Tax Returns
Mar 27th 2017, 2:55 pm
#16
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Re: Tax Returns
Ok, so I have 2 stocks aND shares ISA's both only invested in 2001 and nothing since then. Only gathering money since then. I have one unit trust, same thing only money added in 2001, but gather interest since then.
I have premium bonds opened since 1980's, only prize deposits which get reinvested automatically.
Some NSI accounts with joint accounts with my mum.
I have current accounts and really that's about it.
Any thoughts?
I have premium bonds opened since 1980's, only prize deposits which get reinvested automatically.
Some NSI accounts with joint accounts with my mum.
I have current accounts and really that's about it.
Any thoughts?
Mar 27th 2017, 4:17 pm
#17
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Re: Tax Returns
All of these have been omitted from your FBARs & 8938s. The premium bond prizes have been omitted from US income tax returns.
You almost certainly have several funds in each ISA requiring 50 to 100 pages of PFIC calculations & reporting each year. The returns will be complex, requiring translating several hundred PFIC transactions into US dollars using historic daily spot exchange rates. Doubtless there is some modest amount of tax due. You may also find yourself deciding to pay the 5% Miscellaneous Penalty to the IRS.
The ISAs would have been opened by you; as until fairly recently Junior ISAs did not exist. Why did you overlook reporting these to the IRS each year, even if you never knew about the NS&I products & your current account?
You almost certainly have several funds in each ISA requiring 50 to 100 pages of PFIC calculations & reporting each year. The returns will be complex, requiring translating several hundred PFIC transactions into US dollars using historic daily spot exchange rates. Doubtless there is some modest amount of tax due. You may also find yourself deciding to pay the 5% Miscellaneous Penalty to the IRS.
The ISAs would have been opened by you; as until fairly recently Junior ISAs did not exist. Why did you overlook reporting these to the IRS each year, even if you never knew about the NS&I products & your current account?
Mar 27th 2017, 4:25 pm
#18
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Re: Tax Returns
All of these have been omitted from your FBARs & 8938s. The premium bond prizes have been omitted from US income tax returns.
You almost certainly have several funds in each ISA requiring 50 to 100 pages of PFIC calculations & reporting each year. The returns will be complex, requiring translating several hundred PFIC transactions into US dollars using historic daily spot exchange rates. Doubtless there is some modest amount of tax due. You may also find yourself deciding to pay the 5% Miscellaneous Penalty to the IRS.
The ISAs would have been opened by you; as until fairly recently Junior ISAs did not exist. Why did you overlook reporting these to the IRS each year, even if you never knew about the NS&I products & your current account?
You almost certainly have several funds in each ISA requiring 50 to 100 pages of PFIC calculations & reporting each year. The returns will be complex, requiring translating several hundred PFIC transactions into US dollars using historic daily spot exchange rates. Doubtless there is some modest amount of tax due. You may also find yourself deciding to pay the 5% Miscellaneous Penalty to the IRS.
The ISAs would have been opened by you; as until fairly recently Junior ISAs did not exist. Why did you overlook reporting these to the IRS each year, even if you never knew about the NS&I products & your current account?
Is my best option the streamlined disclosure? All I would like is to be tax compliant and completely transparent.
Mar 27th 2017, 4:43 pm
#19
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Joined: Jul 2007
Location: North Norfolk and northern New York State
Posts: 14,540
Re: Tax Returns
All of these have been omitted from your FBARs & 8938s. The premium bond prizes have been omitted from US income tax returns.
You almost certainly have several funds in each ISA requiring 50 to 100 pages of PFIC calculations & reporting each year. The returns will be complex, requiring translating several hundred PFIC transactions into US dollars using historic daily spot exchange rates. Doubtless there is some modest amount of tax due. You may also find yourself deciding to pay the 5% Miscellaneous Penalty to the IRS.
The ISAs would have been opened by you; as until fairly recently Junior ISAs did not exist. Why did you overlook reporting these to the IRS each year, even if you never knew about the NS&I products & your current account?
You almost certainly have several funds in each ISA requiring 50 to 100 pages of PFIC calculations & reporting each year. The returns will be complex, requiring translating several hundred PFIC transactions into US dollars using historic daily spot exchange rates. Doubtless there is some modest amount of tax due. You may also find yourself deciding to pay the 5% Miscellaneous Penalty to the IRS.
