Serbinski Accounting Firms

forgot to add...

Would not the adjusted cost basis take care of any gains/losses throughout the holding period?

I've been contemplating the 8621, due to lack of documentation and amount. so if I am correct if I elect the 1291, I would have to pay tax on my final distribution plus (penalty)tax and interest. in addition I would have to pay tax on any past "dividends" received. Am I understanding this ...

where you able to figure out your filing requirements?? mcaps. [quote="Krakus"]I've been in the U.S. on a TN since early 2014. Since I expect to return to Canada within the next year or so, I kept my substantial TFSA (which was fully invested in Canadian mutual funds), as well as my non-re...

I am putting together an excel sheet to calculate interest on amounts due. I understand that IRS calculates/compounds interests daily and that the rate changes every quarter plus an additional percentage amount. I have a couple questions; 1- Where can I get historical quarterly rates? 2- What is the...

And an old T3, its an "estate and trust income" type. Would this change my election type to potentially M2M or QEF then figure out my past dispositions/gains and pay back taxes/interest for only these years. I understand the 1291 election, which will eat up 60% of my gain over the years. I...

I have held my fund for about 20 years. in 2010 IRS changed the rules, to classify certain funds as PFICs. Since I never reported my funds as a PFIC due to prior 8621 requirements or even amounts. Can I use this to not file the PFIC, even after distributions occur? FROM 2010-34, 2010-17 IRB 612 (Apr...

That adds up quick being that I bought it 20 years ago and it's just over 10k. what spread sheet are you using to figure out the tax due and are you using different interest for each year? are these compounded or strait?

thanks,
mcaps

If one where to chose the 1291 election, does the retroactive tax go back three years or from the date of when fund was purchased?

So will I divide my gain by the number of years since fund was purchased or three years? Then calculate my interest for the number of years since when?


thanks,
mcaps.

I "left" Canada about 12 years ago, but don't remember any exit tax. I never earned enough to report. Will this affect a fund that I disposed of this year that I bought 15 years ago. I've filed the FBARs since, it's just over the 10K threshold. anyhow, so where to I find out about the exit...

I am slowly grasping the election type (abstract) concept... Just want to validate that the fund that I have is a PFIC.

so are all foreign funds under Morningstar considered PFICs.

thanks in advance.

mcaps

I did not have to enter the OVDI under FAQ 17, no distributions/dispositions were ever made. I'll keep researching my situation. thank you, mcaps. [quote="JGCA"]No they have not it was not part of the June 2014 package that introduced the new OVDI package and penalty relief to apply if you...

anyone heard of streamline procedures available for PFIC compliance, or are these for the OVDI program?

Have these been applied to the PFIC?

thanks,

mcaps

so does the "December 31, 1997" date have to do with the fact that the fund was a PFIC but after the date is was not. or that I as a holder of the fund did not elect it to be a PFIC after that date. thanks, mcaps [quote="nelsona"]If you have read these threads (I had little to do...

I think I got it now. So I sold the PFIC, have not made any elections, so I can elect to treat this as a 1291 fund. Reading the instructions for 8621 make this a lot more confusing... Now to validate my findings... but that's just me... [quote="nelsona"]If you have read these threads (I ha...

Given that the fund was open 20 years ago and worked in USA 13 years ago on a TN-1, and became PR 10 years ago. I am trying to figure out what the initial "investment" reportable value would be for the fund... Initial inception, or from the time I got in using TN-1, or when I becoming perm...