Section 1291 Excess Distribution Calculations for PFIC Tax and Interest Reporting
Extrapolating PFIC Information From Fund Statements and Reporting on Form 8621
This advanced program assumes basic knowledge of PFIC Rules and Form 8621.
Recording of a 110-minute CPE webinar with Q&A
This course will provide tax advisers with a detailed analysis of Section 1291 reporting including how to perform the onerous calculations and determine available elections to ease the burden. The panel will go beyond the basics to provide examples of PFIC disclosures on fund statements and illustrations on how to calculate and report “excess distributions” on Form 8621. The program assumes the attendee is familiar with identifying funds subject to PFIC reporting and will focus on extrapolating information from fund statements to calculate taxable income.
- “Excess distributions” defined
- PFIC information on foreign fund statements
- Identifying distributions subject to PFIC tax and interest
- Illustration of calculations
- Tax treatment of distributions not treated as excess
The panel will discuss these and other important topics:
- Legal background of PFICs and general rules for same
- Locating and interpreting PFIC information on foreign fund statements
- Identifying and calculating “excess distributions” under the PFIC rules
- Calculating tax and interest on eligible distributions
- Tax treatment of distributions not considered “excess”
- Alternate options and elections for PFICs
Daniel Marques, CPA, MT
Drucker & Scaccetti
Patrick J. McCormick, J.D., LL.M.
Drucker & Scaccetti
Mr. McCormick specializes in the areas of international taxation, tax compliance, and offshore reporting... | Read More
Mr. McCormick specializes in the areas of international taxation, tax compliance, and offshore reporting obligations. He published national articles and given numerous national and local presentations on assorted areas of tax and estate planning law, including international tax and offshore compliance issues. His latest article on PFICs is titled Tax Reporting Implications of Foreign Mutual Funds. He is licensed to practice in the States of New Jersey, Florida, and Georgia, and the Commonwealth of Pennsylvania.Close