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Be ALERT, the world needs more "lerts"
Hi David,
I am trying to conform to RP-2002-23 and in doing so will be filing TDF-90 late, I would like to know what are the implications of filling TDF-90 late ?
Also, what are the deadlines for conforming to previous year's returns. I only need to amend the 2001 return to conform to RP-2002-23. Do I need a TDF-90 for the 2001 tax year too ?
BTW: IRS notice 2003-25 2nd paragraph alludes that one does not need to file RP-2002-23 for years previous to 2002, is that true ?
Thank you very much
Deire
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david ingram replies:
The penalty for NOT filing your TDF-90 forms is up to $500,000 PLUS 5 years in jail.
In my 37 years in this business (and I do not remember when I saw my first TDF-90), I have only personal;ly seen tow people fined for not filing them.
* One was 105 years old and she was fined $10,000 for not reporting a $400,000 account at the Royal Bank of Canada in Edgemont Village in North Vancouver.
* The second was a 68 year old woman in Phoenix who was fined $60,000 and sentenced to one day in jail for failure to file a whole mess of Canadian accounts.
I have NEVER seen anyone fined for filing them late.
RP 2002-23 exempts you from backfiling your 3520 or 3520A's for 2001. Just do 2002 by Oct 15, 2003.
I would not worry about backfiling TDF-90's if you are filing the current ones. You SHOULD, of course file them all the way back to the start of the accounts the first year that your combined amounts exceeded $10,000 US.
However, I have never seen anyone fined or harrased or even mildly censured fior starting to file them with the current year.
This will be distributed to numerous IRS and Treasury personnel. (without your name of course). Perhaps one of them would like to comment. If so, I will pass the comment on with or withouot attribution, if one or more should desire to speak off the record.
David Ingram of the CEN-TA REALTY Group
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
108-100 Park Royal South
West Vancouver, BC, CANADA, V7T 1A2
(604) 980-0321 - Fax 913-9123 [email protected]
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"
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