No more late 8891
Moderator: Mark T Serbinski CA CPA
No more late 8891
I heard the IRS is no longer accept late 8891. In fact they will bounce the 1040x back as untimely. And the only way is do back filing 8891 is through private letter ruling.
Anyone heard anything different?
Anyone heard anything different?
the fact IRS has no clear guideline on late f8891 filing, except posting some examples of PLR.
i would not blame on these lawyers who simply follow the standard rule guided by IRS.
However, in practice, this back filings are more like QD -- go under the radar of IRS -- and most time, they just do not bother to select them to audit -- so as the time goes by -- SOL runs out -- it is indeed a cheap/efficient way to clean up.
i would not blame on these lawyers who simply follow the standard rule guided by IRS.
However, in practice, this back filings are more like QD -- go under the radar of IRS -- and most time, they just do not bother to select them to audit -- so as the time goes by -- SOL runs out -- it is indeed a cheap/efficient way to clean up.
In fact there is clear guidleine. Rev Prov 2002-23, which initatiated the Form in the first place, allowed for application six years back, to 1996.
Since IRS had no problem allowing backfiling of Rev Proc 2002-23, they have had no problem with the dozens of people on this site who have done so in the meantime -- without PLR.
Since IRS had no problem allowing backfiling of Rev Proc 2002-23, they have had no problem with the dozens of people on this site who have done so in the meantime -- without PLR.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
Tsahana, please realize that life as we know it existed long before you became aware of OVDI, QD etc. We have been recommending back-filing 8891 for 8 years now, and have had NO bad reports.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
[quote="tsanaha"]http://hodgen.com/how-the-irs-can-make- ... -painless/
it seems IRS is reviewing RRSP problem[/quote]
I just read the link. Seems like this lawyer will be talking to IRS this coming Monday on RRSP, l believe he will also ask about quiet disclosure. Let see what he has to say after the meeting.
it seems IRS is reviewing RRSP problem[/quote]
I just read the link. Seems like this lawyer will be talking to IRS this coming Monday on RRSP, l believe he will also ask about quiet disclosure. Let see what he has to say after the meeting.