Elvira Frencillo, CPA
SENIOR MANAGER — TAX
Elvira Frencillo is a Senior Tax Manager at KROST. She has 30 years of accounting, financial, and taxation experience in both public and private industries. She has been in public accounting for over 15 years. Her areas of focus include tax planning, tax compliance, financial reporting for individuals and their closely held businesses, partnerships, corporations, and trusts. She serves clients in various industries, including financial services, real estate, professional services, and entertainment industries. She has extensive experience in working with clients and their attorneys in participating in the Federal Offshore Voluntary Disclosure Initiative Program (OVDI), Foreign Bank and Financial Account reporting, and Passive Foreign Investment Companies.
Professional Experience
- KROST, Senior Manager (January 2022 — Present)
- KROST, Manager (January 2019 — 2021)
- Gaynor & Umanoff, LLP (June 2007 — December 2018)
- Active Motor Fuels, Inc. (October 2001 — May 2007)
- Philippine National Bank, Manila Philippines (1993 — September 2001)
Education
- Master of Science in Business Administration - Banking and Finance, Philippine School of Business Administration, Manila, Philippines
- Bachelor of Science in Commerce - Accounting, University of Santo Tomas, Manila, Philippines
Professional Affiliations
- Member of California Society of Certified Public Accountants (CalCPA)
- Member of Philippine American Society of Certified Public Accountants
Elvira's Thought Leadership

New Schedules K-2 and K-3 Reporting for Form 1065, Form 1120-S, and Form 8865 – What You Need to Know
August 11, 2022For the tax year beginning in 2021, the IRS has implemented a new reporting requirement for partnerships, S corporations, and filers of Form 8865 to include Schedules K-2 (Partner’s Distributive Share Items – International) and Schedules K-3 (Partner’s Share of Income, Deductions, Credits, etc. – International) with their returns. What are Schedules K-2 and K-3 Read the full article…

Form 5471 – Reporting Ownership in Foreign Corporations
March 16, 2021You may be required to file Form 5471, “Information Return of U.S. Persons with Respect to Certain Foreign Corporations,” if you have ownership in a foreign corporation. Form 5471 is becoming increasingly important for U.S. taxpayers with interest in a foreign corporation regardless of location. Determining who needs to file Form 5471 can be a Read the full article…

Qualified Improvement Property (QIP) Technical Correction and Bonus Depreciation
March 16, 2021This is a preview of one of the articles in the new KROST Quarterly Real Estate Issue, titled “Qualified Improvement Property (QIP) Technical Correction and Bonus Depreciation” by Elvira Frencillo and So Sum Lee The coronavirus has turned the world upside down. It has cost so many lives and caused agony to individuals and businesses. To Read the full article…

KROST Quarterly Magazine: The Real Estate Issue is Now Available!
October 26, 2020We are happy to announce the release of our newest quarterly magazine! The Real Estate Issue highlights some of the hot topics in real estate including 1031 Exchange, Cost Segregation, Opportunity Zones, Qualified Improvement Property, Delaware Statutory Trusts, and Green Building Tax Incentives. What You’ll Find Inside this Issue: Challenges Facing the Real Estate Industry Read the full article…

The Streamlined Offshore Disclosure Procedures
April 29, 2020It is not uncommon for U.S. citizens or Green Card holders to come across a situation where they realize they haven’t been entirely compliant with U.S. tax filing requirements. The filing requirements, especially for foreign assets and income, have become so complex that even some tax practitioners don’t know where to start. If you feel Read the full article…