PFICs, FBAR,two cost bases:one sourced review,under your name.

A client whose tax residence is the United States, whose citizenship on the profile is US, or whom you flag as a US person, a green-card holder for example. For them the non-resident screens are switched off and the review says why: a W-8BEN does not apply, the USD 60,000 non-resident estate-tax threshold does not apply, and an Irish or other non-US fund would generally be a PFIC rather than a saving. The US-person screens below take their place.

Every fund domiciled outside the US, such as an Irish UCITS ETF, a UK fund or a Canadian ETF, listed as a likely PFIC with its value, together with their share of the portfolio and the number of Forms 8621 that are likely. Domicile is read from the ISIN. Directly held shares are not screened, and a non-US holding that cannot be classified as a share or a fund is listed for checking. No PFIC tax is computed and no Form 8621 is prepared: QEF and mark-to-market elections, the excess-distribution charge and the filing exceptions are for the client’s US tax adviser.

From the brokerage accounts on file. An account counts as foreign when its broker’s entity is outside the US; each one’s highest valuation so far this year is added up in USD, at today’s rate, against the USD 10,000 FBAR threshold and the Form 8938 thresholds for a taxpayer living abroad: USD 200,000 at year end or 300,000 at any time if unmarried or filing separately, 400,000 and 600,000 if married filing jointly. Brokers with both US and non-US entities, such as Interactive Brokers or Schwab, are listed for checking against the statement, not counted. Bank accounts and foreign pensions are not on file here and can change the answer.

From the confirmed transactions in taxable accounts: once in USD by the US rule, first in, first out, account by account, and once in the residence’s currency by its own rule, the UK’s Section 104 pool, Canada’s average cost or Australia’s parcels, every purchase at its own date’s exchange rate. A holding with a gain in one currency and a loss in the other is flagged: a sale is taxed on different results in the two countries, and a credit for one country’s tax may not match the other’s. It runs today for clients resident in the UK, Canada and Australia. Accounts in tax wrappers are left out, the US wash-sale rule is not applied, and a holding bought before the imported history is named, never guessed.

Each account’s wrapper is set on the account. A UK ISA and a Canadian TFSA are flagged as not tax-free in the US: income inside is generally taxable as it arises. An RRSP, LIRA, LIF or UK SIPP is shown as a pension whose US tax a treaty defers until payment; whether a particular SIPP meets the treaty’s definition is not assessed. For a client in Canada, an IRA, 401(k) or Roth IRA is shown with how Canada treats it and, for a Roth, the treaty election and its deadline. US returns are not prepared.

The Founding Adviser plan comes with a 30-day trial and no card: open a workspace yourself, and pay 99 USD a month when the trial ends. That price is open to the first 25 firms and held for their first 12 monthly payments, or for the first year on annual billing at 999 USD. Advisor, Practice and White Label have no trial and start with the first payment. Or tell us about your firm using the form below and we reply personally within two working days to help set it up.

Add active clients in packs of 25 for $29 a month each, on the Founding Adviser, Advisor and Practice plans. Add them from Settings, Plan and usage, once your plan is active: each pack is its own small subscription at exactly $29 a month ($290 a year on annual billing), so a second pack costs the same as the first. Cancel a pack at any time, and cancelling your plan stops its packs too; clients above the new limit stay readable, but no further client can be added or restored until you are within it. Packs stop counting if the subscription lapses. Households do not use extra places: each person is one client, and trusts, SMSFs and joint accounts are accounts of a member.