Introduction On June 25, 2020, the Canada Revenue Agency (CRA) announced plans to review six years of U.S. real estate transactions to identify potential tax non-compliance among Canadian taxpayers. The CRA intends to examine “real estate and property data in bulk form, including municipal addresses, names of owners, square footage, sales histories, and property tax […]
Tag Archives: USA ACCOUNTING & TAX BLOGS
Discover USA Accounting & Tax Blogs by Tax Partners Oshawa. Get expert advice, tax updates, and insights tailored for businesses and individuals in the USA.
03
May
May
Tax Partners has the IRS accreditations for the authentication of YOU ID documents for your ITIN application. Every year, Tax Partners assists hundreds of Canadians in obtaining an Individual Taxpayer Identification Number (ITIN). Indeed, as an IRS Certifying Acceptance Agent, we have the expertise and certification required to assist Canadians in obtaining their ITINs, including the ability to […]
03
May
May
Let us do the complex stuff, you will only need to wait for your cheque. Who’s eligible? Any Canadian citizen not residing in the USA having won a prize and seen the IRS withhold part of it can claim part or all of it to the IRS. Residents of other countries benefiting from a Tax […]
03
May
May
Millions of Americans living abroad aren’t aware that all American citizens are required to file US taxes, reporting their global income, wherever in the world they live. The requirement for Americans living abroad to file is an anomaly that dates back to the Civil War, when the federal government was desperate for revenue at a […]
03
May
May
Rumors swirl regarding US expats’ US filing obligations, some of which are true, and many of which aren’t. In this article we’ll separate the facts from the fiction. So without further ado, here are the top 20 things that you need to know about US expatriate taxation. 1 – Expats have to file The American […]
03
May
May
Purpose of Program The IRS amnesty program, known officially as the “Streamlined Foreign Offshore Procedures,” was established 2012 to encourage U.S. citizens/green card holders living abroad to come into full compliance on their delinquent or incomplete U.S. tax returns and FBARs.
03
May
May
Purpose of the FBAR The FBAR is used by the United States government to identify persons who may be using foreign financial accounts to circumvent United States law. Information contained in FBARs can be used to identify or trace funds used for illicit purposes or to identify unreported income maintained or generated abroad.
03
May
May
So why is the IRS so concerned with US Expats? Well the US has the highest tax avoidance cost (circa $200 billion) in the world. So it makes sense that the IRS is continuously trying to find new ways, means, and methods to track US citizens who live or work abroad to make sure they […]
03
May
May
As a US American abroad, you may have heard a tax term called a “foreign source income” before. Perhaps you’ve even asked the question “What is foreign source income?” while reading one of our tax guides. Don’t worry – we’re going to make sure we will lay this all out for you. Foreign source income […]
21
Apr
Apr
Living Outside the United States If you are a U.S. citizen or resident alien and if you meet the following tests, you can elect the “foreign earned income exclusion.” First, you must have a “tax home” in a foreign country. This means your main place of business or employment must be in a foreign country […]
