Serbinski Accounting Firms

To the best of your collective knowledge, is there likely to be any contemplation on the part of the IRS of extending favourable tax treatment to TFSA accounts? I recognize that this may be a non-starter as unlike the RRSP, the TFSA has no obvious equivalent account type in the US.

The growing ...

Positive, and I'm beyond the income phaseouts regardless.

Thanks for the suggestion, though.

Quimby

Nelsona,

Perfect, thanks very much for your response.

With respect to your second point, my child is not a US citizen. I should have mentioned that in my original post.

All the best,

Quimby

Hello all,

Am I [u]required[/u] to claim my non-resident child as a dependent on line 6c of my 1040, or reference them in any way on my US tax return for that matter?

Thanks for your guidance and insight,

Quimby

JG,

Thanks so much for jumping in – I really appreciate it.

Just to be confirm, I’ll be summing the short-term capital gains, long-term capital gains, and Section 1256 contract mark to market gains and reporting these on line 132 of my T1 Schedule 3, while leaving line 131 blank?

Also, may I ...

Nelson,

I intend to outsource the entire filing process to an accountant next year, but for 2010 these K-1s are the last piece that I haven't been able to resolve. I know that it's quite late in the day to be asking for help, but I'd really appreciate your expertise and would gladly compensate you ...

Hello All,

I purchased two Invesco PowerShares ETFs in 2010 and recently discovered that they are in fact partnerships, much to my surprise and irritation.

Consequently, I have received two Schedule K-1 Form 1065s from Deutsche Bank. By way of context, I am a dual citizen who has been living in ...

Should I take this to mean that no action is required?

Thanks,

Quimby

Nelson,

I received a letter from the IRS in late April and I could not be more confused by it. Here’s the background:

I'm a dual citizen who has been living in Canada my entire life. I've been contributing to an RRSP account since 2005 and become aware of the filing requirements around registered plans in June 2009. I included this account in my 2008 TD F 90-22.1 filing in June 2009. I then backfiled four pairs of form 8891 and 1040x (2005, 2006, 2007, 2008), mailed in one envelope to the IRS in Austin in early February 2010.

I have now received a letter from the IRS in Philedelphia that includes the following three items:

1. A photocopy of my 2005 Form 1040-X stamped “REC’D ACCOUNTS MANAGEMENT AUSTIN ICT FEB 2010â€￾

2. A photocopy of my 2005 Form 8891

3. A photocopy of the courier envelope / tracking info with the handwritten words “Best copyâ€￾

Is this simply a confirmation receipt, or is there likely to be a missing cover letter? I’ve never before received confirmation of anything from the IRS. Is it perhaps intended to indicate that my files were not destroyed in the Feb 18 Austin plane crash?

Any insight would be appreciated.

Thanks again for your help,

Quimby

I'm a dual citizen living in Canada. I have always used QuickTax for my Canadian return but have calculated and filed my US return manually.

I'm planning to switch to TurboTax this year but wasn't sure which version to buy. I dislike online programs and do not file state returns, but it appears ...

Oops.

Austin, Texas, not Philadelphia. Not sure what I was thinking...

Perfect - will do.

Thanks again,

Quimby

Nelson,

I've been poring over the various posts on the topic and believe that I understand the filing requirements, but would very much appreciate a quick review of my take-aways as it's quite possible that I've misunderstood or overlooked something.

I'm a dual citizen who has been living in ...