Obtaining a Copy of your Federal Tax Return

There are many occasions when you need a copy of your filed tax return, for example, when applying for a loan, or taking out a mortgage on a property. If the IRS make any inquiries you will also need this information to hand. If you cannot find the return in question, you can ask the IRS to send you a copy (or transcript) of the relevant information. Here’s how it works - 1) Transcripts … [Read more...]

PFIC or Passive Foreign Investment Company

WHAT IS FORM 8621, WHO SHOULD FILE AND HOW IS IT FILED What is Form 8621? This form is an information return by a shareholder of a PFIC or Passive Foreign Investment Company or QEF or Qualified Electing Fund. The form is intended to be filed to calculate the tax that is due on any “excess distribution” coming from a PFIC. Excess distribution is distribution following the first year that is more … [Read more...]