tag:blogger.com,1999:blog-4402283548766807872.post5560746496054143053..comments2024-03-14T19:35:14.456-04:00Comments on The Blunt Bean Counter: Update on IRS Amnesty Provisions for U.S. Citizens Living in CanadaThe Blunt Bean Counterhttp://www.blogger.com/profile/11358868550072516313noreply@blogger.comBlogger21125tag:blogger.com,1999:blog-4402283548766807872.post-43772380201726625942013-07-19T15:13:36.258-04:002013-07-19T15:13:36.258-04:00I can think of quite a few people who are affected...I can think of quite a few people who are affected by the laws. I don't think that Americans who are living abroad should be subjected to harsh penalties that were in place before. I am glad that the system has been adjusted to make it easier for persons to file.<br /><br />We have to bear in mind that many people who are fortunate enough to live and work abroad already have to pay taxes in the country that they work in. It is unfair to ask them to do two sets of paperwork every year, at what is normally a stressful time for everyone.Money marthttp://moneymart.bluepromocode.com/moneymart-promo-code/noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-43312268223953001572013-03-09T21:03:19.981-05:002013-03-09T21:03:19.981-05:00USA expects tax returns and reports of non-US acco...USA expects tax returns and reports of non-US accounts from 'US persons' who do not live in US. These bank accounts are not foreign to those who live outside the US, but USA does not distinquish these accounts from the hidden CAYMEN accounts of its homelanders.<br /><br /> Canada does not expect tax returns from its citizens who live in the USA, because Canada practices residence-based taxation. That is what makes this whole FATCA nonsense from the USA totally one-sided. No other country in the world (except the despotic state of Eritrea) taxes non-residents on foreign earned income. USA needs to get on board with the rest of the developed world! <br /><br /> What USA refers to as IGAs (international government agreements) serves no country other than the USA. There is nothing bi-lateral about these IGAs, no matter how the government, or business (accountants, tax-lawyers, etc) or biased media spin it.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-80528169987064630982013-03-06T23:49:49.078-05:002013-03-06T23:49:49.078-05:00@The Blunt Bean Counter,
USA is alone in the worl...@The Blunt Bean Counter,<br /><br />USA is alone in the world in its antiquated policy of citizen-based taxation. Suggesting that law-abiding Canadian citizens or residents, earning a living in Canada and paying taxes to the Canadian government should have a duty, desire or interest to 'come clean with the IRS' is to condone the unjustness and immorality of citizen-based taxation. Might doesn't make right.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-58068937300641583282013-03-06T23:37:35.403-05:002013-03-06T23:37:35.403-05:00@Anon,
From what I understand, a large sum of mon...@Anon,<br /><br />From what I understand, a large sum of money transferred from US to Canada will kick off automatic reports to both IRS and CRA which will include info such as your name, address, and SIN. What will happen with that info I don't know. Certainly you will no longer be completely under the radar at that point, but whether you will be in trouble from IRS or not I cannot guess. Before you do such a transfer, you definitely should talk to a lawyer specializing in international law. The other thing to keep in mind is that a large transfer from US will also alert your bank to your potential 'US person' status which means that they may ask you for proof you are NOT a US citizen, or make you sign a privacy waiver so they can tell IRS all about you, or tell you to close all your accounts. At that point, you may be better off telling the exector to donate your inheritance to the charity of your choice. Sorry, no good news here. It sucks to be born in US.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-36785159222391361952013-03-06T23:18:31.034-05:002013-03-06T23:18:31.034-05:00@The Blunt Bean Counter,
There are a lot of good,...@The Blunt Bean Counter,<br /><br />There are a lot of good, honest people working on this. Thanks for posting the link. Just because its the law doesn't make it right.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-87084193282791476372013-03-06T17:25:08.362-05:002013-03-06T17:25:08.362-05:00Anon, check out this link, FATCA may be in trouble...Anon, check out this link, FATCA may be in trouble<br /> http://www.americanbanker.com/bankthink/rejoice-fatca-overreaching-us-tax-law-in-trouble-1055877-1.htmlThe Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-14036259370702273742013-03-06T16:45:47.882-05:002013-03-06T16:45:47.882-05:00You have bigger problems than just your inheritanc...You have bigger problems than just your inheritance. Have you heard about FATCA (foreign account transaction compliance)? Soon all world banks will be required to identify and report clients who the US considers tax payers to the IRS. You need to do some serious research on all the implications of this. Check out the following website which is full of information, as well as links to other helpful sites: issacbrocksociety.ca. Word of caution: tax advisors and lawyers are predictable in their advice. By all means, hear what they have to say, but do your own research, in order to make a fully informed decision on how to proceed. Try not to let fear rush you into a decision you may regret later. Take your time, and think it through AFTER you have done all the drugery of research which includes checking out the issac brock society. Good luck.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-53143348331388813252013-03-06T14:43:17.352-05:002013-03-06T14:43:17.352-05:00@The Blunt Bean Counter,
