Serbinski Accounting Firms

Does anyone know why treating Canadian mutual funds as PFICs is apparently not considered to be a NAFTA violation, in the sense of being a trade barrier?

Hello

Can anyone tell me if a Canadian estate account is considered a foreign trust?
Deceased person is not a USC. However, person who is executor of the will and thus opened the estate account is a USC.

TIA

Thanks for the responses, Taxpoor and Nelsona. #3 does sound safest, I just hate dragging this *&%# thing on. I'd happily file 6 years at once, if I could be guaranteed the same treatment as in Streamlined. Taxpoor, a quick question: did you also file delinquent 3520 and/or 3520A forms (e.g. you...

I was under the impression the child had to be a USC, but then I came across the below and now I'm confused. It sounds like a non-USC child who is a resident of Canada or Mexico can be claimed. Anyone care to comment and hopefully clarify? TIA - http://www.irs.gov/publications/p501/ar02.html#en_US_2...

Thanks for the response, Taxpoor. The potential problem with that, as I see it, is that the IRS seems to be unpredictable (to put it nicely). They could easily say, "sorry you didn't file 2008 and 2009 tax returns, so now you're a covered expat". Since they basically make the rules (up as ...

Successfully going through the Streamlined Procedure means a person would be fully up to date with *all* their tax obligations, correct? If so, then they are also up to date with their tax obligations for the preceding 5 tax years, correct? If so, is it not the case that they can truthfully and accu...