Form 5471 Schedules Explained: A Complete Guide for US Shareholders
Filing IRS Form 5471 is one of the most demanding compliance tasks in the US tax system. While the main four-page form captures basic corporate data, the heavy lifting happens in the Schedules. These attachments serve as the diagnostic tools the IRS uses to calculate everything from deemed dividends to foreign tax credits. Following the […]
The QEF Election: How it impacts your Form 8621 filing
If you hold investments in foreign mutual funds, ETFs, or certain foreign holding companies, you have likely encountered the dreaded Passive Foreign Investment Company (PFIC) rules. For US taxpayers, PFICs are notorious for punitive tax rates and complex reporting requirements. However, making a Qualified Electing Fund (QEF) election can be a game-changer. By choosing this […]
