Search found 166 matches
- Sun May 26, 2013 4:50 pm
- Forum: Canada / United States Tax & Accounting
- Topic: 1040/1040nr
- Replies: 40
- Views: 22912
- Sun May 26, 2013 4:34 pm
- Forum: Canada / United States Tax & Accounting
- Topic: 1040/1040nr
- Replies: 40
- Views: 22912
The 1040NR is for the entire year. The world income from pre-October 8th shown on 1040 is brough on to 1040NR, along with any US-sourced income from post october 8, and then tax is calculated by the 1040NR. Dualupet be it far from me to interpret someone else's thread, but I don't think income that ...
- Wed May 22, 2013 9:06 am
- Forum: Canada / United States Tax & Accounting
- Topic: Need more help with 8938 part 2
- Replies: 53
- Views: 38300
@one time poster Of course you are correct..in hindsight this stock should be reported on Part 2, and this year (for me)it will be. As Nelsona eluded to on this thread some time ago, part 1 or part 2 is not the issue rather that the account has been reported. An error here can be easily corrected an...
- Fri Jan 11, 2013 6:13 pm
- Forum: Canada / United States Tax & Accounting
- Topic: report foreign credit card on the 8938
- Replies: 17
- Views: 15332
- Fri Jan 11, 2013 4:32 pm
- Forum: Canada / United States Tax & Accounting
- Topic: report foreign credit card on the 8938
- Replies: 17
- Views: 15332
- Fri Jan 11, 2013 4:03 pm
- Forum: Canada / United States Tax & Accounting
- Topic: report foreign credit card on the 8938
- Replies: 17
- Views: 15332
- Fri Jan 11, 2013 3:17 pm
- Forum: Canada / United States Tax & Accounting
- Topic: report foreign credit card on the 8938
- Replies: 17
- Views: 15332
The penalty to failure to file the form is 10k. there is also a penalty/fine of 40% for inaccurate tabulation (i think anyway) ie: if you tabulate you have 10k in an account, and have 15k, then there is a 40% fine on the 5k...again, i am not totally accurate on this. you wrote; If I exchange some ca...
- Fri Jan 11, 2013 3:05 pm
- Forum: Canada / United States Tax & Accounting
- Topic: report foreign credit card on the 8938
- Replies: 17
- Views: 15332
Well....FATCA is delayed until 2014...Canada might MIGHT sign an IGA with the United States...and besides, FATCA is not going to look at account balances below 50k, especially if they were open before implementation. Sears Canada is not a financial institution so I wouldn't even worry about it...as ...
- Fri Jan 11, 2013 2:59 pm
- Forum: Canada / United States Tax & Accounting
- Topic: report foreign credit card on the 8938
- Replies: 17
- Views: 15332
As for the penalty...i believe it is 10k for failure to file the form only. You also have to remember that this form is brand new...when I called the IRS for questions or clarifications, they basically told me in no uncertain terms that they were not trained on this form and would not entertain any ...
- Fri Jan 11, 2013 2:51 pm
- Forum: Canada / United States Tax & Accounting
- Topic: report foreign credit card on the 8938
- Replies: 17
- Views: 15332
Yea....like I said...i am not sure what type of credit card you have...sounds like a prepaid card (?). I can only tell you what I did....i have never had a positive balance on my card, nor has the bank ever reimbursed me, or put any value on my card, therefore it has never had a positive balance. Fo...
- Fri Jan 11, 2013 2:15 pm
- Forum: Canada / United States Tax & Accounting
- Topic: report foreign credit card on the 8938
- Replies: 17
- Views: 15332
- Fri Jan 11, 2013 2:14 pm
- Forum: Canada / United States Tax & Accounting
- Topic: report foreign credit card on the 8938
- Replies: 17
- Views: 15332
- Thu Jan 10, 2013 6:43 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Form 8938 -- CSB issuer type? Life ins. reportable?
- Replies: 15
- Views: 12474
Taxpoor I think you are getting hung up on the definition. When reviewing the IRS information on which financial accounts go on Fbar and 8938, (there is a table) it states that insurance plans or annunities have to go on both if they have a 'cash value'. To me this means a cash value to the individu...
- Fri Nov 23, 2012 7:19 pm
- Forum: Canada / United States Tax & Accounting
- Topic: 8891 Reporting Changed Acct. Number
- Replies: 10
- Views: 6035
Newdual, Sorry..didn't mean to alarm you with the reference to 3520 forms. In fact the 8891 replaces the 3520 form for RRSP purpose only. I was referring to the Fatca form 8938. If one files an 8891 form, you need not list it on 8938, but rather just tick off a box on part 3. Not sure why they did n...
- Fri Nov 23, 2012 12:08 pm
- Forum: Canada / United States Tax & Accounting
- Topic: 8891 Reporting Changed Acct. Number
- Replies: 10
- Views: 6035