the highest aggregate balance of the year
Moderator: Mark T Serbinski CA CPA
[quote="nstudent"]Everything is obvious after the fact.
Twice I hired someone from H&B to do my tax returns and I told them I am a Canadian citizen, but none of them mentioned FBAR. A CPA in international tax I talked to yesterday does not know that foreign mutual funds are FPIC.[/quote]
The fact that you told them "you are a Canadian citizen" does not matter --- it only matters "you have accounts in Canada" and regardless if you are Canadian, Chinese, Japanese and American --- as long as you are US resident.
Twice I hired someone from H&B to do my tax returns and I told them I am a Canadian citizen, but none of them mentioned FBAR. A CPA in international tax I talked to yesterday does not know that foreign mutual funds are FPIC.[/quote]
The fact that you told them "you are a Canadian citizen" does not matter --- it only matters "you have accounts in Canada" and regardless if you are Canadian, Chinese, Japanese and American --- as long as you are US resident.
It is good to finally find some people in the same situation as me. I moved back to the US ten years ago. When I moved, my bank told me that all my cdn assets are "frozen" since I will be a non resident.
Ten years of accountants did not know anything about FBAR and no idea what to do with cdn retirement accounts.
Now I want to comply, it is unclear how to do it. I hear that if you do a "noisy" filng, the IRS agent has no discretion and the penalty is 25%.
As apposed to a quiet filing with detailed explanation where the IRS agent has some discretion to adjust the penalty. Is that different than a LTR.
Does anyone have experience with that.
thanks!
Ten years of accountants did not know anything about FBAR and no idea what to do with cdn retirement accounts.
Now I want to comply, it is unclear how to do it. I hear that if you do a "noisy" filng, the IRS agent has no discretion and the penalty is 25%.
As apposed to a quiet filing with detailed explanation where the IRS agent has some discretion to adjust the penalty. Is that different than a LTR.
Does anyone have experience with that.
thanks!
Do the search on this board. Nelsona has the answer. I followed the instruction of Nelsona, amend 6 years tax return with 8891 and filed FBAR. Now waiting for the IRS response. In my opinion, quiet disclosure is much better than ovdi. Be sure to enclose the statement when file FBAR. Good luck to us all.
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- Posts: 36
- Joined: Fri Jun 03, 2011 4:38 pm
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- Posts: 36
- Joined: Fri Jun 03, 2011 4:38 pm
[quote="tsanaha"]TO nstudent,
I am tsanah -- now tsanaha (i lost my access on tsanah).
I am in OVDI 2011 with both RRSP and non-RRSP problem. Talked to OVDI hotline and was told that RRSP can be excluded from FBAR penalty if it has never been cashed out. However, I was also told that IRS might change position in order to max their "profit" to get more money on penalty.
Anyway, I submitted 8891 (7 years for my TD bank RRSP because TD has only up to 7 yeras records) along with 1040x, FBAR....
It has been over 6 weeks now , a big check (all tax due plus FBAR penalty) has been cashed by IRS --but I have not yet heard them back -- and I am still waiting for an agent to look at my case
I don't think anyone with only RRSP problem should get into OVDI --
I will share my story with all who might be in the same situation..[/quote]
so are you saying you paid tax due and penalty for your RRSP?
I am tsanah -- now tsanaha (i lost my access on tsanah).
I am in OVDI 2011 with both RRSP and non-RRSP problem. Talked to OVDI hotline and was told that RRSP can be excluded from FBAR penalty if it has never been cashed out. However, I was also told that IRS might change position in order to max their "profit" to get more money on penalty.
Anyway, I submitted 8891 (7 years for my TD bank RRSP because TD has only up to 7 yeras records) along with 1040x, FBAR....
It has been over 6 weeks now , a big check (all tax due plus FBAR penalty) has been cashed by IRS --but I have not yet heard them back -- and I am still waiting for an agent to look at my case
I don't think anyone with only RRSP problem should get into OVDI --
I will share my story with all who might be in the same situation..[/quote]
so are you saying you paid tax due and penalty for your RRSP?
don't know your status, how long and how many accounts? if under regular examination, each account is up to $60,000 if unwillfully. You need calculate it.
And in the Q&A, it said the information return could be filed late without penalty if no tax due, such as 3520. Don't know 8891 is information return or not. At least the name of 8891 is "information return" rather than "election return".
And in the Q&A, it said the information return could be filed late without penalty if no tax due, such as 3520. Don't know 8891 is information return or not. At least the name of 8891 is "information return" rather than "election return".