Offshore income and account disclosures to the IRS continue, but even with all the activity, what to expect remains uncertain. The streamlined program, first announced in June of 2014,1 was a welcome relief for many taxpayers with undeclared foreign accounts who had faced unpalatable choices that included the offshore voluntary disclosure program, so-called quiet disclosures,2 […]
Some foreign banks trying to report Americans’ accounts to the IRS could face a tougher time in 2018 if they can’t get taxpayer identification numbers (whether Social Security Numbers (SSNs) or Individual Taxpayer Identification Numbers (ITINs) for the account holders. The Internal Revenue Service said April 11 that after 2017, it will no longer let […]
A U.S.-Canadian dual citizen living in Vancouver is being sued for over US$860,000 ($1.1 million) by U.S. tax authorities for failing to report bank accounts to them. U.S. citizens (including dual citizens) with signing authority over non-American bank accounts are required to report them, along with the highest amount in the account during the year, […]
Walking through the TTC subway at Broadview or on many bus stops throughout the city, you will see a bright pink (brand name) tissue ad that will likely bring you to tears – pun intended. The ad shows a woman crying, casting a frown, looking mortified with the words “Hillary Wins” to her left and […]
Q: What if my Previous Streamline Submission was Incomplete? A: A false “Streamline” procedures submission could lead to a serious of penalties. They may include charges under Internal Revenue Code’s section 7206(1) for filing a false document signed under penalty of perjury, under section 7212(a) for tax obstruction, under section 7201 for tax evasion. Each […]
Post #6 – How Can HCBT Help In the previous posts, we outlined: tax compliance and reporting issues that S1 & S2 had not dealt with; how HCBT could help correct prior year problems / reduce penalty exposure through a VDP submission; assist with CofC submissions and the reporting of the property sale; What we […]
Post # 5 / Damage Control In the last post HCBT had recommended S1 & S2 access the Voluntary Disclosure Program [VDP] to possibly reduce the penalty component of their $20,000 tax problem. However, timing was an issue. CRA public information states that most Certificate of Compliance [CofC] requests will be processed in 30 days. […]
Post # 4 / Financial Damage Control In the last post we outlined the tax compliance and reporting issues that S1 & S2 had not dealt with in tax years 2013-2015 inclusive. This created over $20,000 in tax, penalties and interest. Here are the main points of our discussions. S1 & S2 were primarily concerned […]
Post # 3 / What Went Wrong – Specifics / Financial Risk Created In the last post S1 & S2 were dealing with the shock of over $20,000 in tax, penalties and interest plus the possible delay of the sale of the family home. These following compliance deficiencies were identified. Tax Year of Departure 2013 […]