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I live in Burlington, Ontario Canada. I am a US citizen and have not filed US returns in years. What is the procedure here as I heard something about voluntary disclosure and various penalties.

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Tax Professional Answers

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Larry Stolberg, CPA, CA
You may fit into the Streamlined Procedure which requires only 3 years of returns and 6 years of FBARs. There is information on the IRS site with a checklist to determine if you are a low risk applicant. Otherwise the voluntary disclosure procedure requires additional returns and a voluntary disclosure penalty as opposed to penalties on tax payable and non-filing of certain information returns/forms.
Leave a Comment 262 weeks ago

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Chuck Heyde, CPA, CGMA
I work with an international attorney that specializes in qualifying for the OVDP. And since the penalties for not filing include $10,000 per account per year not reported and/or JAIL time. I recommend to obtain a competent international attorney to assist you. If you would like me to put you two in contact, send me an e-mail - Chuck.Heyde@GEMMS.us

Read more here - www.gemms.us/blog/last-chance-for-fbar/

Chuck Heyde, CPA, CGMA
www.GEMMS.us
Leave a Comment 258 weeks ago

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Ali Khan
They may qualify for streamlined, which is much simpler and easier.
Reply 231 weeks ago

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