the highest aggregate balance of the year

tsanaha · Post by **tsanaha** » Sun Jun 19, 2011 7:38 pm

no at all, my source is from OVDI QA 17, that is all.

It is really up to you/anyone to interpret. My understanding is that you just send all FBAR with a few words to explain why they are so late...

If you want to make 100% sure, you should just call FBAR help line/IRS..

calgary-alberta · Post by **calgary-alberta** » Mon Jun 20, 2011 10:37 am

I and my spouse filed 2010 return jointly. Only I have foreign account, should we both sign FBAR or only me?

Thanks.

tsanaha · Post by **tsanaha** » Mon Jun 20, 2011 11:06 am

Signed by the owner only..

dimancea · Post by **dimancea** » Mon Jun 20, 2011 5:56 pm

Does anyone know the number for the FBAR helpline or point out the link where it's available?

louisd · Post by **louisd** » Wed Jul 13, 2011 2:58 pm

Can someone explain how the OVDI process works?

I've just learned about my US citizenship and need to file tax returns (which are no tax owing)and would like to fix my situation with FBAR.

Any suggestions?

tsanaha · Post by **tsanaha** » Wed Jul 13, 2011 3:55 pm

do you owe US tax ?

if not, you do not need go to OVDI, only back file FBAR for the last 6 years.

if you do, you should consider OVDI, the best source of information is go to IRS OVDI FAQ.

louisd · Post by **louisd** » Wed Jul 13, 2011 6:08 pm

Thanks

I owe a little. for 2 years I owe less than 500$

If I go the OVDI route,Should I first file my returns, then proceed with the OVDI.

From the website the process takes a little time since I have to send a letter and wait for one back. The program end Aug 31st. Any ideas if there's another way?

thanks

tsanaha · Post by **tsanaha** » Wed Jul 13, 2011 7:06 pm

if you file return for earlier years, that is called quiet disclosure, and IRS is checking on "if or not tax due" with offshore filing, if so, it may cause you trouble because they want you go through ovdi to pay your penalty.

time is running out, but you can ask another 90 days for extension, and first thing is to get a pre-approval.

louisd · Post by **louisd** » Wed Jul 13, 2011 7:20 pm

Can I get pre-approval if I haven't file my returns or is a return required to get the ovdi pre-approval?

Thanks

tsanaha · Post by **tsanaha** » Wed Jul 13, 2011 7:24 pm

pre-approval is granted to anyone who is not under IRS civil/criminal investigation. certainly you can get your pre-approval to OVDI. but your whole package should be sent by Aug 31, 2011 unless you get your extension.

louisd · Post by **louisd** » Wed Jul 13, 2011 10:52 pm

Thanks again.

Can you ask for an extension right away after getting the pre-approval?

Do they ask for anything when requesting an extension?

tsanaha · Post by **tsanaha** » Wed Jul 13, 2011 11:01 pm

Okay, you would rather read my typing than to read IRS OVDI FAQ.

you need pre-approval of OVDI to start with... so please do hurry up now.. you need download the pre-approval request letter to fill in, and send to IRS criminal investigation (CI), then you can start with OVDI

as for extension for your whole package,

here is what my copy and paste...

A taxpayer may request an extension of the deadline to complete his or her submission if the taxpayer can demonstrate a good faith attempt to fully comply with FAQ 25 on or before August 31, 2011. The good faith attempt to fully comply must include the properly completed and signed agreements to extend the period of time to assess tax (including tax penalties) and to assess FBAR penalties.

Requests for up to a 90 day extension must include a statement of those items that are missing, the reasons why they are not included, and the steps taken to secure them. Requests for extensions must be made in writing and sent to the Austin Campus on or before August 31, 2011:

Internal Revenue Service
3651 S. I H 35 Stop 4301 AUSC
Austin, TX 78741
ATTN: 2011 Offshore Voluntary Disclosure Initiative

louisd · Post by **louisd** » Thu Jul 14, 2011 12:35 am

Thanks again.

I was looking at the pre-clearance fax. I'll just start with the OVD Letter to CI in Philly and then request an extension to Austin after that.

One last question about the extension request, besides name, dob, ssn... should I include anything else to make sure the extension is properly assigned to my case?

Thanks for your help.

tsanaha · Post by **tsanaha** » Thu Jul 14, 2011 5:30 am

pre-clearance is not pre-approval. a pre-clearance fax is just to make sure you are not under investigation (before you give any evidence to IRS CI).

a pre-approval letter is rather formal, you have to give much detail

fill this letter to

http://www.irs.gov/pub/irs-utl/2011-ovd ... 1-2011.doc

for pre-approval

louisd · Post by **louisd** » Thu Jul 14, 2011 5:38 am

Yes I have that ovdi letter filled out. I'm going to send it out.

I was wondering if once that is sent out, can I submit a request for an extension right away, without hearing back from them about the ovdi letter.

And if I can request an extension immediately, what should I send with the request for extension?.... a copy of the ovdi letter as well?

Thanks