Serbinski Accounting Firms

Okay, looking into this more... Sounds like there is no need to file taxes and no withholding since there is no permanent establishment in Canada. Seems like solution is the following. Please correct if wrong. File 5103-r non-resident return. Report self-employment income on line 162/135. Claim dedu...

Hi all, I am a US TN visa holder (residing in California) who performed some consulting work for a Canadian company remotely (phone and online) who works with Canadian clients (I am therefore a subcontractor). I am a US resident for tax purposes. I'm looking to invoice the Canadian company and want ...

Thanks for the insights. Just in case others read this thread: unfortunately it's not easy as in order to find the commuted value I have to elect for a termination decision, meaning that I have instigate a process that will leave me with 30 days to decide (and a bunch of paper work) whether to rollo...

Hi Nelson, I have looked them up and the rules are confusing since they rely on a subjective definition of "readily accessible information". What qualifies as readily accessible information? How do I establish the fair market value of the pension at the end of the year (is that the "c...

Thanks as always nelson.

Any insights about my first question? Whether I need to backfile 8938?

I am a resident alien (Canadian citizen) working on a TN visa. I have correctly reported my FBAR and 8891 for the past few years but completely forgot about my foreign deferred pension. I am now wondering whether I need to back-file form 8938. The requirements per the IRS state that if you don't kno...

I assumed it was included in the calculator.

Do you mean the extra 15.3%?

That makes sense. So I guess it would add another ~2k in taxes and thus I'd be under 90%. This is incredibly confusing. I guess I'll call the IRS on Monday since I've already missed two of the estimated payments.

http://apps.irs.gov/app/withholdingcalculator/index5.jsp I used the above IRS calculator and got the following: Based on your responses, your anticipated income tax for 2014 is $22,954. If you do not change your current withholding arrangement, you will have $21,573 withheld for 2014 leaving $1,381 ...

Thanks as always Nelson, My one out appears to be this: http://www.irs.gov/publications/p505/ch02.html#en_US_2014_publink1000194557 "Will your income tax withholding and refundable credits be at least 90% of the tax shown on your current return" If yes, you do not have to pay estimated tax...

Also: I have not been paying quarterly estimate taxes. I started this work back in January.

And since I am working from home for this contract can I make traditional self-employed deductions like deducting for cost of home office (I do have a separate home office that is not used as a bedroom) etc.

Forgot to add: I will receive a 1099 from the part-time employer.

Hi, I'm currently on a full-time TN and my income is taxed accordingly by the employer. I took on additional part-time TN contract work in my field. I have been paid in full (untaxed). How do I claim this income on my tax return and how can I figure out how much I would owe? My first thought is that...

Hi Nelson,

Thanks again as always.

Yep, I correctly filed my departure tax return for 2012. I will report the income on my US tax return.

And can you clarify line 256 reporting? Seems like I don't need to but wasn't clear from the rest of your response whether I should or what the purpose was.

I'm in the US on a TN Visa. I cut residential ties with Canada last year and have been in the US for all of 2013 as a resident of California. I received a lump sum payment from my previous Canadian employer this year (this occurred several months after I had ceased to be employee) thanks to a sale o...