Search found 16 matches

by cqhg
Sun Jan 02, 2022 1:50 am
Forum: Canada / United States Tax & Accounting
Topic: Get cp-15 for year 2019 resp
Replies: 7
Views: 6750

Re: Get cp-15 for year 2019 resp

calvin_g wrote: > cqhg, thank you! I saved that number in case I need to use it in the future. The form > 843 took a year and multiple phone calls with them. A lot of nasty letters from the > collection department during the process. How did you find out that number? > > cqhg wrote: > > snowbird wro...
by cqhg
Mon Dec 20, 2021 9:49 pm
Forum: Canada / United States Tax & Accounting
Topic: IRS threatening fine letter for TFSA 3520 error
Replies: 9
Views: 4219

Re: IRS threatening fine letter for TFSA 3520 error

echo wrote: > Thank you cqhg for giving such detailed instruction! Greatly appreciated! > I took a look at the "AUTHORIZATION OF AGENT" form. I'm not sure > if TD and Tangerine are willing to sign these forms as trustee? They just > confirmed again to me my accounts are only personal depos...
by cqhg
Mon Dec 20, 2021 2:28 pm
Forum: Canada / United States Tax & Accounting
Topic: IRS threatening fine letter for TFSA 3520 error
Replies: 9
Views: 4219

Re: IRS threatening fine letter for TFSA 3520 error

echo wrote: > Can somebody provide some input? > I followed the post by hapless years ago to do the forms. I know some has > chosen "yes" to line 3 and listed themselves as "US" > agent. But for years I have chosen "no" to "US agent" > question, was wondering ...
by cqhg
Mon Dec 20, 2021 2:14 pm
Forum: Canada / United States Tax & Accounting
Topic: IRS threatening fine letter for TFSA 3520 error
Replies: 9
Views: 4219

Re: IRS threatening fine letter for TFSA 3520 error

echo wrote: > Can somebody provide some input? > I followed the post by hapless years ago to do the forms. I know some has > chosen "yes" to line 3 and listed themselves as "US" > agent. But for years I have chosen "no" to "US agent" > question, was wondering ...
by cqhg
Sat Nov 27, 2021 12:07 pm
Forum: Canada / United States Tax & Accounting
Topic: Get cp-15 for year 2019 resp
Replies: 7
Views: 6750

Re: Get cp-15 for year 2019 resp

snowbird wrote: > It just stated under sec 6677 fail to file form 3520-A, no detail reason. > How you get the case solved, by appeal letter, or form 843? file form 843 is ok and waiting time is longer. you can call IRS international dept 267-941-1000 asking them to remove your penalty according to p...
by cqhg
Tue Sep 01, 2020 12:51 am
Forum: Canada / United States Tax & Accounting
Topic: Ending 3520/3520A for RESP
Replies: 4
Views: 2987

Re: Ending 3520/3520A for RESP

I made a final return for RESP this year, the 10K penalty scares me too
by cqhg
Fri Aug 28, 2020 6:10 pm
Forum: Canada / United States Tax & Accounting
Topic: Still owe money to Canada CRA after T1 adjustment, do I have to pay interest?
Replies: 6
Views: 2987

Re: Still owe money to Canada CRA after T1 adjustment, do I have to pay interest?

nelsona wrote:
> CRA will determine and send you the bill. No point estimating.


thank you so much!
by cqhg
Thu Aug 27, 2020 11:55 am
Forum: Canada / United States Tax & Accounting
Topic: Tax planning while leaving Canada: investments, and house
Replies: 4
Views: 1951

Re: Tax planning while leaving Canada: investments, and house

form T1243 has a detail for the stock and other......

also please see form t1161 when your all exceed 25k
the penalty for failing to file this form 1161 by the due date is $25 for each day you are late. There is a minimum
penalty of $100, and a maximum penalty of $2,500.
by cqhg
Thu Aug 27, 2020 11:30 am
Forum: Canada / United States Tax & Accounting
Topic: Still owe money to Canada CRA after T1 adjustment, do I have to pay interest?
Replies: 6
Views: 2987

Still owe money to Canada CRA after T1 adjustment, do I have to pay interest?

Hi, I am a Canadian working in US. For the tax year 2015 I discovered that after my T1 adjustment this year I still owe a little money ($200) to the CRA, and it's been several years(2016~2020) so I'm wondering if I need to include interest when paying back the money owed, and if I do, how I would ca...
by cqhg
Thu Jul 23, 2020 10:57 pm
Forum: Canada / United States Tax & Accounting
Topic: 3520/3520a
Replies: 10
Views: 5084

Re: 3520/3520a

Not report and you had better close this account immediately.

because the penalty is big ( $10,000)
by cqhg
Mon Mar 09, 2020 4:48 pm
Forum: Canada / United States Tax & Accounting
Topic: Relief for RESP penalty
Replies: 7
Views: 5212

Re: Relief for RESP penalty

https://ustaxiq.com/claim-your-taxes-irs-rev-procedure-2020-17/ Claim your penalties back this tax season! TFSA and RESP accounts may no longer require Form 3520/3520-A reporting … March 3, 2020ustaxiq-adminArticles, Featured Yesterday, March 2, the IRS has provided a long-awaited relief from report...
by cqhg
Mon Mar 09, 2020 4:38 pm
Forum: Canada / United States Tax & Accounting
Topic: 3520 part II form change for 2019 (e.g. TFSA reporting)
Replies: 6
Views: 5374

Re: 3520 part II form change for 2019 (e.g. TFSA reporting)

Lili1234 wrote: > Have you found this code for a RESP? > > Thanks in advance I use 679, because I am a owner of Foreign trust, US person and have a US beneficiary, can directly or indirectly transfers property.... IRC § 679: A United States person who directly or indirectly transfers property to a f...
by cqhg
Mon Feb 24, 2020 12:48 pm
Forum: Canada / United States Tax & Accounting
Topic: How to fix failure to file 3520/3520-A
Replies: 6
Views: 6633

Re: How to fix failure to file 3520/3520-A

---you may only report RESP / TFSA interests on 1040 Schedule B, RRSP doesn't need to be reported for tax. I think if you didn't file 3520/3520A , so just close these two accounts immediately. if you forget to send these two forms before due date, you will get the penalty 10K. 3520 due date: April 1...
by cqhg
Tue Feb 18, 2020 1:52 am
Forum: Canada / United States Tax & Accounting
Topic: 3520 part II form change for 2019 (e.g. TFSA reporting)
Replies: 6
Views: 5374

Re: 3520 part II form change for 2019 (e.g. TFSA reporting)

thanks for the post. Yes, it changes on the line 20 of 3520 for 2019. Just read the instructions for 3520 2019: Line 20. Enter information regarding any person, including yourself, who is considered the owner of any portion of the trust under the rules of sections 671 through 679. Also, enter in col...
by cqhg
Wed Feb 12, 2020 8:16 am
Forum: Canada / United States Tax & Accounting
Topic: Filing joint IRS return with US spouse - Canadian interest income?
Replies: 2
Views: 2638

Re: Filing joint IRS return with US spouse - Canadian interest income?

If you file jointly married, the interest outside US bank will be reported on 1040 Schedule B.