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Form 14708: Streamlined Domestic Penalty Reconsideration Request Related to Canadian Retirement Plans
IRS Form 14708 is a Streamlined Domestic Penalty Reconsideration Request Related to Canadian Retirement Plans, filed by taxpayers who paid the 5% miscellaneous offshore penalty on their Canadian retirement plans.
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IRS Form 14708 - Streamlined Domestic Penalty Reconsideration Request Related to Canadian Retirement Plans
IRS Form 14708 is a Streamlined Domestic Penalty Reconsideration Request Related to Canadian Retirement Plans, filed by taxpayers who paid the 5% miscellaneous offshore penalty on their Canadian retirement plans.
Risk Radar
Scan points- 1Ensure both spouses sign if they previously submitted a joint certification for Form 14654.
- 2Filing without listing all Canadian retirement plans mentioned in Form 14654.
- 3Not properly calculating the Requested Refund of Miscellaneous Offshore Penalty (Line 3).
- 4Omitting the Original Highest Account Balance/Asset Value year when it differs from the revised year.
- 5Failing to sign if the reconsideration request is a joint filing.
Plain English
This form allows a U.S. taxpayer who previously reported interest in Canadian retirement plans can ask the IRS to lower or remove the 5% penalty charged against them. The filer certifies they are an "eligible individual" and provides details allowing the IRS to recompute the penalty based on updated asset values.
Submission Date
- Filing date: 2016-10-13 00:00:00
- Preparation window: collect IDs, supporting records, and signatures in advance.
- Final review: verify names, dates, and required fields before submission.
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Glossary Terms
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What this form is for
- Use this form when a taxpayer previously reported the 5% miscellaneous offshore penalty related to Canadian retirement plans (described in Rev. Proc. 2014-55) and needs to request reconsideration of that penalty amount.
- Do not use Form 14708 if you have not paid the 5% miscellaneous offshore penalty on your Canadian retirement plans, or if you are filing a joint certification but only one spouse is signing.
- Check Form 14654 instead when submitting your original Certification by U.S. Person Residing in the United States for Streamlined Domestic Offshore Procedures.
Form selector
Use this form or another form?
Filing as an Estate
Estates must include a signature block specifically for the Fiduciary on Form 14708.
✓ Check the Fiduciary Signature section.
Requesting Refund Only
If you are only requesting a refund, ensure Line 2 (Revised Penalty) is less than Line 1 (Previously Reported Penalty).
✓ Verify calculation accuracy.
Not stated in the official source
Changing Year of Highest Balance
If the year used for the highest account balance differs from your original certification, complete the specific change notation on Page 1.
✓ Ensure both Original and Revised years are correctly listed.
Deadline or filing window
The penalty reconsideration request covers a 3-year covered tax return period and a 6-year covered FBAR period. The form itself does not state a specific filing deadline, but the agreement to retain records lasts until six years from the date of this penalty reconsideration request.
Checklist
What you need before filling it out
Name(s) of taxpayer(s)
Taxpayer's name(s) · Page 1 top section
Previously Reported Penalty (Line 1)
The amount previously reported for the penalty · Form 14708, Line 1
Revised Highest Account Balance/Asset Value Year
The year corresponding to your recalculated highest balance · Form 14708, Page 1 (Change Note)
Canadian Retirement Plan Details
Name of Financial Institution, Address, Account Number, etc. · Form 14708, Page 1 (Plan listing area)
Fiduciary Signature (for Estates)
The signature of the executor or administrator · Form 14708, Page 2
Allow Another Person to Discuss
Checkbox selection on Page 2 · Form 14708, Page 2 (Preparer Use Only)
Before you submit
- 1Complete all Name(s) and TIN(s) fields for all taxpayers on Form 14708.
- 2Ensure both spouses sign if a joint certification was previously submitted, even if only singular pronouns are used in the request.
