Dual-since-childhood

This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.

Moderator: Mark T Serbinski CA CPA

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tsanaha
Posts: 268
Joined: Sun May 29, 2011 6:51 am

Post by tsanaha »

right, my case is different from US expats living in Canada. as I have said "it is not fair for US expats to face FBAR penalty even if they owe US tax for whatever reason" -- because offshore should be related to the person where he/she lives

it seems IRS wants to get US expats into FBAR/tax comliance as well -- but with less penalty of 5%.

As long as the law is in place, i think people really do not have choice for sure if the gov will use the law or not -- so for the sake of certainty and peace in mind, to get into OVDI seems a good choice (if there is a tax issue).

if not, i would just go quiet disclosure..
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