I have a very stupid situation. Last year, I correctly filed my US taxes including the TDF form declaring all our foreign accounts.
This year, we moved back to Canada but filed as full year residents. I had planned to file the TDF in June, however, we moved for a job at the last minute and in the process forgot to send in the form.
Has anyone filed the TDF late and got penalized for it? I know last year they extended the deadline till September. Any idea if they did so for this year? Please help! I feel really stupid about messing up this badly. I know the fines are incredibly steep.
Filing TDF form late
Moderator: Mark T Serbinski CA CPA
Don't kill me, but does this sounds like a reasonable explanation for filing this late?
Dear Sir/Madam,
We are filing a late FBAR statement for the 2009 tax year. We filed a timely FBAR statement for 2008. We are Canadian citizens who left the United States to return home to Canada in July 2009. It was not clear if we needed to file the FBAR for 2009 as we were no longer residents of the USA after July 2009. However, we have recently been told that since we elected to file a 1040 for the year 2009, we should still file an FBAR statement. We apologize for the delay in filing this report, but in June 2010, we moved within Canada (from Montreal to Toronto) and had all our documents in storage until recently. As we also had to find new housing and organize the move to Toronto, we did not inquire about the FBAR until recently.
Please consider the fact that we timely filed our FBAR form for 2008 in understanding that we did not willfully neglect to file for 2009, but were not aware that individuals who have left the United States still need to file FBARs.
Dear Sir/Madam,
We are filing a late FBAR statement for the 2009 tax year. We filed a timely FBAR statement for 2008. We are Canadian citizens who left the United States to return home to Canada in July 2009. It was not clear if we needed to file the FBAR for 2009 as we were no longer residents of the USA after July 2009. However, we have recently been told that since we elected to file a 1040 for the year 2009, we should still file an FBAR statement. We apologize for the delay in filing this report, but in June 2010, we moved within Canada (from Montreal to Toronto) and had all our documents in storage until recently. As we also had to find new housing and organize the move to Toronto, we did not inquire about the FBAR until recently.
Please consider the fact that we timely filed our FBAR form for 2008 in understanding that we did not willfully neglect to file for 2009, but were not aware that individuals who have left the United States still need to file FBARs.
You are attracting attention for nothing.
You really have no excuse for filing late, especailly since you are already familiar with FBAR (your line "we did not inquire about the FBAR until recently", doesn't make sense).
Even if you were going to file a part-year 1040, you would have had to file FBAR.
Just file and move on.
You really have no excuse for filing late, especailly since you are already familiar with FBAR (your line "we did not inquire about the FBAR until recently", doesn't make sense).
Even if you were going to file a part-year 1040, you would have had to file FBAR.
Just file and move on.
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
But I have to write something since they want an explanation for why it's late. I don't think I"m allowed to just file. Also, one article I came across suggests there might be an extension till 2011: Notice 2010-23:
The IRS Notice 2010-23 provides the following administrative relief to certain persons who may be required to file the FBAR:
Extends the FBAR filing due date until June 30, 2011 for the 2010 calendar year and prior years for the U.S. persons with signature authority over, but no financial interest in, a foreign financial account,
The IRS Notice 2010-23 provides the following administrative relief to certain persons who may be required to file the FBAR:
Extends the FBAR filing due date until June 30, 2011 for the 2010 calendar year and prior years for the U.S. persons with signature authority over, but no financial interest in, a foreign financial account,
According to this, I may not need the explanation as you suggested: http://www.irs.gov/pub/irs-drop/n-10-23.pdf
That doesn't apply to you. there are clearer rules as to which accounts needed to be reported, and these were to be added to past and current TD F's.
Just file.
Just file.
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
Related Question:
Announcement 2010-16 (http://www.irs.gov/pub/irs-drop/a-10-16.pdf) states:
"The requirement to file an FBAR due on June 30, 2010, is suspended for persons who are not United States citizens, United States residents, or domestic entities."
My spouse and I have been on H1 and TNs and living in the US for years. Since we have been filing US taxes with the standard 1040 does this make us residents for the purposes of FBAR?
Announcement 2010-16 (http://www.irs.gov/pub/irs-drop/a-10-16.pdf) states:
"The requirement to file an FBAR due on June 30, 2010, is suspended for persons who are not United States citizens, United States residents, or domestic entities."
My spouse and I have been on H1 and TNs and living in the US for years. Since we have been filing US taxes with the standard 1040 does this make us residents for the purposes of FBAR?