Serbinski Accounting Firms

Hello JY,
Regarding your foreign life insurance, I have done significant research in this area and this is what I found out.

1. You are require to file form 720 and pay 1% of the premium. Form 720 is due on every quarter of the year. It is being filed separately and there is no need to attach to ...

I am trying to amend previous returns to correct some calculation mistake in the year end balance of form 8891. My question is do i have to fill out all the part I information even if there is no change in any of the numbers? Can I just use Part II and explain that I need to amend 8891?

Thanks
Ken

Just want to be safe than sorry. Lately the IRS is VERY sensitive on anything that is related to offshore accounts.

I just found out that I have been incorrectly reporting my DCPP plan using the 8891 form. Thanks to Nelson who previously reference a KPMG article that mentioned that if the plan is 100% funded by the employer, there is no reporting requirement. Here is the article.

http://www.pwcservices.com/PwC ...

Hi Nelson,
One more question if you are still reading this thread, do you think there is any 3520 filing requirement for withdrawing $$ from DCPP?

Thanks Nelson

Also try http://www.xe.com, i think the rate are pretty good.

Thanks Nelson for the reply. I already collapsed all my other RRSP accounts. It's a pain in the a** to track all the RRSP filing requirement over the years. I started this filing mess in 2000 and it already changed 3 times until the 8891 was published.

I plan to do this one and for all.

So back to ...

I have around 8k in the plan and am planning to close it just to get over with the ever changing IRS filing requirement. I talked to the plan advisor and he said the plan cannot be closed directly. It needs to be rolled over to a RRSP first and then I can close the RRSP, less 25% withholding tax ...