I was surfing the internet and came across an article that said I had to report my US real estate to the Canada Revenue Agency (“CRA”). This can’t be right, so I called my tax advisor and she told me that was in fact true in certain circumstances. She went on to tell me that […]
There are many Canadian companies that have been doing business in the US for years and never reported their sales or service activities to the federal or state governments. Very few are completely oblivious to the requirements. However, the majority are aware that they need to, at the very least, do something. Instead they sit […]
– US Tax and Reporting Obligations – How They Stand Today Every year, Americans abroad pay thousands of dollars to file taxes in two or more countries which apply tax treaties that will often (but not always!) offset any balance of US taxes due. While accountants make money from obliging expats and IRS agents review […]
With increased collaboration between friendly nations, CRA is working to deter and identify those who participate in off-shore tax evasion. Independent agreements to assist each other are coupled with a membership in the Joint International Taskforce on Shared Intelligence and Collaboration (JITSIC). The information exchange has supplied data on off-shore accounts for years now but […]
On November 2 the Joint Committee on Taxation released the proposal for the tax reform bill H.R. 1, The Tax Cut and Jobs Act. It appears that the reform does not eliminate or simplify the Code to the extent we had hoped. On the contrary, certain provisions, as the proposal stands, will result in additional […]
US expatriates in Canada and Canadians in the U.S. need to remember that the border, when it comes to tax obligations, may be closer than they think. The income tax treaty (the “Treaty”) between the US and Canada allows for Canada Revenue Agency (“CRA”) to collect tax, interest, and civil penalties from delinquent US taxpayers […]
“It’s really American to avoid paying taxes, legally” – Lindsey Graham Let’s face it, penalties can be painful. However, they can serve a valuable purpose in motivating people to do the right thing. Whether we’re discussing filing accurate returns, making the proper payments or simply watching the calendar for due dates, full compliance with tax […]
It appears almost 13% of all foreign property owners in various counties of California, Florida, Nevada and Texas aren’t reporting rental income on their US properties. Chances are they aren’t paying the associated taxes on that money either. That is what a recently released yearlong investigation by the Treasury Inspector General for Tax Administration (TIGTA) […]
Offshore income and account disclosures to the IRS continue, but even with all the activity, what to expect remains uncertain. The streamlined program, first announced in June of 2014,1 was a welcome relief for many taxpayers with undeclared foreign accounts who had faced unpalatable choices that included the offshore voluntary disclosure program, so-called quiet disclosures,2 […]
Some foreign banks trying to report Americans’ accounts to the IRS could face a tougher time in 2018 if they can’t get taxpayer identification numbers (whether Social Security Numbers (SSNs) or Individual Taxpayer Identification Numbers (ITINs) for the account holders. The Internal Revenue Service said April 11 that after 2017, it will no longer let […]