SOURCE: Expat Tax Tools

Expat Tax Tools

April 05, 2016 09:00 ET

Expat Tax Tools Releases Form 8621 Calculator on the Cloud

Software Dramatically Reduces the Amount of Time Spent Reporting Passive Foreign Investment Companies

VIRGINIA BEACH, VA--(Marketwired - April 05, 2016) - Expat Tax Tools makes it even easier for tax professionals and accountants to complete Form 8621 with the introduction of a cloud-based solution. Form 8621 Calculator will now be available through an online option to make it easier for smaller companies and individual preparers to access the only tax software that handles Passive Foreign Investment Companies (PFIC) with ease.

"According to the IRS, an experienced tax professional can spend more than 24 hours completing a Form 8621 for a U.S. citizen holding a PFIC investment," says Mary Beth Lougen EA USTCP, Chief Operating Officer, Expat Tax Tools. "We developed Form 8621 Calculator to turn this reporting into a data entry exercise so an accountant or tax professional can focus their time on supporting their clients and not with tedious number crunching."

Form 8621 Calculator Cloud will be available for $750 USD per user per year and data will be stored on a secured Expat Tax Tools server. Only transactional history is recorded so there is no sensitive client data in the cloud. Accountants and tax professionals will still have the option to purchase a small or large server option and host the data within their offices.

"Form 8621 Calculator was developed by a Master U.S. tax professional and computes all the nuances that are involved with reporting PFICs," says Lougen. "By bringing the Form 8621 Calculator to the cloud, we can now offer a competitive price for smaller organizations that are preparing U.S. returns for expats."

Form 8621 must be completed by U.S. citizens and residents who own PFIC investments when they have made a prior election, meet the ownership threshold or have received income.

About Expat Tax Tools

Founded in 2014, Expat Tax Tools is dedicated to developing software that supports tax professionals and accountants preparing tax returns for citizens living outside of the U.S. Designed by tax professionals with experience handling expat tax returns, Expat Tax Tools products save time and money. For more information, see www.expattaxtools.com.

Contact Information

  • For more information, please contact:

    Tina Quelch
    Calador Communications
    T: (416) 925-6034 x 22
    E: tina@calador.ca