Serbinski Accounting Firms

I have read the penalty statutes for both the fbar and the 8938. As to the fbar, it does read in parts as though the penalty is per form. However the IRS has already made their stance on that clear, and when you read the IRS penalty guidelines for fbars the language uses "per violation".

It ALSO ...

Just wanted to add:

He also said that in a lot of cases the penalty would be for "negligence", which i guess is a classification of a non-willful violation, and that that only caries a $500 price tag.

If these facts are true it sounds to me like a lot of people are joining the OVDI programs ...

I just spoke with a tax attorney who is rated to be one of the best in this state (MA). Luckily, he thinks my situation is OK.

We had a long chat about fbars, 8938 and OVDI during which he indicated to me some things that were a surprise:

1) Fbar penalties are per incomplete form, not per account ...

FYI - I can't see forms 8891 or 3520 listed on my transcripts. It's a bit unsettling b/c the IRS website indicates that all forms and schedules will appear on transcripts.

Does anyone know of an alternative route (faster than waiting for photocopies of your returns).

Does anyone know where information from form 8938 is listed on a tax return transcript, or if it is listed at all?

Does anyone know what "Foreign Accounts IND" indicates on a tax return transcript? Or "foreign country financial interest/signature authority"?

In addition,

Does anyone know of situations where penalties were NOT assessed? Or were abated and under what circumstances?

Interests in foreign estates have to be reported on form 8938 if you meet the reporting threshold.

I'm wondering how exactly you are supposed to value the estate? I presume the number has to be accurate? The instructions also state that if you don't know the value, and you didn't receive a ...

Yes, the RRIF was collapsed. I believe it was collapsed for the express purpose of giving out the money.

I also wanted to add: I spoke with 2 attorneys who claimed to be international tax specialists today......and they aren't sure of my situation either! They referred to it as unusual and will ...

Is anyone on this board aware of penalties being assessed for late 8938s?

I spoke with 2 tax attorneys today and asked them, and they didn't really have an answer for me. I guess they don't have enough clients with that issue to know. They did, however, say that the IRS guidelines indicate the ...

So there are actually 2 accounts (just wanted to keep things more simple earlier) and three slips.

For account 1, it's an NR4 slip with income code 27 (RRIF lump sum payment).

For account 2, there are 2 slips: an NR4 with income code 33 (RRSP - deemed receipt upon death), and a T4RIF with income ...

but I received a check directly from the bank? I know the inherited portion was taxed by Canada - but I still feel like i got the money out of a RRIF. And I got the tax slips....

Thanks so much for the reply! That makes me feel a million times better - I just realized I forgot 8938 for that tax year and I'm guessing they'll be more likely to give me a penalty if I owe tax.

I didn't declare the earnings in the RRIF (for my tax return the year he died or for the one mentioned ...

Nelsona - could you elaborate on your last statement? Do you mean that if the estate earns income before it is distributed that she will be liable for taxes? Or does the estate pay the taxes?

I have been a resident alien of the US for several years.

A Canadian family member passed away 2.5 years ago. I was listed as a co-beneficiary on his RRIF.

The RRIF was just recently paid out, and I received 2 Canadian tax slips - one a NR4 and one a T4RIF. I believe these amounts add up to the ...