I wish it were so straig...@The Blunt Bean Counter,<br /><br />I wish it were so straightforward. Unfortunately, its not.<br />Thanks for your 2 cents though.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-72862522707030703062013-03-06T14:28:07.853-05:002013-03-06T14:28:07.853-05:00Both Anon; Stop being penny wise and pound foolish...Both Anon; Stop being penny wise and pound foolish. Hire a US tax accountant, maybe you could share the costs.The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-59225155564485884812013-03-06T12:08:39.318-05:002013-03-06T12:08:39.318-05:00Hi Anonymous, I am in a similar situation as you a...Hi Anonymous, I am in a similar situation as you are. I was born in USA to Canadian parents, thus dual from birth, but left USA as an infant with my mother. My father still lives in USA and I will be getting an inheritance from my father. Until recently I had no clue I was supposed to be filing US returns and FBARs.<br /><br />I have done some research on the issue to try and figure out the best way to handle my non-filing situation, FATCA, and future inheritance. If you are interested in sharing thoughts on this, post here with an email address and I will respond to you.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-5658091918728587452013-02-26T18:15:18.841-05:002013-02-26T18:15:18.841-05:00Anon, as I note above, I am not a US tax expert. I...Anon, as I note above, I am not a US tax expert. I dont know if the IRS will tie in an inheritance to a non-filer. However, if you are a US citizen and have not filed since 1971, you should talk with a US tax expert to undestand the risks and liability you are incurring in not filing in respect of the inheritance and tax returns and taxes possibly due.The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-2191677854842561412013-02-26T17:31:23.490-05:002013-02-26T17:31:23.490-05:00I have lived in Canada since 1971, and never filed...I have lived in Canada since 1971, and never filed USA tax forms. I am getting an inheritance from my mother in the USA for about $100,000. Is there a problem related to not filing income tax involved with getting this money?<br /> Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-12930831885533345452012-10-21T18:43:57.370-04:002012-10-21T18:43:57.370-04:00Very appreciative of your willingness to let us as...Very appreciative of your willingness to let us ask questions. Information is in short supply, and prohibitively expensive - though many of us owe absolutely no actual US tax. Thank you for your reply.<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-72246202949681787682012-10-21T15:52:24.180-04:002012-10-21T15:52:24.180-04:00Anon, I wish I could answer, but I dont know. You ...Anon, I wish I could answer, but I dont know. You may be ok, since you have not filed a tax return, but an information form. As I stated in blog, I am not a US tax specialist, you should engage one to help you understand your filing requirements even if you do not have them file your returns. At this early juncture, they may not know the answer either, but you should move forward and get some professional assistance.<br /><br />The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-26419104479695379102012-10-21T13:27:22.541-04:002012-10-21T13:27:22.541-04:00Thank you very much for your kind response. Just a...Thank you very much for your kind response. Just a clarification though. What if one had filed ONLY the 2011 FBAR, (plus a request for extension to file the 2011 return) in order to avoid falling further delinquent - pending the long delay in the IRS releasing the details of the 'streamlined' process.<br /><br />So, no actual 'return' had been filed for 2009-2011, only the 2011 FBAR (not a 'return'), and a request for an extension to file the return for 2011 (i.e. not an actual 'return').<br /><br />In that case, which years of FBARs are then required? 2011 was already filed, and the SOL for 2005 has already expired. The 'delinquent' ones still open are only 2006-2010 if in addition, the 2011 was filed timely in June 2012.<br /><br />Confused.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-68712356823118696772012-10-12T20:28:54.863-04:002012-10-12T20:28:54.863-04:00Hey Anon
Would love to see that :)Hey Anon<br /><br />Would love to see that :)The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-27176496533993995192012-10-12T20:27:35.612-04:002012-10-12T20:27:35.612-04:00Thx Anon,
Wow you have not filed a tax return si...Thx Anon, <br /><br />Wow you have not filed a tax return since Mickey Mantle retired and Batman first hit the air if you came to Canada in the 60's.The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-80996042953312895352012-10-12T20:11:57.099-04:002012-10-12T20:11:57.099-04:00Perhaps Canada should pass an FBAR-equivalent, dem...Perhaps Canada should pass an FBAR-equivalent, demanding compliance from all US banks, and see what kind of reception that gets in the USA? <br /><br />Silliness all!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-41194834640806295402012-10-12T18:12:52.228-04:002012-10-12T18:12:52.228-04:00Good article, very informative and easy to underst...Good article, very informative and easy to understand.Avoiding the US draft since the 60snoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-22305861674487069332012-10-12T10:38:11.091-04:002012-10-12T10:38:11.091-04:00Anon, my understanding is everything counts back f...Anon, my understanding is everything counts back from 2011, so would be 2006-2011. However, if you filed 2011, you may be disqualifed under the requirement that you had not filed since 2009.<br /><br />I have seen commentators wonder what happens if you filed in 2011 only, will you be disqualified or will the IRS still allow you to file. I dont know, a literal reading is you are disqualifed.The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-3912435435246255712012-10-12T10:18:52.605-04:002012-10-12T10:18:52.605-04:00"File Foreign Bank Account Reporting (“FBAR”)..."File Foreign Bank Account Reporting (“FBAR”) forms for the six previous years..."<br /><br />Which years are the six 'previous' years? Ex. is that 2005-2010 + 2011 (if filed 2011 Fbar timely, and applied for an extension until October, or December 2012 to file the 2011 1040 return), or 2006-2011 for those who did not file the 2011 FBAR this year, timely?<br /><br />Did the SOL for 2005 FBAR expire in June 2012?Anonymousnoreply@blogger.com