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Gracelda Tax Manager

Gracelda Sitjar, CPA, EA

Tax Manager | US/PFICs, Foreign Trusts, Estates & Inheritance

IRS qualified Enrolled Agent (EA)
Federally authorized to practice before the IRS on all US tax matters
Philippine Certified Public Accountant (CPA)
Degree in Bachelor of Science in Accountancy (BSA)

Meet Gracelda…

2024 marks my 13th year of expatriate tax experience in a career which started with SGV & Co. (an Ernst & Young affiliate based in Makati City). Since obtaining my Philippine CPA license in 2011, I have specialized in taxation for Philippine and American expatriates and have become knowledgeable in Philippine and U.S. federal and state tax returns preparation. To further enhance my knowledge in U.S. taxation, I passed the Internal Revenue Service (IRS) Special Enrollment Examination (SEE) in 2018.

What exactly are PFICs?

Published on October 18, 2023
by Gracelda Sitjar, EA, CPA

PFICs are foreign corporations where most of their income is passive (like investment income) or more than half of their assets are investments generating passive income.

Think of a mutual fund as a classic example. It mostly earns through dividends (passive income) or capital gains from trading stocks.

The IRS keeps a close eye on PFICs to prevent U.S. taxpayers from sidestepping taxes through foreign investments. As an expat, understanding the complex tax rules surrounding PFICs is crucial.

Should U.S. citizens and green card holders avoid PFICs?
Read more here.