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U.S. tax law require U.S. persons to disclose their foreign financial information with the filing of their federal income taxes regardless of whether the qualifying U.S. taxpayer resides in the U.S. or abroad. In our earlier article: Common Tax Issues Faced by U.S. People Living Abroad, we had discussed the basic tax filing requirements of...
In December 2017, the U.S. government introduced several tax changes. These tax changes not only impact U.S. individual and corporate taxpayers but U.S. citizen taxpayers residing in foreign countries as well. For U.S. citizens residing in Canada and other foreign countries, some of these tax changes are in favor of the cross-border U.S. citizen while...
Qualifying U.S. taxpayers, residing within or outside the U.S. (cross-border U.S. citizens), are required to pay their taxes and file their U.S. tax return by the U.S. tax deadline of April 17, 2018 (Tax Day 2018). U.S. citizens or resident alien taxpayers residing overseas, or in the military on duty outside the U.S. are allowed...
The U.S. government requires all U.S. citizens and green card holders to comply with U.S. tax laws. In addition to filing income tax returns, U.S. taxpayers are required to file a number of reports disclosing their foreign assets. U.S. citizens, regardless of whether they reside in the US or abroad, need to comply with the...
U.S. citizens or resident aliens residing outside the U.S., including Canada, should have filed their U.S. income tax return and other tax related information returns by April 15 (April 18 for 2017). If you missed this deadline, the U.S. Internal Revenue Service (IRS) has implemented an automatic extension until June 15 to file your U.S. tax return. It...
Starting an online-based business is a lot easier than starting a physical store. An online business also allows business owner’s to cater to a larger audiences scattered in different regions compared to one location. Individuals starting their online store will often use websites to promote their business and reach out to clients, most are not...
The U.S. government taxes its citizens, and greencard holders on their worldwide income regardless of whether they are U.S. residents for the tax year or not. Individuals who are born to U.S. parents in countries like Canada are also subject to U.S. taxes as they are considered U.S. citizens and have a U.S. Social Security...
As per the U.S. Internal Revenue Service’s (IRS) report, in 2016 over 85% of taxpayers e-filed their 2015 tax returns. Some individuals, however, are still skeptical when it comes to e-filing. Common reasons for taxpayers opting out of e-filing are identity theft & financial data theft, even though the IRS has taken great lengths to...
Most Canadian companies when expanding its operations internationally, look to the United States due to the close proximity, access to a huge market, and ease of trade. However, when a Canadian company decides to sell its services and products in the US, it should be aware of the various US tax laws that could apply...
Due to the close proximity, many U.S. individuals move to Canada for personal or work reasons but maintain their U.S. citizenship. In addition, some Canadians acquire U.S. citizenship from one or both of their parents. As U.S. citizens, the person needs to fulfill their U.S. tax responsibility. This includes reporting the sale of a Canadian...
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