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In our recent article: Current & Updated Deadlines for IRS Forms, we informed U.S. taxpayers about the new deadline for certain U.S. tax forms, which will apply to the 2016 tax year (due in 2017). Why You Should Start Planning Now The changes affect many U.S. tax forms for which the deadline has been pushed...
In the recent years, every country has been passing stringent laws to monitor foreign investments by their country’s citizens/taxpayers to prevent tax evasion through foreign investments. The Canadian government introduced Form T1135 a few years ago to prevent Canadian taxpayers from evading taxes, and since then, Canada Revenue Agency has been in a continuous process...
The Foreign Account Tax Compliance Act (FATCA) was enacted by the United States (U.S.) Congress in March 2010 to prevent U.S. persons/taxpayers from evading taxes by using foreign accounts. Under FATCA regulation individuals are required to provide full details of their foreign accounts/investments, but now even foreign financial institutions (FFIs) are required to provide details...
If a U.S. company that is 25% or more owned by foreign person(s), which includes (but is not limited to) individual(s) or corporation(s), has reportable transactions with related parties, form 5472 (Information Return of a 25% Foreign-owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business) may be required to be...
With the 2013 calendar year coming to an end and everyone busy sorting out their taxes, it would be a good idea to go over some of the continuing business tax provisions (“tax-extenders”) that are about to expire. There is a great deal of uncertainty as to whether any of these provisions will be extended...
Canadians with US reporting requirements who own their own Canadian corporations (or plan to own), have many potential US reporting requirements to keep in mind. Even if the corporation doesn’t operate in the US, if the Canadian taxpayer who has a US filing obligation holds a controlling stake in the company (as defined by the...
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