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Is there any down side to filing a 1040 for the whole of a renunciation year, as opposed to a 1040 and 1040NR labelled 'dual-status year'?

The main appeal is that 1) there are fewer forms to deal with and 2) I have professionally prepared 1040s for previous years to template off.

I'm one of those conscientious people who carves an RRSP contribution off each paycheck -

Hello, all -

I'm working on Part V of the 8854. I'm not a covered expatriate - filing the form is an exercise in showing them I'm not.

Column A wants the FMV of the listed assets, and column B wants the "US adjusted basis", without explaining in the instructions what this is. Are they the same ...

http://www.irs.gov/newsroom/article/0,,id=210027,00.html

A2 says:

"The objective (of OVDI) is to bring taxpayers that have used undisclosed foreign accounts and undisclosed foreign entities to avoid or evade tax into compliance with United States tax laws."

My lay reading of which is: if you ...

"When the IRS states that they intend to chase those who do a "quiet disclosure", they are referring to quiet disclosures as an alternative to OVDI. Keep in mind that OVDI is for individuals **with underreported tax liabilities** "

Can you point us to a public source that says this? (I want this to ...

Financial planner in the Winnipeg Free Press saying quiet disclosure is the best bet:

"Most U.S. citizens living in Canada don't owe taxes and have therefore have not avoided them. They have only failed to file and disclose. CRA announced this week it will not collect filing penalties for the IRS ...

Does the IRS have the resources to audit that number of people?

Thanks for your helpful advice, Dalthien.

My approach at this point is to file five years of back returns and make a choice about renunciation (as the State Department points out, a final and irrevocable decision) in a calmer atmosphere. That way the way is paved for whatever choice ends up being ...

What I had in mind was the IRS looking at a renunciant's tax situation in a different and chillier light than most other people's.

When does that happen?

If you pass on OVDI, file five years of returns (with FBAR and everything else), and later renounce, can they assess penalties for your previous FBAR non-compliance?

Adding a question - 8854 makes a reference to being 'annual,' but I can't find any reference to how many years it has to be filed for.

That's my wife's position - she thinks I've been spooked by a lot of the recent media coverage. What happens when the banks have to report US nationals (not that they have any way of knowing).

I do have a US passport and a SS number, if that matters.

Thanks to everyone who puts their time into this forum - I find it very useful.

I am a Canadian/US dual citizen who has never filed a US tax return, but am correct with my Canadian taxes. I earn $70,000. I have never lived or worked in the US. I have no short- or medium-term plans to work in the ...

Thanks - that's very useful.