I swore a mighty oath on a skyscraper of Bibles to never write about RRSPs again, so pretend that this is a post about FBARs and not RRSPs at all. That is actually semi-accurate because the logic applied here need not only apply to RRSPs. A gentleman posted a comment on The Last RRSP Post […]
RRSPs are Canadian retirement accounts. Until late 2014, they were semi-toxic for U.S. tax purposes when owned by U.S. taxpayers who were unaware of the paperwork requirements south of the border. These problems bedevilled countless Canadians living in the United States, as well as U.S. citizens and green card holders living in Canada.
By administrative fiat in late 2014, the U.S. government blew away the problems it had created–problems that cost countless people money and caused high levels of stress.
Up to now the way to fix an unreported RRSP problem was by incurring brain damage, spending lots of money, or suffering through terminal uncertainty and fear. Or all of the above. Your Old Choices I kid, I kid. Your choices were: ignore the past, and start fresh with reporting your RRSP on your current […]
Where I am about to talk about RRSPs.
I mentioned the Isaac Brock Society site in a meeting with Joint Committee on Taxation staff. They already knew of the site. You go, IBS.
This is the actual paper we submitted to the IRS about RRSPs and finding a simpler solution to the late Form 8891 problem. Co-authors are Steven Walker and mygoodself. This will be updated and revised. Stand by. The revision will likely occur on May 19 while I am flying from Los Angeles to Zurich.
The New York State Society of Certified Public Accountants wrote a letter in support of our paper that we submitted to the IRS for fixing RRSP problems. Here it is. Thanks Susan Brown Otto for setting this up and thanks to the NYSSCPA crew for the support.
OK, possums. Today was a day of meetings, followed by dinner with my brother- and sister-in-law (hi, John and Jane) at The Old Ebbitt Grill. Now I’m back in my room at the Army and Navy Club on Farragut Square in Washington DC. I promised a wrap-up blog post today on my meetings at the […]
I get two or three calls a week from Canadians living in the United States who learn — to their horror — that U.S. tax paperwork should have been filed for their RRSPs. At the moment, the only official solution is an expensive one: ask the IRS to issue a private letter ruling to allow […]