the highest aggregate balance of the year

tomcat197 · Post by **tomcat197** » Sun Jun 12, 2011 5:04 pm

tsanaha,
thanks for the info.
How long does it take to get clearance if there is no problem ?
It is important as the whole package as to be filed by 8/31
Thanks.
tomcact

tsanaha · Post by **tsanaha** » Sun Jun 12, 2011 6:46 pm

tomcat,

pre-clearence only takes less than 24 hours (via fax)

formal approval takes about 10 days..

if you want to start, you should get all of your offshore statements now that will take a lot more time..

dimancea · Post by **dimancea** » Sat Jun 18, 2011 11:47 pm

Nelsona,

I am a Canadian expat. I have always filled form f8891, as well as the old form in effect prior to 2005. I have paid all taxes on income I had in a couple of Canadian accounts outside RRSP and I checked â€œyesâ€ in foreign account box on 1040 and completed Schedule B. I did not know about the FBAR form until recently and did not file it. I keep hearing all this talk about OVDI. I am not sure it applies in my case. What do you recommend as my best course of action?

Thank you

nelsona · Post by **nelsona** » Sun Jun 19, 2011 10:42 am

As long as you have been reporting all world in come on your accounts, all you need to do is back-file FBAR for six years.

You are not considered a tax evader like the others on this thread.

tsanaha · Post by **tsanaha** » Sun Jun 19, 2011 11:00 am

Sadly, those who joined this forums too late are now becoming OVDI experts..

dimancea · Post by **dimancea** » Sun Jun 19, 2011 11:38 am

Thank you, Nelsona.

Should I attach copies of f8991 to the FBAR forms or, since I filed them with my 1040's, that would not be necessary?

tsanaha · Post by **tsanaha** » Sun Jun 19, 2011 11:48 am

FBAR are sent to Treasury Department in Detroit. f8891 are sent to IRS as part of yearly return which you have done well arlready.

Your only problem is FBAR -- no tax due. Deal with Treasury is enough. No need f8891.

tsanaha · Post by **tsanaha** » Sun Jun 19, 2011 11:58 am

http://www.irs.gov/businesses/internati ... 99,00.html

check QA 17.

I know FBAR statute limitation is for 6 years. I am not sure from this QA 17 taxpayers are required to back file all from 2003 to 2010 FBAR.

Better check with FBAR help line..

dimancea · Post by **dimancea** » Sun Jun 19, 2011 12:32 pm

The answer to Question 17 refers to instructions for filing delinquent FBAR's. Does anyone know where one can find the instructions?

tsanaha · Post by **tsanaha** » Sun Jun 19, 2011 12:47 pm

All you need to do to file FBAR for all these years with a letter to explain why you did not file in time. As long as no tax due to IRS, this is done! Why you need more instruction ?

dimancea · Post by **dimancea** » Sun Jun 19, 2011 1:54 pm

tsanaha:

Your answer does contain instructions. Do you know if it is it consistent with instructions referred to in the QA?

tsanaha · Post by **tsanaha** » Sun Jun 19, 2011 2:04 pm

filing 6 years of FBAR should be okay, but filing more back years does not hurt.

dimancea · Post by **dimancea** » Sun Jun 19, 2011 3:07 pm

Should I file prior years with the 2010 FBAR or separately? Does it matter?

tsanaha · Post by **tsanaha** » Sun Jun 19, 2011 5:19 pm

2010 should be submitted by the end of this month. Others years, you should do ASAP.

It is important to have a letter to explain, for example, if you submit 2010 first --- to let them know that you are about to send more earlier years soon.

dimancea · Post by **dimancea** » Sun Jun 19, 2011 7:02 pm

tsanaha,

You seem to be well informed about this subject. I hope I don't sound presumptuous, but may I ask about the source of your knowledge? Is it based on personal experience?