Serbinski Accounting Firms

Regarding the investment accounts it's weird because I have the main firm's account #, on their monthly statements it shows the mutual fund investments, but I also got an annual statement from each mutual fund company directly which also has its own account number.

What happens with transfers ...

If you have an investment account with a firm and they invest your money in many different mutual funds & stocks, do you just list the 1 main firm on the forms (FBAR, 3520, 8891) or do they want the account numbers and account values for every sub-account as well?

Also for RRSPs whats the deal with ...

So a bank or investment account that is setup as an informal trust doesn't matter in the eyes of the IRS. I kind of figured I would have to disclose them on the fbar and 3520.

So then what about RRSPs do I need to put them on fbar or just the 8891? Also I have signing authority on my wife's (non us ...

I have signing authority on my children's RESP and In-Trust bank account, but as I am not the beneficiary of the funds I am not sure if I have a "financial interest" according to the FBAR form? Do I have "legal title" or am I the "owner of record" of an RESP / In-Trust bank account or are my kids ...

@JGCA

Thanks for the details, I had read about possibly having the corporation's income be taxable as if the retained earnings were paid to me personally. which would be a hassle/problem for back filing taxes. I assume from your statement this only applies to US Residents not foreign US Citizens ...

Thanks Nelsona!

But wow 6 years back? That's a bit of a burden. I thought I read IRS typically only wanted 3 years? When I apply for a SSN will IRS request this many years back? Can I submit a written request for how many years they want, or is it always 6? Or could I just send in 3 years and see ...

Thanks very much for answering this question, it helps me out with the same problem.

However I am planning to move from Canada to the US in the near future. I'm a dual citizen but have never filed US taxes (I didn't know it was required until recently). My interest is in applying for a mortgage in ...