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Claim Your Penalties Back This Tax Season! TFSA And RESP Accounts May No Longer Require Form 3520/3520-A Reporting …

Claim your penalties back this tax season! TFSA and RESP accounts may no longer require Form 3520/3520-A reporting …

Yesterday, March 2, the IRS has provided a long-awaited relief from reporting on Form 3520-A and 3520 and associated penalties to dual U.S./Canadian citizens and Green card holders with certain “tax-favored foreign” arrangements. Rev. Proc. 2020-17 discusses eligible U.S. citizens and residents, eligible “tax-favored foreign retirement and nonretirement” arrangements (referred to in the revenue procedure as “trusts”), provides a procedure for claiming a refund of assessed penalties, and requests further comments from the tax community. The IRS guidance can be found here: https://www.irs.gov/pub/irs-drop/rp-20-17.pdf

Stay tuned for additional information during our special edition ad-hoc webinar next Tuesday.

Claim Your Penalties This Tax Season!

Are You a Dual U.S./Canadian citizens or a Green cardholder Residing in Canada?

U.S. Tax IQ’s advisors have over 40 years of experience in tax law and make the return filing process painless. We advise on U.S. tax and cross-border tax issues and prepare your tax returns so that you can avoid penalties, optimize your taxes, and avoid double taxation.

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