Serbinski Accounting Firms

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...

Hi all - I am a USC with 3 separate RESP accounts for my daughters. These each contain Cdn mutual funds. I set these up before I appreciated the US tax implications of them, but at this point I am up to date, filing separate 3520/3520A forms for each, as well as the 8621's associated with the mutual...

Thanks nelsona! Yes, I am living in Canada. I'm asking because I was close to owing US tax this year, and am fearful that with the change in the std deduction + loss of exemptions that I might owe a little next year. I am not incorporated as I have enough mess with taxes to deal with already (e.g., ...

Hi all - simple question. I am a USC who is self-employed. Is there any way to make an RRSP contribution that would be deductible on my US taxes?

Thanks in advance!

Thanks nelsona! Yes, I always attach documentation about SE tax (when employed, or now self-employed) and that has worked in the past. It seems highly likely that my RESP will earn under $24K unless there is a true banner year (or an exchange rate implosion), so I think I will be ok. I just wanted t...

Hi all - I just wanted to get some info from the collective wisdom in the group. I am a USC in Canada, and have been in Canada for over a decade. I have an RESP here (for better or worse). I have always filed 3520s and am up to date. I've always been able to deduct all/almost all of my earned income...