Serbinski Accounting Firms

also, thanks a lot for your help! it feels like Serbinski should be compensating you for making these forums so helpful!

Great! Those are the same amounts returned on the first IRS recommended formula, so I think that makes a lot of sense and then the dividends would have the dividend tax credit applied and everything should add up to the same tax paid just apportioned/allocated the way the CRA would tax it. I don't t...

haha that's true, though i've always had better success with the intl/overseas reps. I guess the issue here is that the guidance doesn't go enough in detail, their example uses two forms of income that are suggested to be taxed at the same rate. if there was actual withholding on wages, interest, di...

I recently spoke with an IRS representative who seemed pretty well versed in the intricacies of the foreign tax credit (f1116). They described deriving the foreign tax paid in Part II on a category of income that seems to run counter to what I've read in the instructions for the form and Pub. 514 an...

thanks, nelsona, that makes sense and I think I was over-complicating things. i had been going through pub 514 and the section on "Allocation of Foreign Taxes (https://www.irs.gov/publications/p514#en_US_2020_publink1000224501) for the f1116 got me wondering whether there was something more com...

hello, if I am a US citizen that has to file a 1040 each year and want to take advantage of the T1's foreign tax credit do I have to reduce my income by the 1040 standard deduction, or do I just apportion the tax based on the percentage of gross income? As a simplified example: US-IRA income of USD2...