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Late filing of TD F 90-22.1

 
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Alex Gowes



Joined: 25 Aug 2007
Posts: 2

PostPosted: Fri Apr 30, 2004 11:49 am    Post subject: Late filing of TD F 90-22.1 Reply with quote

Until recently, I was unaware of the requirement to file
form TD F 90-22.1. I've always ticked off the Yes box on the
1040 schedule B to delcare ownership of a foreign bank
account, and I've reported the income but I missed (and so
did my CPA tax preparer) the 90-22.1 form. I've filed the
90-22.1 for 2003. Should I file late for 2001 and 2002? Will
there be a penalty? Does anyone have first hand experience
of late filing on 90-22.1?

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A.G. Kalman



Joined: 25 Aug 2007
Posts: 662

PostPosted: Sat May 08, 2004 3:55 pm    Post subject: Re: Late filing of TD F 90-22.1 Reply with quote

Alex Gowes wrote:

> Until recently, I was unaware of the requirement to file
> form TD F 90-22.1. I've always ticked off the Yes box on the
> 1040 schedule B to delcare ownership of a foreign bank
> account, and I've reported the income but I missed (and so
> did my CPA tax preparer) the 90-22.1 form. I've filed the
> 90-22.1 for 2003. Should I file late for 2001 and 2002? Will
> there be a penalty? Does anyone have first hand experience
> of late filing on 90-22.1?

I have no first hand information.

However, IRC Section 6048 is where one finds the requirement
to file the information return that you know as TD F
90-22.1. Section 6677 has the penalty for failing to file
the required information return. The penalty is 5% of the
value. There is a reasonable cause exception:

(d) Reasonable cause exception
No penalty shall be imposed by this section on any failure
which is shown to be due to reasonable cause and not due to
willful neglect. The fact that a foreign jurisdiction would
impose a civil or criminal penalty on the taxpayer (or any
other person) for disclosing the required information is not
reasonable cause.

It is highly unlikely that the IRS would implement the 5%
penalty against an individual who reported the income as
taxable.

--

Alan
http://taxtopics.net

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