This is a Moodys Gartner analysis of how the new Streamlined Program may present problems for Canadian snowbirds. Timely advice given the new cross-border shared day count (which should be in effect but I understand delayed).
This blog is the first in a planned two-part series that analyzes the changes to the IRS voluntary disclosure programs, and is limited to analyzing the amended streamlined program. Part two of this blog will analyze the amended OVDP program and the procedures for delinquent FBAR or information return submissions.
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ConclusionIn summary, the recently amended IRS voluntary disclosure programs are positive for most taxpayers. Yet, significant uncertainty remains, particularly for Canadian snowbirds, which forces them to use the new 2014 OVDP if they wish to voluntarily disclose and, thus, provides a disincentive for them to disclose.
@ northernstar My cousin lives in the Vancouver Lower Mainland and is totally sick of trying to tell people that they need to keep track of their days spent across the border. Everyone is loosey-goosey there with the border so close and they don’t understand what my cousin is talking about and say they have no worries. If the US persists in going after the Snowbirds, their tourism numbers should start dropping.
@Heartsick
I wrote to my local Northern Ontario bi weekly paper editor that it was to his readers best interest to write a column on this as there are many snowbirds up here who go the whole 182 days every year. No response yet
Our amazing ignorance shown in the Canadian comments to the print version of this CBC story: http://www.cbc.ca/news/canada/british-columbia/canadians-going-to-u-s-for-long-stays-need-to-be-mindful-of-changes-says-mp-1.2912096.
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