tax and reporting rules for Passive Foreign Investment Company can be complicated and confusing. This course reviews how you can determine whether you have a PFIC by applying the PFIC definition, look-through rules and the attribution rules as well as look at the different ways in which PFICs can be taxed, whether under the default rules of IRC Sec. 1291, the Mark-to-Market election or the QEF rules. You will go through some examples of how to perform the calculations and prepare the forms under each of the three methods of taxation and, lastly, you will learn the 'once a PFIC, always a PFIC' rule and the purging elections that may be available if a PFIC is discovered too late.

Materials are provided as an ebook.

Objectives

  • Identify a Passive Foreign Investment Company.
  • Recognize Form 8621 and PFIC taxation and reporting requirements.
  • Identify the three different methods of PFIC taxation.
  • Determine how to perform the PFIC tax calculations.
  • Recognize when purging elections can be applied and how to use them.

Major Topics

  • Passive Foreign Investment Companies (PFICs) 
  • Income Tax Consequences 
  • Form 8621 preparation

Note: Login instructions will be provided by the webcast vendor (CalCPA).