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).
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 U.S. Tax Advisor By Alexey Manasuev, U.S. TAX IQ Principal Key Takeaways U.S. tax law is highly complex and constantly changing. With thousands of amendments and evolving enforcement initiatives (FATCA, BEPS, IRS programs), staying compliant requires up-to-date knowledge and resources. Not all tax professionals are equal. A qualified…
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…
