Jaffe & Co
​​54 Hendon Lane
London N3 1TT, UK
+44 (0) 20 8346 5237
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Frequently Asked Questions


Passive Foreign Investment Companies (PFICs)

How do I know if I have a PFIC in my portfolio?

None of my PFIC assets are worth more than $25,000/$50,000—am I under the Form 8621 filing threshold?

I am sure that my PFICs, in aggregate value, do not exceed the filing threshold, should I still be concerned with Form 8621?

What is an “excess distribution”?

What is the PFIC tax and interest regime? How can the tax rate end up exceeding 100%?

So I should just open a US brokerage account and invest in US mutual funds? 


Our motto: "Never ignore a letter from the IRS"
Jaffe & Co and American Tax International are trading names of Jaffe & Co LLP, company number OC383176
UK tax services are provided by Jaffe UK Services Ltd, company number 11588450
IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the U.S. Internal Revenue Service, we inform you that any tax advice contained in this communication (including any attachments) was not intended or written to be used, and cannot be used, by any taxpayer for the purpose of (1) avoiding tax-related penalties under the U.S. Internal Revenue Code or (2) promoting, marketing or recommending to another party any tax-related matters addressed herein. 

Information provided on this website is for guidance purposes only and should not be construed or relied upon as formal tax, legal or financial advice.
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