Discussion:Voluntary Disclosure for Mexican Fideicomiso?
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| {{ForumReplyPost|UserID=CrowJD|Date=28 October 2009|Text=I don't know what that word means, but I THINK I know, and there's no way I'm disclosing that. I mean, you're on vacation, you've had a few drinks, it's understandable you may commit an indiscretion or two. Usually the pharmacist will give me something, and it's all over in 2 weeks. It's best to leave what happens in the night in care of the stars, and forget about it the next day. So, I vote for do not disclose, based upon my understanding of the Spanish tongue.}} | {{ForumReplyPost|UserID=CrowJD|Date=28 October 2009|Text=I don't know what that word means, but I THINK I know, and there's no way I'm disclosing that. I mean, you're on vacation, you've had a few drinks, it's understandable you may commit an indiscretion or two. Usually the pharmacist will give me something, and it's all over in 2 weeks. It's best to leave what happens in the night in care of the stars, and forget about it the next day. So, I vote for do not disclose, based upon my understanding of the Spanish tongue.}} | ||
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| + | {{ForumReplyPost|UserID=Lalva|Date=2 November 2009|Text=I just called the IRS and the agent in the East Cost told me that if my clients don't have an account with more than $10K they don't have to file the TDF 90-22.1 form. So it looks like it doesn't apply in this case. Of course you have to take the answer with a grain of salt ;-)}} | ||
Revision as of 18:58, 2 November 2009
Discussion Forum Index --> Advanced Tax Questions --> Voluntary Disclosure for Mexican Fideicomiso?
Discussion Forum Index --> Tax Questions --> Voluntary Disclosure for Mexican Fideicomiso?
| 6 October 2009 | |
| Hello Almanacers,
I looking into this for a client and I would like to know if I am on the right track. The TP has a vacation home in Mexico, no income to report. TP has never filed any forms for it. * Form 3520 has to be filed when TP opens a trust, modify it, or terminate it. * Form 3520-A is an annual form, TP should have filed it every year. This form has to be filed by the person or entity that formed the trust, so it should probably have to be filed by the Mexican bank holding the trusts, but I read that they rarely do it, so the beneficiary (TP) is the one that have to file it. Also I would like to know if the TP needs to do the voluntary disclosure too. Any help/guidance is greatly appreciated. | |
| 7 October 2009 | |
| I believe the owner of the trust (your client) must file Form 3520 each year. The owner of the trust is also responsible for insuring that the Form 3520-A is filed each year. Thus, to save time, it would seem prudent that the owner of the trust file both forms.
See Q&A 42 below for voluntary disclosure and delinquent Forms 3520 and 3520-A. Q42. Q&A 9 states that a taxpayer who only failed to file an FBAR should not use this process. What about a taxpayer who only has delinquent Form 5471s or Form 3520s but no tax due? Does that taxpayer fall outside this voluntary disclosure process? A42. A taxpayer who has failed to file tax information returns, such as Form 5471 for controlled foreign corporations (CFCs) or Form 3520 for foreign trusts but who has reported and paid tax on all their taxable income with respect to all transactions related to the CFCs or foreign trusts, should file delinquent information returns with the appropriate service center according to the instructions for the form and attach a statement explaining why the information returns are filed late. (The Form 5471 should be submitted with an amended return showing no change to income or tax liability.) Send copies of the delinquent information returns, together with copies of tax returns for all relevant years, by September 23, 2009, to the Philadelphia Offshore Identification Unit at: Internal Revenue Service 11501 Roosevelt Blvd. South Bldg., Room 2002 Philadelphia, PA 19154 Attn: Charlie Judge, Offshore Unit, DP S-611 | |
| 15 October 2009 | |
| must also file annually with Treasury in Detroit, Form TDF 90-22.1 | |
| 23 October 2009 | |
| My client doesn't have a bank account in Mexico. He pays the property taxes and other expenses through a company. And even if he did he wouldn't have more than $10,000 at any time in the year.
Is that rule still in place? I read a post from one of our respected contributors saying that you have to file the TDF 90-22.1 even if the balance is less than that. | |
| 28 October 2009 | |
| TDF 90-22.1 must be filed annually for all accounts including bank accounts, credit or debit cards, as well as the Fideicomiso and it is normal for banks to require a named beneficiary for all accounts and trusts. They too are responsible for filing TDF 90-22.1. | |
| 28 October 2009 | |
| I don't know what that word means, but I THINK I know, and there's no way I'm disclosing that. I mean, you're on vacation, you've had a few drinks, it's understandable you may commit an indiscretion or two. Usually the pharmacist will give me something, and it's all over in 2 weeks. It's best to leave what happens in the night in care of the stars, and forget about it the next day. So, I vote for do not disclose, based upon my understanding of the Spanish tongue. | |
| 2 November 2009 | |
| I just called the IRS and the agent in the East Cost told me that if my clients don't have an account with more than $10K they don't have to file the TDF 90-22.1 form. So it looks like it doesn't apply in this case. Of course you have to take the answer with a grain of salt ;-) | |
