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Foreign Account Reporting Requirements

Foreign Account Reporting Requirements. Form TDF 90-22.1 : Report of Foreign Bank Accounts Bank accounts Stock brokerage accounts RRSP’s/RRIF’s count for this too! RESP’s (education savings) To be received by June 30 (not mailed by) – large penalties if don’t disclose

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Foreign Account Reporting Requirements

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  1. Foreign Account Reporting Requirements • Form TDF 90-22.1: Report of Foreign Bank Accounts • Bank accounts • Stock brokerage accounts • RRSP’s/RRIF’s count for this too! • RESP’s (education savings) • To be received by June 30 (not mailed by) – large penalties if don’t disclose • Huge emphasis area by the IRS

  2. New Amnesty Program • Available until Aug. 31, 2011 – “offshore voluntary disclosure initiative” • All underreported income from offshore accounts must be reported on a US income tax return, and taxes paid – severe penalties still, but better than if the IRS catches you first. • If income underreported, obtain legal advice – program is run by IRS Criminal Investigation Division • If income has already been fully reported and just the Report of Foreign Bank accounts not done – they can be filed with a letter of explanation, and no need for formal amnesty program, and no late filing penalty. 2

  3. Resources • Link to the IRS website describing this filing requirement in more detail: http://www.irs.gov/businesses/small/article/0,,id=148849,00.html • Link to our firm’s Alert on the Amnesty topic: http://www.perkinsaccounting.com/our-story/litigation-support-accounting-firm-newsroom/perkins-news-bulletin/second-and-likely-final-irs-offshore-account-disclosure-initiative.html Or contact: Carol-Ann Simon, CA, CPA, Expatriate Tax, Perkins & Co. PC (503) 221-7580 csimon@perkinsaccounting.com 3

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