WHAT IS A PRO-FORMA RETURN

This is a multi-part message in MIME format.
---------------------- multipart/alternative attachment
What is a PRO-FORMA RETURN?
A pro-forma is a return where one or more items have to be added or changed.
Let's pretend that you are a US citizen or have a US rental but live in Canada.  The US return has to be done first but it is not due unitl June 15th (because of the US automatic extension) and you do not have all the information.
File what you do have - mark it Pro-forma and amend it when you have the final figures.
I have thirty returns that are still waiting for some paper or other from a realtor, a lawyer, or a bank or it has been misplaced.
We will file without it if there will be tax owing to avoid a 5% late filing fee.
david
 
----- Original Message ----- 
From: [email protected] 
To: CENTAPEDE 
Sent: Friday, April 30, 2004 1:35 AM
Subject:  What to do if you have run out of time to get your return together
File a PRO-FORMA return.  This means that you have filed on time and have at least one item to add or change.
It is not as sophisticated as the US system where you just file a 4868 form and get an automatic extension until August 15th, but it works.  It avoids penalties although not interest.
However at 7 percent interest, if you owed $5,000, and were a month late, the interest penalty would only be $30.00 or so, not enough to get excited about.
So my apologies to anyone I file a PRO-FORMA return for.
However, better to get a return in on time and get it right later on then to rush them out with out enough attention.
david
More information can be obtained at www.centa.com
david Ingram of the CEN-TA REALTY  Group
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
4466 Prospect Road
North Vancouver, BC, CANADA, V7N 3L7
(604) 980-0321 - Fax 913-9123 [email protected]
www.centa.com www.david-ingram.com
Res (604)  980-3578
calls taken seven days a week from 10 AM to 10 PM Vancouver (Los Angeles) time.
---------------------- multipart/alternative attachment
An HTML attachment was scrubbed...
URL: http://www.centa.com/CEN-TAPEDE/centapede/attachments/239e55f3/attachment.htm
---------------------- multipart/alternative attachment--

Trackback

Trackback URL for this entry: http://www.centa.com/trackback.php/UsCaWeekofMon20040426001092.html

No trackback comments for this entry.

0 comments