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

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 a compromise on their different US tax bills. Details were […]

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Update on IRS Tax Amnesty Programs

February 5, 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 about some of these programs: Internal Revenue Service Amnesty Programs […]

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

November 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. Mutual Funds. If you are familiar with this issue, then […]

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Extending the U.S. Tax Filing Deadline

April 8, 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 on a weekday. In years when the 15th falls on […]

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