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A U.S. person that is a direct or indirect shareholder of a passive foreign investment company (PFIC) files Form 8621, Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund, if they receive certain direct or indirect distributions from a PFIC, recognize a gain on a direct or indirect disposition of PFIC stock, are reporting information with respect to a QEF or section 1296 mark-to-market election, are making an election reportable in Part II of the form, or are required to file an annual report pursuant to section 1298(f).

Form 8621-A, Return by a Shareholder Making Certain Late Elections To End Treatment as a Passive Foreign Investment Company, is used only to make a late purging election under section 1298(b)(1).

A U.S. person that is a direct or indirect shareholder of a passive foreign investment company (PFIC) files Form 8621, Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund, if they receive certain direct or indirect distributions from a PFIC, recognize a gain on a direct or indirect disposition of PFIC stock, are reporting information with respect to a QEF or section 1296 mark-to-market election, are making an election reportable in Part II of the form, or are required to file an annual report pursuant to section 1298(f).

Information about Form 8621, Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund, including recent updates, related forms, and instructions on how to file. Shareholders file Form 8621 if they receive certain PFIC direct/indirect distributions.

Form 8621-A, Return by a Shareholder Making Certain Late Elections To End Treatment as a Passive Foreign Investment Company, is used only to make a late purging election under section 1298(b)(1).

Information about Form 8621-A, Return by a Shareholder Making Certain Late Elections To End Treatment as a Passive Foreign Investment Company, including recent updates, related forms and instructions on how to file. A U.S. person that is a direct or indirect shareholder of a former Passive Foreign Investment Company (PFIC) or a Section 1297(e) PFIC is treated for tax purposes as holding stock in a PFIC and therefore continues to be subject to taxation under section 1291 unless the shareholder makes a purging election under section 1298(b)(1).

FATCA related forms and instructions.

Certain U.S. taxpayers holding specified foreign financial assets with an aggregate value exceeding $50,000 will report information about those assets on new Form 8938, which must be attached to the taxpayer’s annual income tax return. Higher asset thresholds apply to U.S. taxpayers who file a joint tax return or who reside abroad.

Public disclosure of Form 990-T attachments and which items need not be disclosed.

Under FATCA, certain U.S. taxpayers holding financial assets outside the United States must report those assets to the IRS on Form 8938, Statement of Specified Foreign Financial Assets. There are serious penalties for not reporting these financial assets. This FATCA requirement is in addition to the long-standing requirement to report foreign financial accounts on Form TD F 90.22-1, Report of Foreign Bank and Financial Accounts (FBAR).