I prepared returns for several clients who live outside the United States and have recently learned about PFIC reporting. Tracking it on a spreadsheet is taking time that I cannot charge for hourly without losing my client. Is there another solution?
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Mary Beth Lougen EA USTCP
Form 8621 is very labor intensive. The IRS estimates that it can take up to 24 hours to complete. There is a new online program available that prepares the form and attachments as well as provides a forms guide to show you where all the numbers should be inserted on Form 1040. It can create a finished form in under 10 minutes. For more information on Form 8621 Calculator can be found at www.f8621.com.
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425 weeks ago