For Americans Abroad, Taxes Just Got More Complicated

[David Ryeburn <david_ryeburn@telus.net>]

If you are or have been a US citizen, or if the US government thinks 
you are or have been a US citizen, the article
<http://www.nytimes.com/2012/04/16/business/global/for-americans-abroad-taxe
s-just-got-more-complicated.html?ref=general&src=me&pagewanted=all>
in yesterday's NY Times, with title in the "Subject:" line of this 
e-mail message, may be of interest to you.

There is a new form, Form 8938, in addition to the FBAR reporting 
form TDF 90-22.1 and the general income tax form 1040 (which continue 
to need to be filed). On this form one reports foreign bank accounts 
(as on Form TDF 90-22.1) and other things, including foreign persion 
funds. For full details you can download PDF files 8938.pdf and 
i8938.pdf from the IRS. Google will lead you to them quickly.

I am not a lawyer and I am not a tax accountant. I do know that some 
SFU people have acted on bad advice to the effect that they did not 
need to file US income tax returns or complete Form 90-22.1 because 
they no longer lived in the US, and they have later regretted 
following that advice. The penalties for not filing Form 8938 are 
significant. This new form is yet another item about which you might 
receive such bad advice.

David
--
David Ryeburn
david_ryeburn@telus.net