Steven Flynn, CPA, CA, CPA (Washington), Author at Andersen in Canada

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U.S. Transition Tax – Update

Steven Flynn, CPA, CA, CPA (Washington) 03/14/2018

On March 13th, the Internal Revenue Service provided further guidance on how U.S. taxpayers should report activity subject to the U.S. Transition Tax on their 2017 US income tax returns. Our previous blog describing the tax and its impact to U.S. taxpayers can be found ...

U.S. Transition Tax

Steven Flynn, CPA, CA, CPA (Washington) 02/27/2018

In December 2017, the U.S. enacted The Tax Cuts and Jobs Act (“TCJA”). Amongst many changes to U.S. tax law is a move to a territorial tax system where US corporate shareholders of non-U.S. corporations can repatriate profits earned outside the U.S. without additional U.S. ...

U.S. Tax Reform – Getting Closer to the End

Steven Flynn, CPA, CA, CPA (Washington) 12/16/2017

Quite the week for tax professionals in Canada and the U.S. On Wednesday, Finance Minister Bill Morneau provided guidance on how Canada’s income splitting rules will apply to private corporations. You can read more about it here: https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/federal-government-budgets/income-sprinkling.html On Friday, the House and Senate reached ...

Canadian Tax – Federal Liberal Tax Changes on Private Corporations

Steven Flynn, CPA, CA, CPA (Washington) 09/22/2017

Over the last few months, much has been written about the proposed Canadian tax changes to private corporations. I am concerned about the speed at which the Department of Finance is moving to enact these significant and wide reaching tax changes. The proposals were introduced ...

Update on IRS Tax Amnesty Programs

Steven Flynn, CPA, CA, CPA (Washington) 02/05/2016

For the last eight years, the Internal Revenue Service has offered a number of tax amnesty programs to allow taxpayers to come forward and declare unreported non-U.S. source income and assets. Using these programs reduces penalties and can prevent criminal prosecution. We have previously written ...

Year End Planning – U.S. Citizens Who Own Canadian Mutual Funds

Steven Flynn, CPA, CA, CPA (Washington) 11/10/2015

U.S. citizens living in Canada face adverse US income tax consequences where they own Canadian or other non-U.S. mutual funds. If you are not sure how the US’s “Passive Foreign Investment Company” rules apply here, please see our previous blog entry US Persons Holding Non-U.S. ...

Changes to Certain Cross-Border Tax Amounts for 2015

Steven Flynn, CPA, CA, CPA (Washington) 02/04/2015

As the calendar changes to 2015, both the Internal Revenue Service and Canada Revenue Agency have changed or left unchanged certain amounts and figures. Below are some of the revised amounts, numbers and limits for the year 2015 relevant to U.S. citizens resident in Canada. ...

Canada Revenue Agency Extends The 2013 Personal Tax Return Filing Deadline

Steven Flynn, CPA, CA, CPA (Washington) 04/14/2014

Recently the Canadian federal government’s website and computers were hit by the Heartbleed bug. The computer virus took down Canada Revenue Agency’s online filing services and also prompted the government to shut down access to client information sites such as Represent a Client, Netfile, My ...

Internal Revenue Service – Taxpayer Advocate Service

Steven Flynn, CPA, CA, CPA (Washington) 04/15/2013

The IRS Taxpayer Advocate Service is an independent department within the IRS that helps taxpayers resolve their problems with the IRS. These problems can include tax matters that are causing the taxpayer financial difficulties or immediate threats of adverse action. The problems can also include ...

Extending the U.S. Tax Filing Deadline

Steven Flynn, CPA, CA, CPA (Washington) 04/08/2013

Mention the date April 15th to a U.S. person and their first thought probably turns to taxes. Individuals who are required to file a US income tax return are generally required to file their return on or before April 15th provided that the date falls ...

The member firms of Andersen in Canada focus on Canadian, international and Canada-U.S. cross-border tax matters. With offices across Canada, our tax professionals work with a broad range of businesses and individual clients to develop innovative tax solutions for a diverse range of issues. Our senior leaders and many of our professional staff have extensive experience in Canadian, international, U.S. and cross-border tax matters with major international accounting firms, as well as practical experience working with businesses and individuals.