TDF 90-22.1 Reporting rules -
If you are a US citizen living in Canada or KNOW a
US citizen living in Canada, read this and pass it on. If you are a US
citizen living in the uSA and you have a forei9gn account of ANY kind or your
brother, sister, aunt, uncle, best friedn or worst enemy has a foreign account,
pass this on to them,
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This is not the result of a question but is the result of an
IRS Tele-conference on June 20, 2007.
The subject was the
reporting of foreign bank on form T D F 90-22.1.
In particular, the tele-conference made the point that June
30th "IS" the deadline and that fines are being increasedand applied more
often and in particular, there are / will be severe penalties for
non-compliance.
It would seem that there is NOW a $10,000 penalty for
failure to file the form although that is in the regulations and not on the
form.The $10,000 penalty can be imposed if the form is not filed by June 30th of
a year. However, both of the IRS participants in the formum agreed that if a
taxpayer came forward voluntarily and filed, there would not likely be any
fines.
I know from other sources that some 1,000 clients of former
advisor Jerome Schneider are in the process of being fined as I write
this.
I also admit that I have not worried much about the June 30th
filing date in the past.
However, the teleconference made the point that
practitioners are subject to fine for not following up on these
filings.
As I write this Terry or Phyllis ?? is making it very clear that
RRSP accounts must be reported but that the Company Pension does not have to be
reported.
So--- if you have not being reporting your foreign accounts -
report now.
AND, they also made the point that everyone with foreign
accounts MUST file schedule B, even if there is no earnings form the
accounts.
AND, they also made the closing remark that if they have
NOT been filed inteh past, taxpayers shoiuld file back SIX
years.
.
david ingram
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CEN-TA Cross Border Services - Tax, Visas, Immigration
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