U.S. Citizens in Canada InfoShop

2012 June 26 – IRS Announces

 
IRS announces efforts to help U. S. citizens overseas including dual citizens and those with foreign retirement plans
IRS (26 June 2012)

http://www.irs.gov/uac/IRS-Announces-Efforts-to-Help-U.-S.-Citizens-Overseas-Including-Dual-Citizens-and-Those-with-Foreign-Retirement-Plans

IRS announces new procedures effective 1 September 2012 to (1) “Allow taxpayers who are low compliance risks to get current with their tax requirements without facing penalties or additional enforcement action” (simple tax returns owing $1,500 or less in tax for any of the covered years) (2) “Allow resolution of certain issues related to certain foreign retirement plans (such as Canadian Registered Retirement Savings Plans).” The basic requirement is “to file delinquent tax returns along with appropriate related information returns for the past three years, and to file delinquent FBARs for the past six years.”

Comment: This “help” with compliance could cost many affected individuals thousands of dollars for the specialized paperwork required to demonstrate that no tax is owing.
 

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Written by usxcanada

26 June 2012 at 9:00 am

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