Serbinski Accounting Firms

A variety of large crypto exchanges have already confirmed they report to the IRS. Back in 2016, the IRS won a John Doe summons against Coinbase. A John Doe summons compels a given exchange to share user data with the IRS so it can be used to identify and audit taxpayers, as well as prosecute those ...

FYI note that that form question means: WITHOUT USING REAL CURRENCY (i.e., CASH)
FYI e-file on 1040NR rental property return will not create until that question is answered with yes or no

RE the Cdn bank charging your dad for each incoming wire transfer, I bank with TD and their NJ USA bank charges USD$15 for each incoming wire transfer and Toronto branch charges CAD$17.50 for each incoming wire transfer. However, when payers use my ACH info to make direct deposits into my accounts t...

Barcelona: 1. obtain 'account transcript' from IRS even though it will be blank and only say 'no record'. 2. Write on that blank transcript '1040 return filed June 2022, not yet processed by IRS' 3.Logon online to CRA at 'myaccount' 4.submit that blank transcript that contains your note too 5. also ...

2windy - if the question had been CRA is requesting an IRS transcript, your answer would have addressed such question, along with caveat that either US cell phone carrier needed to open one or with qualifying documents via ID.me, both tasks almost impossible for Canadians. The question was how to sa...

I recently spoke with a dual citizen student who bought a used car and licensed it in NY while there, now returned home to Canada, wishing to import it to Canada. It must first be exported from US at the border (one can be criminally charged if this is overlooked and a number of Cdn residents have m...

goldstone - why would your scenario be any different than a Cdn tax resident visiting the USA and providing a requester with W-8BEN while in the USA, and that Cdn is considering moving to Florida within 36 months. There is a finite point in time when one's tax-resident country changes, or doubles-up.

nelsona re: There is a reason W-8 is actually called W-8BEN: It is for claiming certain treaty rights for residents of another country. This doesn't apply to her. W-8BEN is sometimes used only to establish foreign identity and sometimes used to BOTH establish foreign identity and claim treaty benefi...

would be considered under the foreign earned income exclusion, or if the dividends would be subject to both Canadian and US taxes? the dividends would be subject to both Canadian and US taxes, dividend income is not 'earned income' I know I'll have to submit form 5471, If your other 50% partner isn'...

RE: The CRA is requesting my 2021 USA tax/account transcript. First off, note that IRS offers a variety of official transcripts, one is called 'tax transcript', another 'account transcript'. You've combined the two into one, while CRA always only wants the 'account transcript'. Your best bet is to o...

or while you're still a US tax resident, but claim exclusion (which reduces such claim on any later US estate tax return, which may not even apply to you, unknown from facts).

If you are over the net worth that will trigger the IRS exit tax, you are mega wealthy and likely from the richest .001% reading this free forum. Why not pay a CPA to properly plan and execute for you?

cakik55- no reply has been to point because the entire premise of your question is mistaken. The exception of not double counting moved funds applies only to the 10,000 aggregate test to see whether or not you're at all required to file FBAR. It does not apply to the actual FBAR reporting where you ...

first see if as Cdn you are LTR that is even subject to USA's exit tax. Then look thru Form 8854 instruction for first feel of definitions such as net worth.

IRMs are good places to get inside the heads of IRS auditors. comparing your missed trust box tickmark to the FBAR tickmark in the FBAR context discussing “willful blindness,” IRM 4.26.16.4.5.3 states: “An example that might involve willful blindness would be a person who admits knowledge of and fai...