Search found 245 matches
- Fri Feb 15, 2019 3:30 pm
- Forum: Canada / United States Tax & Accounting
- Topic: 3520-A Penalty
- Replies: 23
- Views: 18654
Re: 3520-A Penalty
Caninus - Thanks for the update! Yes, that is good news indeed. I suspect their delivery time for your cheque may not be terribly fast but will probably happen :) . It does seem like talking to a human is a good strategy when common sense is required, so I'm glad this worked out well for you!
- Tue Jan 29, 2019 11:33 pm
- Forum: Canada / United States Tax & Accounting
- Topic: IRS asking for a Form 1041 incorrectly
- Replies: 9
- Views: 6976
IRS asking for a Form 1041 incorrectly
I requested an EIN for a new Canadian RESP account that I'm assuming is a trust for IRS purposes. I wanted the EIN to be able to file the 3520/3520A. I called the IRS and they provided one, but when they followed this up with a letter, they said "Based on the information received from you, you ...
- Tue Jan 29, 2019 11:27 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Reporting PFIC income when not required to file Form 8621
- Replies: 8
- Views: 8246
Re: Reporting PFIC income when not required to file Form 8621
Good question! I thought that you had to pay these mark-to-market, regardless of the amount kept in the fund. But I'm really not sure.
- Tue Jan 15, 2019 11:03 pm
- Forum: Canada / United States Tax & Accounting
- Topic: 3520-A Penalty
- Replies: 23
- Views: 18654
Re: 3520-A Penalty
Hi Caninus - That sounds like a form letter from the IRS, which would explain why the reason was vague. That's probably a good thing, suggesting that the computer spat it out. You've got several methods of recourse to try: 1) Talk to a human at IRS. If that doesn't work, 2) Call the Taxpayer Advocat...
- Thu Jan 10, 2019 8:44 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Filing form 7004 - any downside?
- Replies: 2
- Views: 1496
Re: Filing form 7004 - any downside?
Thanks nelsona! That's what I thought too. Simple question & simple answer :)
- Thu Jan 10, 2019 12:57 am
- Forum: Canada / United States Tax & Accounting
- Topic: Filing form 7004 - any downside?
- Replies: 2
- Views: 1496
Filing form 7004 - any downside?
This is a very simple question … is there ever any downside or risk to filing Form 7004 to get an extension on the 3520-A?
Thanks in advance!
Thanks in advance!
- Wed Jan 09, 2019 11:22 pm
- Forum: Canada / United States Tax & Accounting
- Topic: 3520-A Penalty
- Replies: 23
- Views: 18654
Re: 3520-A Penalty
Hi Caninus - I received a couple of those letters a few years ago, and they are terrifying! My situation was different - I had filed the forms but had an error on a couple; I then made the mistake of sending a single letter to cover multiple forms, and this was not credited to my proper form. Long s...
- Mon Nov 26, 2018 9:59 am
- Forum: Canada / United States Tax & Accounting
- Topic: Consolidating 3 RESP accounts into 1
- Replies: 0
- Views: 8695
Consolidating 3 RESP accounts into 1
Hi all - I am a USC with 3 separate RESP accounts for my daughters. These each contain Cdn mutual funds. I set these up before I appreciated the US tax implications of them, but at this point I am up to date, filing separate 3520/3520A forms for each, as well as the 8621's associated with the mutual...
- Fri Jun 22, 2018 10:14 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Is there any way an RRSP contribution can be deductible on US taxes?
- Replies: 2
- Views: 1695
Re: Is there any way an RRSP contribution can be deductible on US taxes?
Thanks nelsona! Yes, I am living in Canada. I'm asking because I was close to owing US tax this year, and am fearful that with the change in the std deduction + loss of exemptions that I might owe a little next year. I am not incorporated as I have enough mess with taxes to deal with already (e.g., ...
- Sun Jun 10, 2018 8:08 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Is there any way an RRSP contribution can be deductible on US taxes?
- Replies: 2
- Views: 1695
Is there any way an RRSP contribution can be deductible on US taxes?
Hi all - simple question. I am a USC who is self-employed. Is there any way to make an RRSP contribution that would be deductible on my US taxes?
Thanks in advance!
Thanks in advance!
- Mon Apr 23, 2018 11:17 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Tax liability from investment income in Canada - RESP/TFSA
- Replies: 2
- Views: 1826
Thanks nelsona! Yes, I always attach documentation about SE tax (when employed, or now self-employed) and that has worked in the past. It seems highly likely that my RESP will earn under $24K unless there is a true banner year (or an exchange rate implosion), so I think I will be ok. I just wanted t...
- Sun Apr 22, 2018 3:10 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Tax liability from investment income in Canada - RESP/TFSA
- Replies: 2
- Views: 1826
Tax liability from investment income in Canada - RESP/TFSA
Hi all - I just wanted to get some info from the collective wisdom in the group. I am a USC in Canada, and have been in Canada for over a decade. I have an RESP here (for better or worse). I have always filed 3520s and am up to date. I've always been able to deduct all/almost all of my earned income...
- Sun Feb 18, 2018 2:05 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Question about distribution on Part III of 3520
- Replies: 3
- Views: 2608
- Sun Feb 18, 2018 1:49 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Question about distribution on Part III of 3520
- Replies: 3
- Views: 2608
- Wed Feb 07, 2018 9:49 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Question about distribution on Part III of 3520
- Replies: 3
- Views: 2608
Question about distribution on Part III of 3520
If you have a withdrawal from a TFSA or RESP, I assume that is what the IRS calls a "distribution" on the 3520. This year, on my TFSA, I withdrew US$8 solely to see what would happen when I make larger withdrawals. In Part III of the 3520, #24, I put in the amount of the cash withdrawal ($...