Submissions for Streamlined Filing Compliance
Moderator: Mark T Serbinski CA CPA
Submissions for Streamlined Filing Compliance
As I have recently learned of the tax filing requirements for a US citizen living in Canada I am going to use the Streamlined method. This requires Tax returns for 2009-2011 plus 6 years of FBAR's. my question is, do I also include my 2012 return & FBAR in the streamlined package as it goes to a different address than normal filing?
PDFC
For 8891, which is still required, you canonly use it to report the account, not to elect the income deferral. This means that streamlined would probably result in tax and peanlties, but not fines.
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
Looks like there is a way to request deferral of RRSP income through the streamlined process.
http://www.irs.gov/uac/Instructions-for ... -Taxpayers
Any taxpayer seeking relief for failure to timely elect deferral of income from certain retirement or savings plans where deferral is permitted by relevant treaty will be required to submit:
a statement requesting an extension of time to make an election to defer income tax and identifying the pertinent treaty provision;
for relevant Canadian plans, a Form 8891 for each tax year and each plan and a description of the type of plan covered by the submission; and
a dated statement signed by the taxpayer under penalties of perjury describing:
the events that led to the failure to make the election,
the events that led to the discovery of the failure, and
if the taxpayer relied on a professional advisor, the nature of the advisor’s engagement and responsibilities.
http://www.irs.gov/uac/Instructions-for ... -Taxpayers
Any taxpayer seeking relief for failure to timely elect deferral of income from certain retirement or savings plans where deferral is permitted by relevant treaty will be required to submit:
a statement requesting an extension of time to make an election to defer income tax and identifying the pertinent treaty provision;
for relevant Canadian plans, a Form 8891 for each tax year and each plan and a description of the type of plan covered by the submission; and
a dated statement signed by the taxpayer under penalties of perjury describing:
the events that led to the failure to make the election,
the events that led to the discovery of the failure, and
if the taxpayer relied on a professional advisor, the nature of the advisor’s engagement and responsibilities.