Are you a US citizen or green card holder living here in Canada?

The rules for those people who are required to report to the Internal Revenue Service (IRS) of the US are complex.  Moreover, even the experts can’t seem to agree on what is required.   There seems to be little clarity and the “little guys” are at the losing end of this requirement.  This article News Analysis: The Personal Impact of Offshore Enforcement  by Marie Sapirie talks about four different actual scenarios of people living outside the US who found out that they were required to report to the IRS &/or the Department of Treasury and the horror they went through.  It is really important that you not only understand the basics of what is required, but also understand that none of this is clear cut.  Even when IRS agents are asked direct questions about those FBARs, nobody seems to have a clear and consistent answer.

us1040It is a requirement that any tax preparer who prepares a US tax return for money is registered with the IRS. You are also able to file your own 1040 if you are so inclined.  Make sure you do your research as to what has to be filed and when.  Make sure you file any required extensions if you need extra time.

If you do decide to hire someone to do this for you, remember they must have a PTIN number.