Serbinski Accounting Firms

Please see the following: https://home.kpmg/us/en/home/insights/2020/03/tnf-rev-proc-2020-17-us-reporting-relief-certain-tax-favored-foreign-trusts.html https://www.forbes.com/sites/robertwood/2020/03/03/irs-gives-big-tax-reporting-break-to-foreign-trusts/ https://forums.serbinski.com/viewtopic.php?...

Married filing jointly and tax resident of the US (filed departing tax return in Canada when we moved to the US many years ago on a greencard). We still have an RESP with TD Canada Trust with some balance that earns interest each year. We have diligently filed 3520/substitute 3520-a for many years n...

Hello, this thread (which is newer) states that the EAP income is not reportable on the student's return. An older thread (http://forums.serbinski.com/viewtopic.php?t=1295) states the opposite. Can someone who has received an EAP comment on what approach they took. If you reported the income, what s...

Canadian citizens moved to the US (on a greencard) in 2013. Filed 3520 for myself and wife in that year. Took an EAP from the RESP in 2014. I have filed the appropriate 3520 for myself, wife, and son (beneficiary of RESP). We also received an NR-4 because the bank considered us non-resident (rightly...

I am a Canadian citizen who immigrated to the US in 2013. I hold mutual funds in a US non-retirement account (these were purchased during a prior stay in the US when I was a non-immigrant but taxed as a resident). I filed Form 8833 last year to take an adjusted cost basis equal to fair market value ...

Hi MGeorge, thanks for your input. It reinforces my opinion. I am submitting those forms without the EIN even though I was able to figure out some of the details by looking at Form SS-4.

Hi boq, did you ever figure out what the answer is to your question - "If so what is the Relevant code section for 20e?"

I am wondering if I should write 671 0r 675 as the "Relevant Code Section" in Form 3520, Par II, line 20e. My wife is a joint owner of an RESP account.

Thank you CdnAmerican. I did go through all the search results for the term "3520" before posting my questions. I also went through all your posts before I ask this following question. Did you appoint yourself as a U.S. agent? If yes, did you submit an "Authorization of Agent" (m...

My wife and I are Canadian citizens who immigrated to the US in 2013. We are joint owners of an RESP account. On the instructions for 3520-a as well elsewhere on this forum, I have seen Form 7704 to file for extension for 3520-a. However, on the following IRS website, it lists Form 2758. http://www....

Hi nelsona, please don't do that. I apologize for bumping up the two threads. Others should not miss out on your great advice because of me. Please please, I will not bump any more threads.

Sorry for bumping up this thread as well.

I hate to bump up my thread but any replies will be greatly appreciated. I have to file the 3520/3520-a next week or file an extension. After doing taxes on my own for 18 years, I never thought that filling out forms will be so difficult.

Hi Mquinn, you would at the very minimum need to file Form 8891 and FinCEN Form 114. You may also need to file Form 8938 if you have other non-US holdings exceeding the threshold amount. Look into the following websites. http://www.irs.gov/uac/Form-8891,-U.S.-Information-Return-for-Beneficiaries-of-...

Hi angela, a lot depends on your circumstances. Whether you are single or married? If married, is your spouse a US citizen. What your family income was in both countries. What your available deductions are in the US. How many kids you have. Did you pay for their university. etc... I think you should...

My wife and I are joint account holders of an RESP for which I will be filing the required US forms. I am applying online for an EIN. Please clarify the following about the online EIN application process. 1) What type of legal structure is applying for an EIN? Is "Trusts" the correct choic...