Serbinski Accounting Firms

I put "8938 continuation sheet" into Google and got one site that my antivirus program blocked (saying the site would install a trojan), a second site that appeared to be garbage, and a third site that wasn't helpful. And the IRS does not supply a continuation sheet. As I said previously, ...

I can't tell you what to do, but I can tell you what I did. I put each additional account on a separate 8938 continuation sheet. On Part III of that sheet, I put the tax item(s) for that one single account. I have one account that produces both interest and dividends, so for that account's Part III,...

Those two things are obviously foreign. The question is whether the *IRS* considers them to be "trusts". You could ask the Canadian entities themselves, but chances are that they are ignorant of US tax law. You need to find a tax professional who is able to do the work to find out whether ...

That address gets you a page not found message because of the period accidentally included at the end. It should be http://www.irs.gov/businesses/small/international/article/0,,id=97324,00.html Surprisingly, it says this: "If you are unable to file your return by the automatic 2-month extension...

It's worth reading (all) nelsona's comments on this in the following thread: http://forums.serbinski.com/viewtopic.php?t=2455&highlight=4868 I don't think you have anything to lose by filing 4868 at this point if you want to. They might deny the request, but it's not illegal to file it. If they ...

Your company shares held by Computershare -- One thing that scares me about the idea of listing that in Part II of 8938 is that if you decide to check "Trust" as the type of issuer, will that force you to submit a Form 3250, which is regarded as one of the all-time worst forms to fill out?...

@Mach7, about the money market instrument -- OK, even if it's not a bank account, it is an account, so it will still get listed in Part I of form 8938. As to whether it's Deposit or Custodial, I don't think that even the IRS will schmeise you for possibly getting that wrong, as they don't define tho...

@nelsona from Filo -- thank you for straightening me out on that; interest is reported on a T5.

For the MM instrument, you're lucky -- it's a bank account, not a mutual fund, so it's not a PFIC, and you can forget the 8621. For the shares, apparently you do not hold the actual share certificates. Your shares are held by Computershare in an *account* for you. That means you fill in Part I, beca...

OK, good. It appears then that you really do have a money market bank-account. I checked the RBC and TD web sites and was surprised to see that in fact they do offer these things. TD explicitly mentioned the possibility of a US-dollar MM account; I didn't see that on RBC, but their site is not the b...

Don't answer these questions if I'm invading your privacy too much: Specifically on the Canadian T3 form, what institution issued the T3? (1) Is it a bank? Is the MM instrument a bank account? (2) Is the MM instrument held inside an investment account where the investment account itself has an accou...

Money market investment instruments are a quagmire. [From another thread] IRS Publication 17, at http://www.irs.gov/publications/p17/ch08.html says this: Money Market Funds Report amounts you receive from money market funds as dividend income. Money market funds are a type of mutual fund and should ...

nelsona -- "there is only a looming deadline if you owe taxes" -- Can you clarify that? Even if I file by June 15, if I owe taxes then the late-payment interest still dates from April 15. If I file late (after June 15), then I owe yet more interest, but do I also owe penalties just for hav...

"This is new for Canada" -- That's the question: how new is this for Canada? Has this applied to Canada only as of 2011? Only as of 2009? How long have accountants here actually been dealing with this issue?

Do you know how long professionally qualified accountants have *actually* been reporting foreign mutual funds by specifically using Form 8621? Have they been filing the 8621 only for the last 2 or 3 years?