Serbinski Accounting Firms

I sent them in late October or early November, and have not heard antyhing back since other than the letter above commenting on their delay in evaluating my returns. I included a cover letter where I clarified what I did, and I am guessing this is sufficient. I did send it registered so that I could ...

Khykau - I'm no expert either, but here's my understanding. If you have a mutual fund in Canada and are a US citizen, you have to file 8621 on it. If you do mark-to-market (which seems the easiest, at least to me) then you would note the appreciation (deprecition) of the fund & add it in as Other ...

Cliffie - If you haven't yet seen it, this is a really nice thread on how to do a 3520 which might help to some degree. I don't know about a fine, but I know that I can't recall seeing a person fined fora late 3520 that they initiated themselves. That's not proof that there would be no fine, of ...

I resubmitted them at the IRS' request. They wanted me to fill in some fields that I didn't fill in with NA, or filled in with "see above." It struck me as odd, but in retrospect I think that I didn't organize them very well when I sent them in (I didn't staple them, and in fact it would be easy for ...

I have read that mutual funds purchased through banks/credit unions in Canada (just your typical mutual fund, ones with a listing in the newspaper) are not considered PFICs, as the bank is considered a corporation rather than a PFIC. It seems like there is conflicting information on this point ...

Well, I resubmitted them, and I haven't gotten anything negative back, other than a letter saying they were reviewing them and would make a decision in 45 days or so. That was about 45 days ago, and was the second such letter I got after my first submission. So I am guessing that all is well. I ...

Thanks - and a sidebar: Is there any gamble in submitting an amendment for something like that? It is possible to be penalized for an oversight mistake like that, but in practice, do such penalties actually happen?

Put another way, is it better to just QD the oversight on the following year's FBAR ...

So, in Canada the govt sends you $100 a month if you have a child under a certain age (6, I think). If you are a USC, filing a 1040, do you need to claim this amount anywhere? If so, where?

Simple question, but I haven't seen it on the forum so far.

Thanks!

Hi - just a clarification as I am in a similar situation. If the TFSA is closed in 2011, do I need a 3520/3520A for 2011 to show that it is closed? Or is the FBAR report all that is needed? Thanks!

Hi Newdual, I am doing the 8621 this year - didn't know about it last year and will do it this year. I haven't seen guidance on it, unfortunately. I know there are a few posts here about it, but they seem to be at a higher level than I am at. Has anyone seen a thread that walks you through a) how to ...

Hi newdual, what I've seen on this board is that the TFSA is more hassle than it's worth, as it's not exempt from US taxes. But you already have it (I did the same thing a couple of years back), so you do have to file the 3520 & 3520A, as far as I know.

Here is a thread that helps out a lot with ...

Thanks nelsona! That's what I thought too, but after I previously submitted my 3520 and 3520-A the IRS assigned an EIN to my 'trusts' (TFSA, RESP, child's savings account). Their letter suggested it was necessary; in any event I suspect it will make it easier for them to keep track of my future 3520 ...

Hi all - I have gotten a lot of help from this board and thought I would send in a couple of how-to posts that might help others. I don't have a question here - this is just a note to help out (I'm open to feedback and extra information - and of course, any corrections!). This post relates to how to ...

Hi Sunny - This sounds very similar to my situation! I re-sent the 3520 & 3520A's. I filled in NA where appropriate on those lines, and wrote a cover letter describing what I did. I sent that in about two months ago; I haven't heard back and am assuming no news is good news.

I wonder if they sent ...

Thanks Joyfla - Well, I resubmitted my 3520/3520A's. I did hear back from one of the IRS numbers I called and the respondent said I could call the International Tax Office. I figured there wouldn't be much value in this if I couldn't talk directly to the office that sent me the letters (Ogden) in ...