Serbinski Accounting Firms

Whether or not computing the FEIE election amount on 'earned income', run the calculation using foreign tax credit (FTC) on passive income like CG. Bear in mind that in Canada you pay tax on 50% of your capital gains, no matter what your total gains are and that as of June 25, 2024 you will be taxed...

"He receives the deposits into a major Canadian bank in Canadian dollars. He has a US dollar checking account at the same Canadian bank. He exchanges the Canadian dollars for US dollars and deposits the US dollars into that US dollar checking account at the same Canadian bank. He possesses a ch...

I've been waiting for additional humorous postings. C'mon fellow forumerz

"although she shouldn't be paying SE tax because she was working and lining in Canada, she can't get the exemption letter, so will have to pay SE tax but no income tax, in US." The simple work-around (to not actually obtaining https://www.canada.ca/en/revenue-agency/services/forms-publicat...

Canada taxes based on residency and its residents need report worldwide income (may claim FCT on income sourced to treaty country). Once one ceases Cdn residency and reported so to CRA, as NR would be subject to 25% w/h tax (reduced applicable treaty rates) on Canadian source income, which would inc...

post began FYI. Helpful info for the poster, never intended or stated purpose of addressing the posed question. Glad you enjoyed the one night stand reply LOL

Let's each bring our Tax Act, Internal Revenue Code and Regulations and read tax law until the crack of dawn.

FYI: The tax rules typically allow you (if parent is USC 1040 filer too) to claim a credit for a dependent child if they reside with you for more than half the year, don’t provide more than half of their own financial support, and are under the age of 19 at all times during the tax year, or under 24...

W-8BEN is correct form for her to use

RE "Of all the forms you file this is the one you need to think about the least." FBAR bears criminal consequences and non-compliance can land one in jail. To boot, the penalties are severe. Of all the forms you file this is the one you need to think about the MOST, for said reasons, incor...

As described at https://www.fincen.gov/reporting-maximum-account-value the maximum value of an account is a reasonable approximation of the greatest value in the account during the calendar year. Most people know off the top their heads if that is $5, $500, $5,000 or $5M. Forget about over-worrying ...

first things first obtain from IRS an 'account transcript' and 'return transcript' to confirm that what IRS sees as filed matches agrees with what you think you filed. Too many times, this investigation turns up a mismatch and if does, you'll know exactly how to proceed - to first rectify that IRS h...

"and how you can assist us in this regard', we readers can all assist be reading your blog comments. This is a blog

and remember that social security numbers never expire, she should not apply for ITIN and isn't even eligible to do so.

"on the income since it's US Sourced' but it's NOT US sourced albeit paid by a US person DE Corp