Serbinski Accounting Firms

So there's a happy ending for my little sob story. Sent in the whole package of streamlined materials. Two months later got a check for $8.00 with a note of explanation saying I had miscalculated. For anyone who is having trouble sleeping at night, let me tell you that I was in that place for two mo...

I know someone who got the SSN number rejected. The letter said they would need proof he had lived overseas all his life because they want to know he never had a number before. I don't know why they can't just check in their system though.

I agree it's a broken system. As is the IRS.

Okay, thank you. This is helpful! I have read the threads you mention, just wasn't sure about the signature.

I won't include letters with the 1040s since I'm well below the filing threshold. Just submitting them because of my bank accounts and RESP.

For those of you who have written these before for 3520 forms and FBARS. I'm taking a cautious approach and submitting a cover letter with each delinquent 3520 and FBAR. My reasonable cause is the standard: -Didn't know, recently found out, trying to comply -Accounts were held for legitimate reasons...

Okay, so in one year all the earnings were distributed, but by some fluke the RESP sat empty for a year with no income, no internal earnings, and no contributions. Does anything need to be filed?

Also, is the entire distribution taxable in her hands?

The distribution would consist of about $3000 contributions, $800 CESG, and $100 interest.

Forgive my continued ignorance, but I'm trying to work out this dilemma. As the grantor of an RESP, I understand I must file 3520/2520A's for all years it was in existence. I'm working with an accountant on that. What do I do for the beneficiary though? The RESP was cashed in 2011 and my daughter re...

So for the FBAR, I file two copies of the same thing with just the number changed, or list them as separate accounts on one FBAR?

I have a similar question. Preparing late FBARS and 3520 for streamlined compliance.

In 2010, the bank assigned a new account number to my RESP. It wasn't even a transfer of funds--just a new number. How should I report that?

Whew! Thanks

Okay, so I just read something at http://www.gerberco.com/taxfilings_foreigntrusts.html.

It lists the following as requirements for a foreign trust:

Form 56
Form 709
Form 1041

Please tell me these are unnecessary for a simple RESP.

There's no mutual funds within it. That means no PFIC issues, correct?

The only gains are Interest, CESG, and capital contributions. Capital contributions made by the account holder would not go on 1040, right?

The RESP is closed, but trying to address the past.

Thanks, you've answered one of my questions. Now the other. What line of 1040 is used to report income from an RESP? Is schedule E necessary?

Hi. I am wondering if a 3520 is required for someone who is below the filing threshold for income. For instance, a non-working USC spouse who has her name on a shared RESP with an NRA husband. Total earnings within the trust are less than $250 s year, so it seems pointless to file if she has no othe...