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August 23, 2011

Will Canada Revenue Agency Help the IRS Collect the Penalties for Various Unfiled Foreign Reporting Forms?

Click here to visit the link to recent article in the Vancouver Sun about Canada Revenue Agency Opinion. on enforcing IRS penalties for not filing FBARS, Foreign corporation and partnership forms, etc. It appears they will not help the IRS collect such penalties if assessed.

3 comments:

Anonymous said...

My accountant told me that CRA will be exchanging information about US citizens living in Canada to help the IRS track down those who have not filed. True?
I'm a US citizen who has been a Landed Immigrant of Canada since 1974; am I lible for these huge penalties?
I just found out about having to file with the US in Jul, 2011. I've always filed with Canada;how long has this law existed?

Don D. Nelson, Attorney, CPA said...

The IRS is acquiring lists of US Citizens and green card holders living in Canada with bank accounts, financial accounts, Canadian corporations, trusts, etc. They can get this information from the CRA under the tax treaty and from private banks, stock brokers ,etc under the new US FATCA law. Any US Citizen who has not filed can be liable for the penalties. The laws have been around for many years, but the IRS started enforcing them in 2009.

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