US accountant needed for CND resident

[mntlion]

I'm a dual citizen (US and CND) and live, work, earn etc, 100% in Canada. I only have a bit of US funds in paypal and a US bank account. No investments, no earnings, no property, no work in the US.

BUT as a citizen, the US government still wants me to file a tax return. Problem is this is hard to find anyone in Banff to do this, and Calgary its a "specialty" so the accountants want to change BIG money to do this.

Any maggots able to fill in a bunch of zeros on a tax return for me? Think it needs to go back 3? years, but all the amounts have been the same...

happy to pay for this, in cash, gear, beer, or bacon.

[rideit]

PM 'd you bro

[Gripen]

Let's chat. It's easy man, I've both mine on my own for years and has been dead easy.

[Shorty_J]

I'm about 7 years behind. My procrastination is starting to scare me with fears of jail time the next time I visit.

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[mntlion]

Thanks Gripen: you around monday at all?

[Gripen]

Thanks Gripen: you around monday at all?

Evening should be. I have something for you as well. Skiing during day but might be in Banff in evening, wife playing squash.

[gramboh]

Accountant here (not a tax guy though) but Gripen is right, no need to pay a US tax accountant if you don't have any actual US earnings or investments to deal with.

[mntlion]

let me know Gripon: I can make you (or you guys) diner?

[Gripen]

Do you any online or software based programs? Turbo tax does both and very well.

If you make under. Certain amount you simply have to file a foreign income report along with your 1040. Really Easy. If you make over that threshold you'll most likely need some help.

This is also our first year filing jointly with the US (and Canada and Switzerland) oh geez. I just realized I'm going to need help too! Haha

[Gripen]

I'll see what time wife is playing tomorrow!

[AKPogue]

If you any of you guys need an accountant, I have a guy that has been doing overseas tax stuff for over 10 years now. Last year he charged $300 and does an awesome job. I know a lot of guys that use him and have never had a problem.

[Shorty_J]

Do you any online or software based programs? Turbo tax does both and very well.

If you make under. Certain amount you simply have to file a foreign income report along with your 1040. Really Easy. If you make over that threshold you'll most likely need some help.

This is also our first year filing jointly with the US (and Canada and Switzerland) oh geez. I just realized I'm going to need help too! Haha

Turbo tax does US taxes as well? Do I need to buy a different US version?

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[wicked_sick]

I know two people in this same situation and both have started the process of renouncing their US citizenship so the don't have to deal with the tax hassle.

[Danno]

I know two people in this same situation and both have started the process of renouncing their US citizenship so the don't have to deal with the tax hassle.

that seems fairly short-sighted and foolish, but hey, their call.

[Atrain505]

If you ever have over 10,000 in a bank account at any point during the year you also have to file one extra form. Can be done online. Very easy. Instructions provided to me. Was explained that in the last year they announced they could potentially start going after people with fines for not filing this form. Took me a couple hours to do the last 6 years.

1. go to www.fincen.gov
2. bottom left of page is link for " "BSA E filing home page", click on link.
3. CLick "become a BSA E filer". Note, this bank disclosure form, form TDF 90-22-1 must be E filed (ie. you cannot sign a paper form and mail it in).
4. The Hotline help number is 866 346 9478.
5. I called the help line, and I am not an expert, however you need to consider:
a) filing this form for the past 6 years (ie. this form was required every year, and per IRS, 6 years is the max you can go back)
b)In this form, you need to "check" a box for reasons for filing late. Per IRS, the excuse "I didn't know it was required" is always excepted, and the $10,000 potential penalty is always waved.

[steff]

don't let the wrong forum patrol catch you guys talking tax here. yikes.

[ole2planker]

Per IRS, the excuse "I didn't know it was required" is always excepted, and the $10,000 potential penalty is always waved.

The IRS help line does not constitute tax advice and you would be ill-advised to rely on this representative's opinion.

FBAR non-compliance is what the IRS is using to civilly and criminally prosecute unreported foreign bank accounts. While typically we all think of Swiss bank accounts, the law applies to any account outside the US. If any income generated by the non-US financial account has not been reported on a US income tax return, the fines and penalties are huge. The IRS has a voluntary disclosure process. If a taxpayer is accepted in the program, the IRS will reduce penalties and promise to not prosecute criminally. The risk, of course, of voluntarily disclosing is that you're disclosing to the IRS your failure to file and pay, which the IRS may choose to prosecute criminally.

This is a big issue for US citizens living abroad. A law intended to combat money laundering is being used to go after every person required to file a US return.

[ole2planker]

Here is a link to a Forbes article, with links to other articles and sources, on filing BARs.

http://www.forbes.com/sites/robertwo...ng-to-a-crime/

[Gripen]

that seems fairly short-sighted and foolish, but hey, their call.

Not to mention you are not allowed to renounce until settled with the IRS.

[Atrain505]

The IRS help line does not constitute tax advice and you would be ill-advised to rely on this representative's opinion.

Seems to me small fry like myself and other individuals should start filing. Make it right. Admit you just found out about it and move on. I always filed my tax returns but never even knew about this piece of it until this last year.

[Gripen]

Seems to me small fry like myself and other individuals should start filing. Make it right. Admit you just found out about it and move on. I always filed my tax returns but never even knew about this piece of it until this last year.

I've filed every year since moving to euro land and Canada in 2004 but this is the first I've heard of the 10k in the bank stipulation. Not that I think I've ever had enough to worry about it. Will have to investigate.