Great Update. Does this mean that returns
that did not include accounts without earning on Schedule B, should amend the
return? I have filed all my TDF90-22's and 8910's ( Ithink you mean
8891's - david) in the past and reported all earning from account on
Schedule B (or D, where appropriate)
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david ingram replies:
No, they want schedule B filed to say yes or no in the
bottom two questions - there is no where to put a non earning account on
B.
----- Original Message -----
Sent: Wednesday, June 20, 2007 7:01 PM
Subject: US USA / CANADA Income Tax Help - TDF 90-22.1
Reporting rules - david ingram - US Canada Iincome Tax Consultant, expert
preparer and immigration and tax help
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
