TDF 90-22.1 Reporting rules
This is not the result of a question but is the result of an IRS Tele-conference on June 20, 2007.
The subject was the reporting of foreign bank on form T D F 90-22.1.
In particular, the tele-conference made the point that June 30th "IS" the deadline and that fines are being increased and in particular, there are / will be severe penalties for non-compliance.
It would seem that there is NOW a $10,000 penalty for failure to file the form although that is in the regulations and not on the form.
I know from other sources that some 1,000 clients of former advisor Jerome Schneider are in the process of being fined as I write this.
I also admit that I have not worried much about the June 30th filing date in the past.
However, the teleconference made the point that practitioners are subject to fine for not following up on these filings.
As I write this Terry or Phyllis ?? is making it very clear that RRSP accounts must be reported but that the Company Pension does not have to be reported.
So--- if you have not being reporting your foreign accounts - report now.
AND, they also made the point that everyone with foreign accounts MUST file schedule B, even if there is no earnings form the accounts.
AND, they also made the closing remark that if they have NOT been filed inteh past, taxpayers shoiuld file back SIX years.
.
david ingram �
The subject was the reporting of foreign bank on form T D F 90-22.1.
In particular, the tele-conference made the point that June 30th "IS" the deadline and that fines are being increased and in particular, there are / will be severe penalties for non-compliance.
It would seem that there is NOW a $10,000 penalty for failure to file the form although that is in the regulations and not on the form.
I know from other sources that some 1,000 clients of former advisor Jerome Schneider are in the process of being fined as I write this.
I also admit that I have not worried much about the June 30th filing date in the past.
However, the teleconference made the point that practitioners are subject to fine for not following up on these filings.
As I write this Terry or Phyllis ?? is making it very clear that RRSP accounts must be reported but that the Company Pension does not have to be reported.
So--- if you have not being reporting your foreign accounts - report now.
AND, they also made the point that everyone with foreign accounts MUST file schedule B, even if there is no earnings form the accounts.
AND, they also made the closing remark that if they have NOT been filed inteh past, taxpayers shoiuld file back SIX years.
.
david ingram �
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