RP-2014-55: Election Procedures and Information Reporting with Respect to Interests in Certain Canadian Retirement Plans
Internal Revenue Service (IRS) sent this bulletin at 10/07/2014 02:13 PM EDT
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Issue Number: RP-2014-55Inside This IssueRevenue Procedure 2014-55 provides that eligible U.S. citizens and residents with certain Canadian retirement plans will be treated as making an election under Article XVIII(7) of the U.S.-Canada Income Tax Treaty to defer U.S. income tax on income accruing in their retirement plans until a distribution is made. Such individuals will be treated as having made the election in the first year in which they would have been entitled to make the election under the treaty. This revenue procedure also eliminates a reporting requirement associated with such Canadian retirement plans. It will appear in IRB 2014-44 dated Oct. 27, 2014. Thank you for subscribing to IRS GuideWire, an IRS e-mail service. If you are a Tax Professional and have a specific concern about your tax situation, call the IRS Practitioner Priority Service 1-866-860-4259. This message was distributed automatically from the IRS GuideWire mailing list. Please Do Not Reply To This Message. |