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US Tax Confusion for US Persons in Canada
Many U.S. persons living in Canada are angry, scared or confused about their US tax obligations and the new Foreign Account Tax Compliance Act (“FATCA”). The internet is buzzing with stories of massive penalties, crippling professional fees and denied entry into the U.S., some of which may be partly true. Contrary to the internet, most […]
Internal Revenue Service announces changes to Streamlined Programs
June 18, 2014On June 18th, the Internal Revenue Service announced changes to the Offshore Programs to help ease the tax reporting compliance burden on delinquent taxpayers and assist more taxpayers to come forward to get their U.S. tax return filing obligations up to date. Now referred to as the “Streamlined Foreign Offshore Procedures” or “Streamlined Domestic Offshore […]
Will FATCA Be Implemented in Canada?
May 12, 2014Some commentators have suggested Canada’s recently signed Intergovernmental Agreement (“IGA”) with the US violates Canada’s Charter of Rights. If they are right and the IGA is implemented, it may be overturned by Canadian courts. The IGA is an agreement that modifies the US’s Foreign Account Tax Compliance Act (“FATCA”). FATCA and the IGA FATCA is […]
We’ve added FATCA Seminars for Vancouver
May 2, 2014On July 1, 2014 the Foreign Account Tax Compliance Act will require Canadian financial institutions to report accounts held by U.S. persons to the IRS. If you are a U.S. person who has not filed U.S. tax returns you may have significant exposure to tax, interest and penalties. and other relevant US tax topics. May […]