The ISAs would have been opened by you; as until fairly recently Junior ISAs did not exist. Why did you overlook reporting these to the IRS each year, even if you never knew about the NS&I products & your current account?
Mar 27th 2017, 5:31 pm
#20
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Re: Tax Returns
Also, why would I have to file a 3250?
Mar 27th 2017, 5:41 pm
#21
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Re: Tax Returns
Mar 27th 2017, 5:45 pm
#22
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Joined: Jul 2007
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Re: Tax Returns
Don't know, cook_county brought that one up. Maybe he will elucidate...
Mar 27th 2017, 6:34 pm
#23
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Posts: 902
Re: Tax Returns
3520 was before we knew the amounts, because gifts received from an NRA were mentioned. This is off the table now. All that is left are FBARs, tax return corrections & PFICs - plus getting a lawyer to instruct a CPA under a Kovel letter on wilfulness, reasonable cause arguments and how to approach the IRS.
Mar 27th 2017, 6:52 pm
#24
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Re: Tax Returns
This is a person that I am Going with. I have had several conversations with him, it via phone it really seems like he know what he's doing. I don't see too many reviews online for him, which makes a bit nervous. But again, seems very knowledgeable on phone.
http://ovdptaxlaw.com
http://ovdptaxlaw.com
Mar 27th 2017, 6:53 pm
#25
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Re: Tax Returns
FYI NS&I will not allow a US tax resident to own premium bonds. I assume you have not tried updating your address with NS&I.
Mar 27th 2017, 7:10 pm
#26
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Re: Tax Returns
This is a person that I am Going with. I have had several conversations with him, it via phone it really seems like he know what he's doing. I don't see too many reviews online for him, which makes a bit nervous. But again, seems very knowledgeable on phone.
FBAR OVDP FATCA Offshore Voluntary Disclosure Help
FBAR OVDP FATCA Offshore Voluntary Disclosure Help
From what you have said, you may be guilty of ignorance of US tax rules, but you certainly shouldn't need to resort to OVDP.
Mar 27th 2017, 7:40 pm
#27
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Re: Tax Returns
Never heard of him either; which honestly is worrying. It is rare that an adviser located in the US would be a good choice as they all want to be pushing you to pay penalties to the IRS, rather than relying on reasonable cause arguments. You would probably do better selecting an adviser located in the UK.
Mar 28th 2017, 10:58 am
#28
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Re: Tax Returns
Never heard of him either; which honestly is worrying. It is rare that an adviser located in the US would be a good choice as they all want to be pushing you to pay penalties to the IRS, rather than relying on reasonable cause arguments. You would probably do better selecting an adviser located in the UK.
I don't really know anyone in the UK as far as advisors go. With all the accounts that I have now, my thought is to go with an IRS tax lawyer. There are a few in my area. I was just hesitant to talk to one. I cant belive what a mess this is.
Have any of you had experice with a tax lawyer, or know of anyone that has?
Mar 28th 2017, 1:08 pm
#29
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Re: Tax Returns
I would not use that firm as the first sentence on their website is incorrect. It says:
"It is against the law to have an offshore bank account and NOT report it."
That statement is designed to scare and that's not what you want in anyone dealing with your taxes.
"It is against the law to have an offshore bank account and NOT report it."
That statement is designed to scare and that's not what you want in anyone dealing with your taxes.
Mar 28th 2017, 4:12 pm
#30
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Re: Tax Returns
Thank you for all the advice on this particular law firm. I don't think it's wise of me to go with him.
I don't really know anyone in the UK as far as advisors go. With all the accounts that I have now, my thought is to go with an IRS tax lawyer. There are a few in my area. I was just hesitant to talk to one. I cant belive what a mess this is.
Have any of you had experice with a tax lawyer, or know of anyone that has?
I don't really know anyone in the UK as far as advisors go. With all the accounts that I have now, my thought is to go with an IRS tax lawyer. There are a few in my area. I was just hesitant to talk to one. I cant belive what a mess this is.
Have any of you had experice with a tax lawyer, or know of anyone that has?
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