The Ultimate “RRSP and the IRS” Essay

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.

New, official, easy fix to unreported RRSP situations

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 […]

JCT Staff knows IBS

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.

The actual paper we submitted to the IRS

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.

New York State Society of CPAs supports our RRSP paper

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.

IRS meetings today about RRSPs

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 […]

How the IRS can make RRSP cleanups painless

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 […]

RRSP solution I am presenting to the IRS

I am making the trip in early May (06-09 May, 2012, to be precise) to Washington DC with the State Bar of California’s annual Tax Section pilgrimage to the IRS, Treasury Department, and Congress.   Every year the Tax Section presents papers on various topics of tax law.  Basically, we’re saying “There oughta be a […]