Serbinski Accounting Firms

RE:I didn’t think it was necessary given that her CDN taxes were higher than the foreign tax credit + standard deduction which showed no US taxes owed Had you said ONLY I didn’t think it was necessary given that her standard deduction was higher than income, OK, otherwise she needs to join the other...

RE: The word COULD covers what I said. In your mind, yes, in an uneducated reader's mind no, as it easily could be interpreted to mean depending on the account's investment it certainly will be a PFIC. Dependent upon what's invested. While in fact, the uncertainty (the COULD) is one of law not of in...

RE: Also, TFSA and RESP value and contents could make them subject to PFIC IRS has never opined or clarified or confirmed that TFSA and or RESP would be considered PFICs, including those with Cdn mutual funds. Practitioners (like Max Reed) posit that many, if not all, are NOT PFICs. Other practition...

My questions are the following: 1. In US my return will show long-term capital gain and I will likely be taxed at 15% in the US. To what extent I will be able to use this to offset personal tax exposure in Canada for the same year? NOT AT ALL, YOU'LL BE DOUBLE TAXED SINCE CRA VIEWS LLC AS SEPARATE C...

Speak with a Canadian PEO (Professional Employer Organization) who remotely employs workers in Canada for US companies, like Syndesus
jordanhrycyshyn@gmail.com marc@syndesus.com

RRSP - no forms RESP - no forms (if under $100k for family member limit) but include RESP income on 1040 TFSA - if posit it's not a foreign trust, no forms and answer 'no' on Sch B, if report like a foreign trust, file 3520/3520-A and make sure not to be even one day late, answer 'yes' on Sch B. Alt...

Hopefully you're doing the 'simplified method' 1040NR reporting, which only takes a few minutes to prepare since the lion's share of such 1040NR may be left blank.

Or, give your parents now in 2023 $34,000 ($17,000) each as even if considered a US person, such amount is a gift tax annual exclusion that you may give each year to any number of individuals and certain types of trusts tax-free and without using any of your gift and estate tax exemption.

See REG-135491-10 when IRS became aware that nominee individuals are being listed as principal officers, general partners, grantors, owners, and trustors in applying for an Employer Identification Number (EIN). IRS announced that this practice fosters noncompliance and isn't authorized. It says that...

no

RE: You do realize that your house would have to gain $500K before you had any US tax liability. Not so, only 250k as she stated, as her status is MFS. But, only half the gain would be hers. And yes, that's precisely the planning used - for NRA to hold entire title and if already jointly bought then...

RE:Is it possible to obtain a proof from the IRS stating that they did get the income tax that my employer withheld
Use 4506-T to request an official IRS transcript displaying 1042-S w/h

"IRS rarely asks for proof of income."

Hope you're not licensed whereby subject to Circular 230 bc if you are you just made a public violation of it with that statement.

3 years SOL is out the door if tax underpaid