Serbinski Accounting Firms

Yes, Obama's the ####### responsible for all this mess.

Thanks everyone. That pretty much convinces me to relinquish or renounce in some way.

ah, nevermind, the child must be a U.S citizen.

Wife isn't American, and I haven't lived in the U.S for 30+ years, so they don't instantly inherit citizenship as far as I understand.

its not a bad deal if I can learn how to do the forms on my own and get a significant amount of money back

its kind of like a part time job then

but, I really hate losing the TFSA. I was planning to make money in stocks there, and I think only in Canada it can grow 100% free.

Just had 2 babies, the Child Tax Credit is something I should research :)

lol, if they want people to comply, they can reduce their staff, investigations, remove FATCA and everyone will be compliant the next week if they made it so that there's benefits to being American

tdott,

Is there any UPSIDE to being a USC in Canada? It seems everything you posted makes it a really terrible deal financially. Like a burden I will bear that others don't.

I made really poor gains since the crash back in 2008. We're talking $10,000 or less total in gains across all accounts ...

I guess they can view the TFSA as "elaborate / complicated tax movement to avoid" and list me as "high risk", which can enable higher fines.

But, in any case TFSA is something they can throw penalties on. Especially I guess the Mutual Funds within.

MGeorge, is your accountant in Toronto area by ...

Yes, I have a feeling Canada will become more "U.S compliant" in a few years. They keep modifying the laws in the U.S, I can see them go south here after another Conservative win in the future.

I think a penalty discussion and reports on various sizes of penalties would be really useful.

I will search for key words specific to penalties.

And still curious about the range of penalties. The thing is, I have a family to feed. So does everyone else, but I'm not the one applying magical rules ...

I see, so its really not something I can suppress through filing smarts. :(

In your experience what would the range be of these penalties for someone in my situation?

Considering I never filed before and beg for mercy.

if it makes any difference I have a few kids (babies), wife isn't working. so, if that reduces the penalties or I get a lot of tax rebates that end up in profit from filing in the U.S, then even better and I won't have to consider relinquishing at all (which I'd rather avoid, if possible)

ya man, seriously seen people in similar situations spend $15k+ just on the accountant! lol not even a lawyer, how....

If you think its possible that I can get away with paying less than $5000 in penalties, I'll probably try filling it out myself.

ahhh ok will do

and yes, I should get a professional on this. maybe they can answer most of this in a consulting fee. but, I had read online of people spending a few thousand before they got anywhere and it wasn't the best work.

though this serbinski guy seems like a pro, you guys are so super ...

The full extent of FINCEN penalties would wipe me out as they are $5000 per day you failed to comply:

http://www.fincen.gov/financial_institu ... ies_A.html