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Due to a misunderstanding of the way the Internal Revenue Service treats Canadian RRSPs and RRIFs, many U.S. taxpayers residing in Canada hold a beneficial interest in a Canadian RRSP or RRIF and have failed to file the required annual information returns. They have wrongly assumed that since the Canadian income taxes they paid offset...
There appears to be a widespread misunderstanding of Internal Revenue Service (IRS) treatment of Canadian RRSPs and RRIFs for tax purposes. This article will attempt to explain the reasons why RRSP holdings may have unwittingly put many unsuspecting US taxpayers into a non-compliant situation. US Tax Policy In simple terms US tax policy is predicated...
The 2011 OVDI announced by the IRS is intended to bring non-compliant US taxpayers into compliance with U.S. tax laws and regulations on the understanding that once in compliance the tax payer will continue to comply with U.S. tax requirements in future years. This may be a non-compliant taxpayer’s last best chance to come forward...
United States Department of Justice: Offshore Compliance Initiative News August 3 2011 UBS Client Pleads Guilty to Filing False Tax Return August 2 2011 Former UBS Banker Charged with Helping U.S. Taxpayers Use Secret Swiss Bank Accounts to Evade U.S. Taxes July 21, 2011 Swiss International Bank’s Former Head of North America Offshore Banking, Others...
The 2011 Overseas Voluntary Disclosure Initiative expires on August 31, so there is now less than three weeks left for non-compliant US taxpayers to come forward and disclose previously unreported overseas accounts and assets under the 2011 OVDI (Overseas Voluntary Disclosure Initiative). This may be the last best chance for non-compliant taxpayers to resolve overseas-related...
The penalties applied by the IRS for filing infractions can be severe and punitive nor is the IRS reticent to apply them. Penalties are not limited to income tax forms but are also applied to information forms. We have listed a few of the most common forms that you may have to complete below and...
Anyone that has undisclosed offshore income and assets wishing to come forward and make things right will probably find that 2011 will be a very good year. The 2011 OVDI (Offshore Voluntary Disclosure Initiative) announced by IRS Commissioner Shulman on February 8, 2011 provides what may be the last opportunity for non-compliant US taxpayers to come...
If you are a US citizen or green card holder living outside the United States you are still required to file US 1040 tax returns and other disclosure forms and documents required by the IRS. You must report your worldwide income, foreign holdings of real property, foreign bank and investment accounts, bonds, securities and other...
So you have decided to leave Canada permanently and settle in another country. Maybe you’ve decided to take that great job in the United States or overseas or you just want to live somewhere where it’s always warm. You’ve finally got your US Green Card (or other immigration clearance) so you call in the movers,...
A tax free savings account (TFSA) is a registered savings account that allows individuals to save a set amount of money on a yearly basis and invest that money with no tax payable. The aim when TFSAs were created by the Government of Canada was for people to set aside money to invest. Gains made...
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ABOUTAylett Grant Tax, LLP
With offices across Canada, we are positioned to manage and process the full scope of your Canadian, US and US Canada cross-border tax filing needs.ABOUTAG Tax LLP
With offices across Canada, we are positioned to manage and process the full scope of your Canadian, US and US Canada cross-border tax filing needs.OFFICEVancouver
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