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The Form 3520 Penalty Debacle: Podcast And Discussion With CPA Gary Carter

November 8, 2021 …

I just got off the phone with another person who was assessed a $10,000 penalty in relation to a Canadian TFSA (which is probably not even a trust for US purposes, which means it can’t be a foreign trust). Predictably her response is to simply renounce US citizenship.

The conversation reminded me of a podcast that I did (last January with CPA Gary Carter) about the 3520/A IRS penalty problem. As I result, I am posting this podcast.

This podcast features a discussion with CPA Gary Carter that includes:

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