2015 Form 8621 Changes
There was only one change to the 2015 Form 8621 that helps reduce duplicative reporting.
A new checkbox has been added to page 1 of the 2015 Form 8621 for taxpayers who also are required to file the Form 8938, Statement of Specified Foreign Financial Assets , and who satisfy their Form 8938 reporting obligations by filing Form 8621 and completing Part IV, Excepted Specified Foreign Financial Assets, of Form 8938.
By selecting this checkbox and reporting your PFIC on the 2015 Form 8621, you do not need to include these PFIC’s on your 2015 Form 8938. However, on the Form 8938, you must identify how many of these forms (along with other information forms such as the Form 5471) you file in Part IV, Excepted Specified Foreign Financial Assets.
It’s important to note that you must include the value of all specified foreign financial assets, even if they are reported on another form listed in Part IV, such as the 2015 Form 8621, to determine if you satisfy the reporting requirement that applies to you for the Form 8938.
Click here to learn more about PFIC taxation.
In addition, click here to learn more about the Form 8621.
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