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Here at AGTax LLP we receive numerous calls on a daily basis regarding the Foreign Bank Account reporting form (FBAR), also known as the FinCEN Form 114. Due to recent changes in the acceptable filing methods for the FBAR, we thought it would be a good time to go over those changes in detail, as...
Due to a misunderstanding of the way the Internal Revenue Service treats Canadian RRSPs and RRIFs, many U.S. taxpayers residing in Canada hold a beneficial interest in a Canadian RRSP or RRIF and have failed to file the required annual information returns. They have wrongly assumed that since the Canadian income taxes they paid offset...
There appears to be a widespread misunderstanding of Internal Revenue Service (IRS) treatment of Canadian RRSPs and RRIFs for tax purposes. This article will attempt to explain the reasons why RRSP holdings may have unwittingly put many unsuspecting US taxpayers into a non-compliant situation. US Tax Policy In simple terms US tax policy is predicated...
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