- 3Verify that Line 3 (Requested Refund) is correctly calculated as Line 1 minus Line 2.
- 4If applicable, clearly note any change between the Original and Revised Highest Account Balance/Asset Value years on Page 1.
- 5List all Canadian retirement plans, ensuring you provide Name, Address, Account Number, Year-End Balance, and Year With Highest Account Balance for each.
- 6Confirm that the date of signature matches the current filing date.
- 7If using a paid preparer, ensure their Signature, Name, Date, Firm’s name, EIN, and address are all filled out on Page 2.
How to file this form
- 1Complete the taxpayer identification and contact information fields located at the top of Form 14708.
- 2Calculate and enter the Previously Reported Penalty (Line 1), Revised Penalty (Line 2), and Requested Refund (Line 3) on Page 1.
- 3List all Canadian retirement plans, providing detailed financial information for each plan listed on Page 1.
- 4Sign and date Form 14708 according to your status (Taxpayer, Joint Taxpayer, or Estate Fiduciary).
- 5If applicable, complete the Paid Preparer Use Only section entirely before signing.
- 6Mail the completed Form 14708 to the Internal Revenue Service at 3651 South I-H 35 Stop 4305 AUSC in Austin, TX 78741, Attn: Streamlined Unit.
Known limitations
- 1The form applies to individuals who included the value of their interest in one or more Canadian retirement plans described in Rev. Proc. 2014-55 in their original Form 14654, Certification by U.S. Person Residing in the United States for Streamlined Domestic Offshore Procedures.
- 2The reconsideration request is specifically related to the 5% miscellaneous offshore penalty on Canadian retirement plans.
- 3If a taxpayer's revised Highest Account Balance/Asset Value year differs from the original certification's year, specific notes must be provided on Form 14708.
Field map
Compact field-by-field guide
General Info
2 items
Full legal name and taxpayer identification number (SSN or EIN).
Current mailing address.
Details
2 items
Complete all applicable sections of this form according to the official IRS instructions.
Enter the relevant dollar amount if this form involves tax calculation.
Certification
1 items
Read and acknowledge any certifications required by this form.
Signatures
1 items
Sign and date. Unsigned forms cannot be processed.
Almost done reviewing the fields?
Fillable formOpen in Editor->The current edition of IRS Form 14708 is dated September 2016 (9-2016). The source directs users to review the “Streamlined Filing Compliance Procedures for U.S. Taxpayers Residing in the United States Frequently Asked Questions and Answers” on www.irs.gov for additional information.
What changed or needs a fresh check
- Edition date — confirm the revision date reads 9-2016.
- Catalog Number — confirm the number reads 67891D.
- Mailing address — confirm the IRS mailing address is 3651 South I-H 35 Stop 4305 AUSC, Austin, TX 78741.
- Signature — ensure all required signatures (Taxpayer/Fiduciary) are present before sending.
Quick Facts
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After you file
- 1Retain all records related to Canadian retirement plans and assets subject to the 5% miscellaneous offshore penalty for six years from the date of this reconsideration request.
- 2Upon IRS request, provide all records pertaining to the Canadian retirement plans and assets.
- 3A determination made regarding this Form 14708 request is final and may not be appealed.
- 4If filing jointly, both spouses must sign the form, even if singular pronouns are used in statements.
Sources
- SRCForm 14708's official title and revision date of 09/16 are found on Form p.1.
- SRCThe requirement to review 'Streamlined Filing Compliance Procedures for U.S. Taxpayers Residing in the United States Frequently Asked Questions and Answers' is noted on Form p.1.
- SRCTaxpayer information required includes Name(s), TIN(s), Mailing address, and Telephone number on Form p.1.
- SRCThe form requires both spouses to sign if they previously submitted a joint certification (Form p.1).
- SRCThe calculation involves recomputing the Highest Account Balance/Asset Value and Miscellaneous Offshore Penalty for the 3-year covered tax return period and 6-year covered FBAR period by removing Canadian retirement plan values (Form p.1).
