Serbinski Accounting Firms

if you pay tax in Canada, you can claim tax credit in US.

US tax on US person, and US citizen is always US person no matter where he/she lives. Canada tax on residents. So you only pay US tax if you live in US. Vice Versa, is a totally different story. If you live in Canada because you are US citizen, you have to file US return (may not pay any tax at all)...

i think f8891 takes care everything that includes tax deferral and distribution.

Calgary,

You can call OVDI hotline to ask the status of your package. They will tell you.

Mine is still open -- no agent has been assigned yet.

nstudent,

i did all the years the same (including 2010) and yes, i filed FBAR in time for the year 2010. My PFIC in 2010 is only small amount.

you have a very strong case for "reasonable cause" for missing FBAR --- just tell IRS that you hired an accountant based on US consulate recommandation list.

not likely you will face FBAR penalty by this fact.

good you have filed FBAR. Remember FBAR has 6 years of statute limitation for civil penalty. Is your "a number of years" 6 ? I also assume that you list your RRSP in TD 90-22 form.


You need to make it up in case you want to file amend (f1040x plus f8891).

Given Canada has higher tax than US, you likely owe nothing to IRS. Now let's face it what the best way to yourself into compliance. I am not a pro, so, please just consider my suggestion what I would have done in your situation. If you go to VD, that is to talk to IRS first, and let them to guide y...

QD is better than do noting if you have no tax due... Unless IRS takes action on you - I don't how would they try to do as you are not in US ? Would they ask CRA to enforce FBAR penalty on you. I don't see CRA will do that. So, you keep do it and just wait for 6 years the FBAR statute limitaion expi...

you have three optoins. A. do nothing -- wait to see B. VD (that means you have to contact IRS to make such a noise) C. QD It really depends how much you owe IRS in tax (after all the deduction). if no tax owed. You may try to choose A and C , even if IRS finds you missing some files, you are not li...

This is a part of Tax Note Today (TNT 186-4) "How to deal with RRSPs is on the IRS's radar, but it has not yet issued a consistent policy. As recently as a month ago, IRS staffers on the OVDI hotline said that account balances in RRSPs would be excluded from the base amount on which the miscell...

nelsona, can you respond this post ? I think you are the very few who knows how to respond.

if you file timely FBAR, no need a letter. If you file late, you should attach a letter to explain why late.

make sense, i guess that 6 yeras FBAR has to deal with last 6 years of 1040..

the norm of back 1040 file is 3 years but the FBAR is not an IRS form,

FBAR civil penalties can be assessed anytime up to six years after the date of the violation.

I would go 6 years back