Search found 30 matches
- Wed Apr 02, 2014 2:33 pm
- Forum: Canada / United States Tax & Accounting
- Topic: "quiet disclosure" - what if I filed FBAR?
- Replies: 66
- Views: 33050
I called an expensive CPA today. And he said that in my case he can retroactively submit 8891 with 1040x and make the late deferred election. It'll cost me a pretty penny but because I only missed it for 1 year, and I am a canadian citizen who's also been paying taxes in Canada, I can submit a reaso...
- Tue Apr 01, 2014 11:13 pm
- Forum: Canada / United States Tax & Accounting
- Topic: "quiet disclosure" - what if I filed FBAR?
- Replies: 66
- Views: 33050
OVDP may be overkill in both our cases. It probably likely requires a lawyer, too. Unless the process is straightforward and you can talk to someone who's been through it, or someone who can talk about it, it's a very risky option. Penalties could add up over and over. If you feel you are safer doin...
- Tue Apr 01, 2014 7:06 pm
- Forum: Canada / United States Tax & Accounting
- Topic: "quiet disclosure" - what if I filed FBAR?
- Replies: 66
- Views: 33050
@nelsona: Your point is subtle but finally understood. Thanks One indeed can back file 8891 but MUST not choose to elect later (in a later year). So they have to pay taxes instead - provided there will be no penalties for under reported income All taxable income from an RRSP (not elected to defer) s...
- Tue Apr 01, 2014 4:47 pm
- Forum: Canada / United States Tax & Accounting
- Topic: "quiet disclosure" - what if I filed FBAR?
- Replies: 66
- Views: 33050
- Tue Apr 01, 2014 3:45 pm
- Forum: Canada / United States Tax & Accounting
- Topic: "quiet disclosure" - what if I filed FBAR?
- Replies: 66
- Views: 33050
I am a Canadian citizen who is living in the US. I paid 7000$ in taxes in Canada over and above what I owed the IRS for the year 2012. Reading all of this and its potential consequences, I am thinking about just leaving the US altogether and telling my employer either to hire me in Canada or quit my...
- Tue Apr 01, 2014 3:08 pm
- Forum: Canada / United States Tax & Accounting
- Topic: "quiet disclosure" - what if I filed FBAR?
- Replies: 66
- Views: 33050
Well this isn't going to help but it does shed light on the OVDP program. Pay close attention to questions 15 and 16 on the link below. What I am telling you I am doing amounts to quiet disclosure which is the title of your post. http://www.irs.gov/Individuals/International-Taxpayers/Offshore-Volunt...
- Tue Apr 01, 2014 2:43 pm
- Forum: Canada / United States Tax & Accounting
- Topic: "quiet disclosure" - what if I filed FBAR?
- Replies: 66
- Views: 33050
- Tue Apr 01, 2014 2:35 pm
- Forum: Canada / United States Tax & Accounting
- Topic: "quiet disclosure" - what if I filed FBAR?
- Replies: 66
- Views: 33050
gpancio: First of all don't panic. You are not a tax cheat. Do the conservative thing first - it's not to hire a lawyer and ask for a PLR. Make sure you file your taxes for this year correctly - with 3520/a, 8891 and 8938. Then take a deep breath and file 1040X with all the accompanying forms for pa...
- Mon Mar 31, 2014 4:41 pm
- Forum: Canada / United States Tax & Accounting
- Topic: RESP/TFSA: how to fix failure to file form 3520?
- Replies: 14
- Views: 10846
- Mon Mar 31, 2014 4:30 pm
- Forum: Canada / United States Tax & Accounting
- Topic: "quiet disclosure" - what if I filed FBAR?
- Replies: 66
- Views: 33050
- Mon Mar 31, 2014 3:54 pm
- Forum: Canada / United States Tax & Accounting
- Topic: "quiet disclosure" - what if I filed FBAR?
- Replies: 66
- Views: 33050
People generally don't get penalized when they come forward and find out about some page 1066 rule they had to comply with. Come forward asap on all CRA/IRS issues and you'll be fine. I've dealt with the CRA and amended tax returns before. I am delinquent on 3520/a + 8621 + fbar + 8938 + 8891 from l...
- Mon Mar 31, 2014 3:51 pm
- Forum: Canada / United States Tax & Accounting
- Topic: RESP/TFSA: how to fix failure to file form 3520?
- Replies: 14
- Views: 10846
So The Times square location in Manhattan says we only deal with domenstic income returns. Typical of a federal government employee/agent to give me this response. This person had no idea that a Canadian living in the US even had to file a 1040 much less anything about canada. Good luck calling 1-80...
- Mon Mar 31, 2014 1:17 pm
- Forum: Canada / United States Tax & Accounting
- Topic: RESP/TFSA: how to fix failure to file form 3520?
- Replies: 14
- Views: 10846
There is an IRS office 5 minutes walk from where I work in Manhattan. There's another one about 20 minutes away by subway. I'll hit both. A lot of people are filing 3520 and 3520-A either late or unnecessarily and getting penalties assessed. May be it's a more conservative and prudent way to do it. ...
- Mon Mar 31, 2014 12:30 pm
- Forum: Canada / United States Tax & Accounting
- Topic: RESP/TFSA: how to fix failure to file form 3520?
- Replies: 14
- Views: 10846
- Sun Mar 30, 2014 1:56 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Form 8891 3520 and 8398 worries
- Replies: 1
- Views: 1504
Form 8891 3520 and 8398 worries
Hi I moved to the US in January 2012 and filed taxes in the US and Canada in 2013. I owed the difference in Canada and paid it. My accountant did not help much beyond the 1040 I had to file in the US in 2013. For this year he told me I would have to do FBAR and 8938. As I started reading about the f...