US Tax preparation income tax,

Dear Mr. Ingram:
I am writing to get some information about your services and fees.
Below is some background about my situation and the help I seek.
I am a 36-year-old US citizen who moved to Canada in 1990 and worked
as a landed immigrant until departing Canada in February 1999.  I hold
an RRSP account in Canada valued at roughly $100,000 Cdn.  For reasons
including the current favorable Cdn/US exchange rate, my desire to
have the funds to use as a down payment to purchase a home and the
unlikelihood of my ever returning to Canada to live, it appears to be
a good time to cash out my RRSP account.
I have reported holdings of my foreign account(s) to the US Department
of the Treasury for the years I have held my RRSP, both when I lived
in Canada and after returning to the US.  Upon returning to the US, I
lived in California from February 1999 until December 2000; I moved to
Illinois in January 2001 and resided there until June 2002; Since
August 2002, I have lived in New Jersey.  The only reporting I have
made to the IRS is in checking off “Yes” in the box on Schedule "B"
(Form 1040) under Part III - Foreign Accounts and Trusts and in
checking "No" immediately below indicating that I did NOT collapse any
of my RRSP account.
In considering cashing out my RRSP, I just discovered via the Internet
that in 2003 new IRS rules were implemented that required me to
provide information to the IRS, not just treasury, related to my RRSP
account (Rev Proc 2003-25).  I further understand that I could face
severe penalties/fines for not doing this.  Before I touch my RRSPs, I
want to be sure that I have provided the IRS with documentation they
require (Form 3520A etc.).
Even though I do my own taxes, I am seeking professional tax counsel
for completing the necessary forms, as I want to be sure that I avoid
any potential problems/penalties with the IRS.  Can you tell me what
it would cost to have you prepare the appropriate documents needed to
send to the IRS about my RRSP?  I believe 2002 is the farthest back I
would need to go.  Thank you for your help.  I look forward to your
reply.
C xxxxxxxxxxx
-----------------------------------------------
david ingram replies:
The law about internal reporting was originally passed by REV-PROC
1989-45 and was in existence until the more heavily handed REV-PROC
2002-23 came out. Technically and legally, you should have been
reporting each year since you went to the USA.  However, you are
correct, 2002, 2003 and 2004 are the important years.
Our usual fee for catching these up is $300 CDN per year for one RRSP
and $100.00 more for each extra RRSP.
To do the catch up we need copies of pages 1, 2 and schedule A of your
2002, 2003 and 2004  returns.
We also need the Dec 31, 2001, Dec 31, 2002, Dec 31 2003 and Dec 31
2004 year end statements for each RRSP.
I agree with you.  It would likely be a good time to cash out and buy
a house in the USA.
Answers to this and other similar  questions can be obtained free on
Air every Sunday morning.
Every Sunday at 9:00 AM on 600AM in Vancouver, Fred Snyder of Dundee
Wealth Management and I, David Ingram  host a LIVE talk show called
"ITS YOUR MONEY"
Those outside of the Lower Mainland will be able to listen on the
internet at
www.600AM.com
Local calls are taken at (604) 280-0600 and Long Distance calls (BC
only) are taken at 1( 866) 778-0600
Callers to the show are invited to attend free seminars on financial
planning with such specialities as deductible mortgage interest. They
are held at Fred Snyder's Office at 1764 West 7th in Vancouver - (604)
731-8900 for more information.
=========================================
David Ingram's US/Canada Services
US / Canada / Mexico tax, Immigration and working Visa Specialists
US / Canada Real Estate Specialists
4466 Prospect Road
North Vancouver,  BC, CANADA, V7N 3L7
Res (604) 980-3578 Cell (604) 657-8451
(604) 980-0321 Fax (604) 980-0325
Email to taxman at centa.com
www.centa.com www.david-ingram.com
Disclaimer:  This question has been answered without detailed
information or consultation and is to be regarded only as general
comment.   Nothing in this message is or should be construed as advice
in any particular circumstances. No contract exists between the reader
and the author and any and all non-contractual duties are expressly
denied. All readers should obtain formal advice from a competent and
appropriately qualified legal practitioner or tax specialist in
connection with personal or business affairs such as at www.centa.com.
If you forward this message, this disclaimer must be included."
