US Citizen living in Canada -

My_question_is: Applicable to both US and Canada
Subject:        US Citizen living in Canada  - Didn't know I had to file a
US tax return.  What now?
Expert:         taxman at centa.com
Date:           Monday August 21, 2006
Time:           01:42 PM -0700
QUESTION:
I am a US citizen who immigrated and was naturalized in Canada a number of
years ago.  I maintain dual citizenship, but have not lived in the US for
any length of time since I emigrated.  Very recently, I was surprised to
learn that US citizens are required to file US tax returns every year, even
while they are living overseas.  Honestly, I had no idea, and stood
absolutely nothing to gain by not filing (my yearly income has always been
well below the $80,000 exemption). Moreover, the penalties sound absolutely
bankrupting.  My question is:  what should I do now?  Should I just start
submitting my old tax forms, contact the IRS and beg for mercy, or what?
Thanks for your help.
------------------------------------------
david ingram replies:
You should file back 6 years.
If you have Canadian RRSP accounts, you have to be sure to file form 8891
for each account -
http://www.irs.gov/pub/irs-pdf/f8891.pdf
And if all the accounts you have are over $10,000 combined, you have to fill
out form TDF 90-22.1 for each and every Canadian or Ethiopian account
including the RRSP accounts and any account you are a joint signer on such
as an account with your mother, sister or Girl Guide leader account.
Read the fine print at the bottom of form TD-F.90-22  for up tp $500,000
fine.
http://www.irs.gov/pub/irs-fill/f9022-1.pdf
So far, (knock on wood), I have not had a single client penalized when they
came forward.  I have seen people with tax bills in the $200,000 range when
they have been "caught".
I am available to do this for you.
David Ingram's US / Canada Services
US / Canada / Mexico tax, Immigration and working Visa Specialists
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