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U.S. Federal Income Tax and Information Reporting Relief Procedures for Certain Former U.S. Citizens

On September 6, 2019, the Internal Revenue Service (“IRS”) announced new U.S. tax relief procedures for certain former U.S. citizens.
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U.S. Transition Tax – A Fourth Update

April 14, 2018

In mid-April, there is usually a race against time by taxpayers and accountants to meet U.S. tax filing deadlines. The normal U.S. tax filing deadline for the 2017 year for individuals and certain U.S. entities is Tuesday, April 17th (a few days later than the usual April 15th due to weekends and a U.S. holiday […]

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U.S. Transition Tax – Next Update

April 3, 2018

On April 2nd, the IRS and U.S. Treasury issued more guidance on the U.S. Transition Tax enacted by the Tax Cuts and Jobs Act (“TCJA”) in December 2017. As the U.S. moves to a territorial tax system for profits earned outside the U.S., this provision assesses a tax rate on accumulated earnings and profits in […]

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U.S. Education Savings Plans for Residents of Canada

March 22, 2018

Canada and the U.S. have similar tax laws for education savings plans. Unfortunately, neither recognizes the each other’s plans the same as their own. For example, a U.S. education savings plan, such as a “529 Plan,” has Canadian tax reporting requirements which are not applicable to a Canadian Registered Education Savings Plan. Canada and the […]

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