tag:blogger.com,1999:blog-4402283548766807872.post3458250357616013233..comments2024-03-20T02:26:06.500-04:00Comments on The Blunt Bean Counter: The Outrageous Penalties that can be assessed for not filing IRS Information FormsThe Blunt Bean Counterhttp://www.blogger.com/profile/11358868550072516313noreply@blogger.comBlogger11125tag:blogger.com,1999:blog-4402283548766807872.post-1799953100079544532014-10-02T13:00:06.375-04:002014-10-02T13:00:06.375-04:00Thanks anyway. If anyone has a similar question, I...Thanks anyway. If anyone has a similar question, I found this summary of the laws. It's pretty darn complicated though: http://www.law.cornell.edu/cfr/text/26/25.2523(i)-2DaveGnoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-70040823438763994002014-09-26T13:02:01.569-04:002014-09-26T13:02:01.569-04:00Hi Dave
As you note, I am not a US tax expert, I ...Hi Dave<br /><br />As you note, I am not a US tax expert, I don't know the answer whether the joint tenancy is considered a gift for US purposes. You need to ask a US accountant-sorry.The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-35711749098178344612014-09-26T12:48:57.861-04:002014-09-26T12:48:57.861-04:00I'm Canadian and bought a house with my US/Can...I'm Canadian and bought a house with my US/Canadian wife. I paid for it, but we are joint tenants. Is this considered a gift from me to her and something that should have been reported on a 3520? She has been filing US returns each year, and the new electronic FBAR. Does this only become important to the IRS when we sell the house? I know you're not a US tax expert, but this blog has been very helpful.DaveGnoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-21277201601620202882012-03-23T17:01:39.840-04:002012-03-23T17:01:39.840-04:00As I state in this post, “Thus, this blog is just ...As I state in this post, “Thus, this blog is just for information purposes”; the blog was written only as a heads up for people required to file US tax returns.<br /><br />As I am not a US tax expert nor purport to be one, I wrote this only as a public service to US filers and I don’t think I owed anyone an explanation as to why a savings account may be considered a trust.<br /><br />However, since you challenged me, go to this link (http://www.cra-arc.gc.ca/tx/trsts/typs-eng.html) and see what the CRA considers a trust. You will find both a TFSA and a RESP on that list. <br /><br />If the link does not open directly, go to the first search item "types of trusts".The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-18947686158954506582012-03-23T16:17:23.920-04:002012-03-23T16:17:23.920-04:00You state that "some U.S. tax specialists thi...You state that "some U.S. tax specialists think that form [3520] must be filed to report both Registered Educations Savings Plans (“RESPs”) and the Tax-Free Savings Accounts (“TFSAs”)." But neither you nor the specialists explain why an [in most cases] ordinary savings account must be considered a trust. IRS does not state so explicitly. Is it possible that an unfounded rumor is propagated without foundation?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-24184835763526449452011-10-26T14:56:34.707-04:002011-10-26T14:56:34.707-04:00Anon, you are correct, there is an exit tax under ...Anon, you are correct, there is an exit tax under certain circumstances. As noted in the blog, I am no longer doing US tax work and even when I did, I had very little to do with the exit tax. The blogs intention was to raise issues and have people speak to US tax specialists if they thought they may caught. If you wish, email me at the gmail noted at the top of my blog and I will refer you to a US tax specialist. They are not cheap however :)The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-15288342839146224122011-10-26T14:08:51.447-04:002011-10-26T14:08:51.447-04:00I want to renounce my US citizenship but read ther...I want to renounce my US citizenship but read there is an exit tax. If world wide assets are over 2 million the IRS chges capital gains tax. I am 56, am now Canadian, worked for the Can govt for 35 years, did very well and now have a 100,000 yr pension. How would that be treated and do they look at CPP and OAS?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-47546000570587665442011-10-26T13:15:42.517-04:002011-10-26T13:15:42.517-04:00Anon, I assume you have a US passport due to the c...Anon, I assume you have a US passport due to the citizenship of one or both of your parents. Assuming so, you have had an obligation to file US tax returns since birth if you are a US citizen. Most likely you would owe no taxes, however, you may be subject to some of the penalties I noted in the blog and by not filing if you ever need to renew your passport you may have issues. I would engage a US tax specialist to review your situations and options.The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-25484703052763316542011-10-26T12:17:43.408-04:002011-10-26T12:17:43.408-04:00Hi Blunt Bean Counter,
I have a US passport and a ...Hi Blunt Bean Counter,<br />I have a US passport and a Canadian passport but was born and still live & work in Canada. What can happen to me if I dont file? Do I need to file with the IRS?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-1839058936354573292011-10-26T10:44:39.332-04:002011-10-26T10:44:39.332-04:00Hi Anon, I unfortunately cannot provide a definiti...Hi Anon, I unfortunately cannot provide a definitive answer, you need to ask a US specialist. Typically a one year temp visa would not cause you a filing requirement for future years, however, as noted above, please confirm with someone who does US taxes full time.The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-44958754191712646792011-10-26T09:56:05.976-04:002011-10-26T09:56:05.976-04:00Hi, this post made me wonder if I have to file a U...Hi, this post made me wonder if I have to file a US tax return. I am originally from Europe and worked in the US for one year on H1B visa (temporary worker). Then I moved to Canada and got Canadian citizenship a few years later. I still have an IRA account in the US (converted from 401k soon after I left the US). I have no other account/asset in the US except this IRA.<br />Am supposed to be filing the US tax return?<br />Thanks in advance.Anonymousnoreply@blogger.com