U.S. citizens and Green card holders living in Canada or otherwise outside the United States may have FBAR filing obligation. If the aggregate maximum value or the balance of your foreign financial accounts exceeds US $10,000 during the calendar year, you are generally required to file FinCEN Form 114: Report of Foreign Bank and Financial Accounts (FBAR).
The IRS is Ending OVDP in September 2018. Here are Four Important Alternatives to Become U.S. Tax Compliant
In March 2018 the IRS made an announcement of titanic proportions. It will be ending the Offshore Voluntary Disclosure Program (OVDP) effective from September 2018. This announcement pertaining to the IRS ending OVDP, a program that was first introduced in 2009 and has undergone several subsequent revisions, …
How to Choose a Qualified US Tax Advisor
How to Choose a Qualified US Tax Advisor By Alexey Manasuev, U.S. TAX IQ Principal US tax law is complex and can apply in various scenarios, even when one might think US tax does not have anything to do with a transaction at hand. In addition to the complexity, US tax law is constantly changing….
When Do You Need To Speak to a U.S. Tax Advisor?
When Do You Need To Speak to a U.S. Tax Advisor? Have you ever faced a client who may have a cross-border tax issue? If you have, you probably know that when you deal with clients domestically (say, within Canada), you may not necessarily guess that they may be citizens of another country or be…