- SRCThe required penalty items are: Previously Reported Miscellaneous Offshore Penalty (Line 1), Revised Miscellaneous Offshore Penalty (Line 2), and Requested Refund of Miscellaneous Offshore Penalty (Line 3) on Form p.1.
Common confusion points
Who needs to file IRS Form 14708?
Taxpayers who previously reported Canadian retirement plans and paid the 5% miscellaneous offshore penalty on their original Form 14654.
→ Ensure you were an 'eligible individual' as defined in section 4.01 of Rev. Proc. 2014-55.
What do I need to include if it's a joint request?
Both spouses must sign the form, and the statements will be considered made on behalf of both spouses.
→ Check for signature lines designated for 'Signature of Taxpayer (if joint certification)' on Form 14708.
How do I show my Canadian plans?
Identify each plan by providing its Name, Address, Account Number, Year-End Balance For Year, and the Year With Highest Account Balance (in U.S. Dollars).
→ Use additional pages if more space is required for listing financial institutions.
What happens after filing Form 14708?
The IRS may request all records related to your Canadian retirement plans; any determination made is final and not appealable.
→ Keep a copy of the completed form and all supporting schedules/statements.
If I change my year, what do I do?
If the revised Highest Account Balance/Asset Value year differs from the original certification's year, you must note this change on Form 14708.
→ Fill out the specific section noting 'Original Highest Account Balance/Asset Value year' and 'Revised Highest Account Balance/Asset Value year'.
Who signs if I am an Estate?
The Fiduciary must sign the form, providing their Title (e.g., executor or administrator) and Name.
What if a paid preparer files it for me?
Even if a paid preparer signs Form 14708, the signature of the taxpayer(s) or fiduciary is still required.
→ Ensure both the Preparer's Signature block and the Taxpayer/Fiduciary signature blocks are complete.
Workflow map
Related forms and next steps
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After
Often used with
⚠ If something goes wrong
- Not stated in the official source — verify on the agency site (The source does not explicitly name a follow-up form for an appeal, only that the determination is final.)
Questions about IRS Form 14708
What is IRS Form 14708 used for?
This form allows a U.S. taxpayer who previously reported interest in Canadian retirement plans can ask the IRS to lower or remove the 5% penalty charged against them. The filer certifies they are an "eligible individual" and provides details allowing the IRS to recompute the penalty based on updated asset values.
Who must file IRS Form 14708?
A person residing in the United States for Streamlined Domestic Offshore Procedures must file Form 14708, especially if they previously included Canadian retirement plans in their filing.
What information does IRS Form 14708 require?
The form collects taxpayer identification information (Name and TIN) on page 1. It requires listing details of each Canadian retirement plan, including the Name of Financial Institution, Account Number, and Year-End Balance for the year with the Highest Account Balance.
When is IRS Form 14708 due?
The request is based on a review of the original Form 14654 certification covering a 3-year covered tax return period and a 6-year covered FBAR period.
Where do I file IRS Form 14708?
This document must be sent to the Internal Revenue Service at 3651 South I-H 35 Stop 4305 AUSC. The form is associated with Catalog Number 67891D.
How do I complete IRS Form 14708?
The taxpayer completes the initial details on page 1, lists all relevant Canadian retirement plans, and calculates the Requested Refund of Miscellaneous Offshore Penalty. The form requires a signature from the taxpayer (or joint spouse) before mailing it.
What happens if IRS Form 14708 is filed incorrectly?
Failure to provide complete information may delay or prevent processing your application, and providing false information may subject the filer to penalties.
Who needs to file IRS Form 14708?
Taxpayers who previously reported Canadian retirement plans and paid the 5% miscellaneous offshore penalty on their original Form 14654. Ensure you were an 'eligible individual' as defined in section 4.01 of Rev. Proc. 2014-55.
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