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.
My wife is a US citizen but Cdn resident for the last 20 years.
Her US taxes have never been filed (likely no tax owing) and I have recently just became aware of possible FBAR penalties on her RRSP account. Any idea what the likely penalties would be on the RRSP if we went back and filed US returns for the last 6 years ? Has the IRS been taking a more lenient approach on ex-pats ?
There would be no penalty if you pro-actively back-filed 6 years (including 8891 and FBAR). THAT IS THE WHOLE POINT.
It's NOT back-filing that will get you in trouble.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
... and IRS is taking a LESS lenient approach, which is no doubt why your wife has fianlly been alerted to her negligence.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
the rule is 3 or 6, depending on how whether you owe in the past 3.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best