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another late filing of TD F 90-22.1

met with my accountant today and he pointed out that I should file a TDF 90-22.1 I'm worried that I missed sending it sooner as I've had the account (savings account to care for elderly parent) for a few years and wonder if I should write a cover letter explaining why I did not send it in sooner? The account also earned a little interest ($100-120) which I will also report. the explanation "I missed the requirement" does not sound like a plausible reason but it's the truth, should I send it in or not?

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Reply to
Jim
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I would write a cover letter letting the Treasury Department know that you were unware of the filing requirement and that as soon as you became aware of the requirement, you took steps to have the forms completed and filed. I would file the form for the last 3 years. I have not seen penalties applied in this area where the taxpayer makes a good faith effort to comply.

Reply to
jmail7

I would not file the back reports nor send a letter. In all my years of working with expats, I have never had clients file missed reports and have never had a problem. Lanny K. Williams, CPA Nawarat, Williams & Co., Ltd. Income Tax Services for Expatriate Americans

Reply to
L K Williams

I agree. This form has been a hot topic in the higher ed tax world the last year or so - a lot of universities have endowments with investments outside the US and have been missing this form. I have yet to hear of any penalties being assessed for failure to file.

-Crystal

Reply to
pleasedontemailme

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