Serbinski Accounting Firms

Thanks again DrJFM! These are always the first forms I complete as they have the earliest deadline and the nastiest fine. I finished them this year in February. I wish I had not asked for the TIN, but I've got it now and I will assume that they will not require a 1041 next year; if they do, I will r...

Thanks DrJFM - It was good to see that your arithmetic seems the same as mine. It always feels backwards to me, but it seems to have worked. I have largely taken your approach, but I didn't attach the bank statements as my theory is that more information will just confuse them. I'm not sure whose is...

Hi aed11 - I'm sorry you are having this experience. I don't have any specific advice, but there are a number of threads on here which deal with people who have had such a penalty assessed. I believe that in all the ones I've seen (including one of my own), the penalty was fully abated, once the fil...

A little further info … I guess I'm still unclear after reading the instructions for the form; I am not sure if the form is required if I held the fund at any time during the year, or if it's only needed if it's owned at the end of the year. I found some other posts (MGeorge) that were close to this...

I am a USC in Canada. I held a mutual fund in my RESP because I planned badly. I have used mark-to-market on the 8621 form every year since I have held this fund. I finally sold it during 2018. a) Do I need to file an 8621 for it for 2018? b) Do I claim this as a capital gain (loss), based on my fai...

I got the EIN for the trust itself. If you don't have an SSN, I think you would apply for one for yourself as well, but that's just a guess..

Hi eriquee - To get the EIN, you have to contact the IRS directly. I am not sure if you can do it all on line, or if you have to call them. But it is not too hard, and it's free. I did mine over the phone to get it immediately, and it took maybe 30 minutes. Good luck!

I am a USC in Canada. I had two separate RESP accounts which I have merged into a new account. I treat these as trusts, so I'm completing my 3520 and 3520-A forms. On the 3520 for the new account, I am indicating a gratuitous transfer on the day the funds entered this account. This resulted in zeroi...

Caninus - Thanks for the update! Yes, that is good news indeed. I suspect their delivery time for your cheque may not be terribly fast but will probably happen :) . It does seem like talking to a human is a good strategy when common sense is required, so I'm glad this worked out well for you!

I requested an EIN for a new Canadian RESP account that I'm assuming is a trust for IRS purposes. I wanted the EIN to be able to file the 3520/3520A. I called the IRS and they provided one, but when they followed this up with a letter, they said "Based on the information received from you, you must ...

Good question! I thought that you had to pay these mark-to-market, regardless of the amount kept in the fund. But I'm really not sure.

Hi Caninus - That sounds like a form letter from the IRS, which would explain why the reason was vague. That's probably a good thing, suggesting that the computer spat it out. You've got several methods of recourse to try: 1) Talk to a human at IRS. If that doesn't work, 2) Call the Taxpayer Advocat...

Thanks nelsona! That's what I thought too. Simple question & simple answer :)

This is a very simple question … is there ever any downside or risk to filing Form 7004 to get an extension on the 3520-A?
Thanks in advance!

Hi Caninus - I received a couple of those letters a few years ago, and they are terrifying! My situation was different - I had filed the forms but had an error on a couple; I then made the mistake of sending a single letter to cover multiple forms, and this was not credited to my proper form. Long s...