U.S. Citizens in Canada InfoShop

2012 Jan 17 – McKenna

Barrie McKenna
The clock is ticking on filing with the IRS
Globe and Mail (17 Jan 2012)


“The 2011 tax year marks a pivotal decision point for expatriate Americans” because of (1) IRS promise to accommodate (2) “a new amnesty program” [continuation of 2011 OVDI with higher maximum penalty] (3) onerous new reporting required on Form 8938 (4) FATCA implementation in 2014. The main story concludes with summary of five options for response: just-cause defense, disclosure under OVDP, soft disclosure, do nothing, renounce citizenship. An appended piece by Sean Silcoff explores the perils of TFSA.

Written by usxcanada

16 January 2012 at 6:00 am

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