Search found 137 matches
- Tue Jan 29, 2019 10:48 am
- Forum: Canada / United States Tax & Accounting
- Topic: Planning for excess funds in CCPC
- Replies: 2
- Views: 4650
Re: Planning for excess funds in CCPC
New IRS rules related to the Transition Tax in IRC 965 make it unattractive for any US person to accumulate retained earnings with a foreign corporation, and the transition tax retroactively taxes retained earnings back to 1986. Here are some references: https://serbinski.com/treatment-deferred-fore...
- Tue Jan 29, 2019 10:43 am
- Forum: Canada / United States Tax & Accounting
- Topic: Common Law in Canada recognized in America?
- Replies: 11
- Views: 9558
Re: Common Law in Canada recognized in America?
The Internal Revenue Service has upheld the notion that common law marriages are recognized for purposes of filing a joint return (for over 50 years). In Revenue Ruling 58-66 the Service says: "In Revenue Ruling 58-66, the Service stated that a couple would be treated as married for purposes of...
- Fri Jan 25, 2019 11:28 am
- Forum: Canada / United States Tax & Accounting
- Topic: CRA/IRS
- Replies: 2
- Views: 2801
Re: CRA/IRS
Here is a recent article from CBC:
http://www.msn.com/en-ca/money/topstori ... ocid=ientp
We generally take the position that everything about our financial lives is publicly known, and recommend that you file returns on that assumption.
http://www.msn.com/en-ca/money/topstori ... ocid=ientp
We generally take the position that everything about our financial lives is publicly known, and recommend that you file returns on that assumption.
- Thu Jan 24, 2019 6:57 pm
- Forum: New Rules for RESP and 3520 Forms
- Topic: 2018 Tax Changes
- Replies: 0
- Views: 68514
2018 Tax Changes
With the introduction of the Tax Cuts and Jobs Act, tax filing rules for 2018 have substantially changed.
We have outlined some of the major changes here:
https://serbinski.com/2018-tax-cuts-and ... al-changes
We have outlined some of the major changes here:
https://serbinski.com/2018-tax-cuts-and ... al-changes
- Sun Nov 19, 2017 2:09 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian with Green Card. Should I get dual citizenship?
- Replies: 3
- Views: 4300
- Sat Nov 18, 2017 11:48 am
- Forum: Canada / United States Tax & Accounting
- Topic: Which type of Canadian investments would not be PFIC?
- Replies: 6
- Views: 7038
- Mon Dec 30, 2013 3:44 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Joint accounts with income, NRA spouse
- Replies: 11
- Views: 10491
- Wed Dec 25, 2013 12:20 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Resident in Canada but getting paid in USA
- Replies: 6
- Views: 5646
NOTE: Your return in the U.S. will depend on the overall time spent in the U.S. in any 12 month period. If you spend over 183 days in the U.S., you may also be considered a resident of the U.S., and this will mean that you will file in the U.S. in the same way as a U.S. resident. Your tax due and th...
- Sun Dec 16, 2012 1:54 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Selling non-registared Cdn Mutual Funds vs PFIC reporting
- Replies: 8
- Views: 8007
Although there may not be specific penalties for failure to file form 8621, a US return is not considered complete unless all required forms are filed. This may mean that the statute of limitations would not close the return after three years as in the case of complete returns, and civil penalties c...
- Fri Nov 30, 2012 10:50 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Help filling 3520 / 3520a for ING Direct TFSA Saving Account
- Replies: 13
- Views: 13426
- Fri Nov 30, 2012 10:33 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Recommendation for broker that is licensed in Ontario and US
- Replies: 1
- Views: 3900
- Thu Jul 26, 2012 6:22 am
- Forum: Canada / United States Tax & Accounting
- Topic: IRS announced changes to ITIN application process
- Replies: 1
- Views: 3914
- Mon Jun 25, 2012 6:25 pm
- Forum: Canada / United States Tax & Accounting
- Topic: certified acceptance agents can no longer certify documents
- Replies: 2
- Views: 4082
- Thu Dec 15, 2011 10:48 am
- Forum: Canada / United States Tax & Accounting
- Topic: US Eases Failure to File and FBAR penalties
- Replies: 11
- Views: 14803
US Eases Failure to File and FBAR penalties
IRS has relaxed their view of U.S. citizens or Dual citizens who live outside the U.S. In FS-2011-13, IRS states that taxpayers who owe no tax due to the application of foreign tax credits or foreign earned income exclusions will not be assessed failure to file or FBAR penalties in cases where IRS h...
- Mon Jun 06, 2011 10:56 am
- Forum: Canada / United States Tax & Accounting
- Topic: does a Canadian RESP need to get a US EIN?
- Replies: 4
- Views: 6526