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Tag Archive for Form 8891

Reporting Changes For 2014 Individual Tax Returns – IRS Fact Sheet

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So Valentine’s Day was here and left- that could only mean one thing – we are into the 3rd serious week of tax season! The Internal Revenue Service got out it’s fact sheet about the changes in reporting requirements for individuals. I thought for all those self-preparers, this would be a good tool to look at and see if this is the year you want to make the leap & have your taxes examined by a tax professional, especially an Enrolled Agent!

THE AFFORDABLE CARE ACT (ACA):

The ACA says that a taxpayer and each member of his family when filing his federal income tax return, must either

• Have qualifying health coverage for each month of the year; Read more

IRS Simplifies Reporting of Canadian Retirement Plans (RRSP’s); Eliminates Form 8891

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On October 7, 2014, the IRS made it easier for taxpayers who hold interests in certain popular Canadian retirement plans to get favorable U.S. tax treatment. Rev. Proc. 2014-55. As a result of the change, many Americans and Canadians with either registered retirement savings plans (RRSP’s) and registered retirement income funds (RRIF’s) now automatically qualify for tax deferral similar to that available to participants in U.S. individual retirement accounts (IRA’s) and 401(k) plans. In addition, the IRS is eliminating a special annual reporting requirement that has long applied to taxpayers with these retirement plans.

In general, U.S. citizens and resident aliens will qualify for this special treatment as long as they have filed and continue to file U.S. income tax returns for any year they held an Read more

Streamlined Procedure And Foreign Bank Account Regs For Non-Resident US Citizens

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It all started with the announcement of the FATCA (Foreign Account Tax Compliance Act) going into effect, then the new streamlined compliance procedures were announced in 2012 to go into effect on September 1st, 2012.

They were implemented in recognition that some U.S. taxpayers living abroad had failed to timely file U.S. federal income tax returns or FBARs, Form TD F 90-22.1. These delinquent taxpayers may have recently become aware of their filing obligations and now seek to come into compliance with the law.

The new procedures are for non-residents including but not limited to dual citizens who have not filed U.S. income tax and other related information returns. Read more

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