Be ALERT,  the world needs more "lerts"
==============================
This from "ask an income tax and immigration expert" from
www.centa.com or www.jurock.com or www.featureweb.com. David Ingram
deals on a daily basis with expatriate tax returns with:
multi jurisdictional cross and trans border expatriate problems  for
the United States, Canada, Mexico, Great Britain, the United Kingdom,
Kuwait, Dubai, Saudi Arabia, Thailand, Indonesia, Japan, China, New
Zealand, France, Germany, Spain, Italy, Russia, Georgia, Brazil, Peru,
Ecuador, Bolivia, Scotland, Ireland, Hawaii, Florida, Montana,
Morocco, Israel, Iraq, Iran, India, Pakistan, Afghanistan, Mali,
Bangkok, Greenland, Iceland, Cuba, Bahamas, Bermuda, Barbados, St
Vincent, Grenada,, Virgin Islands, US, UK, GB, and any of the 43
states with state tax returns, etc. Rockwall, Dallas, San Antonio and
Houston Texas
Denmark, Finland, Sweden Norway Bulgaria Croatia Income Tax and
Immigration Tips, Income Tax and ImmigrationWizard Income Tax and
Immigration Guru Income Tax and Immigration Consultant Income Tax  and
Immigration Specialist Section 216(4) 216(1) NR6 NR-6 NR 6
Non-Resident Real Estate tax specialist expert preparer consultant
expatriate anti money laundering money seasoning FINTRAC E677 E667
4789 4790 TDF-90 Reporting $10,000 cross border transactions
=========================
Alaska,  Alabama,  Arkansas,  Arizona,
California,  Colorado, Connecticut,
Delaware, District of Columbia,  Florida,
Garland, Georgia,  Hawaii,  Idaho,  Illinois,
Indiana,  Iowa,  Kansas,  Kentucky,
Louisiana,  Maine,  Maryland,
Massachusetts, Michigan, Minnesota,
Mississippi,  Missouri,  Montana,  Nebraska,
Nevada, New Hampshire,  New Jersey,
New Mexico, New York, North Carolina,
North Dakota,  Ohio,  Oklahoma,  Oregon.
Pennsylvania,  Rhode Island,  Rockwall,
South Carolina, South Dakota, Tennessee,
Texas,  Utah, Vermont,  Virginia,
West Virginia, Wisconsin, Wyoming,
British Columbia, Alberta, Saskatchewan,
Manitoba, Ontario, Quebec City,
New Brunswick, Prince Edward Island,
Nova Scotia, Newfoundland, Yukon and
Northwest and Nunavut Territories,
Mount Vernon, Eumenclaw, Coos Bay
and Dallas Houston Rockwall Garland
Texas  Taxman and Tax Guru  and wizzard
wizard - consultant - expert - advisor -advisors consultants - gurus -
Paris Prague Moscow Berlin
Lima Rio de Janeiro, Santaigo
============================
New York, Boston, Sacramento, Minneapolis, Salem, Wheeling,
Philadelphia, Pittsburgh, Atlanta, Pensacola, Miami, St Petersburg,
Naples, Fort Myers, Cape Coral, Orlando, Atlanta, Arlington,
Washington, Hudson, Green Bay, Minot, Portland, Seattle, St John, St
John's, Fredericton, Quebec, Moncton, Truro, Atlanta, Charleston, San
Francisco, Los Angeles, San Diego, Sacramento, Taos, Grand Canyon,
Reno, Las Vegas, Phoenix, Sun City, Tulsa, Monteray, Carmel,
Morgantown, Bemidji, Sandpointe, Pocatello, Bellingham, Custer, Grand
Forks, Lead, Rapid City, Mitchell, Kansas City, Lawrence, Houston,
Albany, Framingham, Cambridge, London, Paris, Prince George, Prince
Rupert, Whitehorse, Anchorage, Fairbanks, Frankfurt, The Hague,
Lisbon, Madrid, Atlanta, Myrtle Beach, Key West, Cape Coral, Fort
Meyers,   Berlin, Warsaw, Auckland, Wellington, Honolulu, Maui,
Kuwait, Molokai, Beijing, Shanghai, Tokyo, Manilla, Kent, Winnipeg,
Saskatoon, Regina, Red Deer, Olds, Medicine Hat, Lethbridge, Moose
Jaw, Brandon, Portage La Prairie, Davidson, Craik, Edmonton, Calgary,
Victoria, Vancouver, Burnaby, Surrey, Edinburgh, Dublin, Belfast,
Glasgow, Copenhagen, Oslo, Munich, Sydney, Nanaimo, Brisbane,
Melbourne, Darwin, Perth, Athens, Rome, Berne, Zurich, Kyoto, Nanking,
Rio De Janeiro, Brasilia, Colombo, Buenos Aries, Squamish, Churchill,
Lima, Santiago, Abbotsford, Cologne, Yorkshire, Hope, Penticton,
Kelowna, Vernon, Fort MacLeod, Deer Lodge, Springfield, St Louis,
Centralia, Bradford, Stratford on Avon, Niagara Falls, Atlin, Fort
Nelson, Fort St James, Red Deer, Drumheller, Fortune, Red Bank,
Marystown, Cape Spears, Truro, Charlottetown, Summerside, Niagara
Falls, Albany
--
No virus found in this outgoing message.
Checked by AVG Anti-Virus.
Version: 7.0.308 / Virus Database: 266.6.0 - Release Date: 3/2/05
-------------- next part --------------
An HTML attachment was scrubbed...
URL: http://www.centa.com/CEN-TAPEDE/centapede/attachments/20050302/04aeeb99/attachment-0001.htm