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Extending the U.S. Tax Filing Deadline
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 […]
US Gift Tax Exposure on Joint Ownership of Property
February 15, 2013The most common way spouses hold property in Canada is joint tenancy with right of survivorship. Joint ownership provides each joint tenant an undivided interest in the property and when one spouse dies, the property immediately passes to the surviving spouse without probate. In the case where one spouse is a U.S. citizen and the […]
Married Couples – When to Consider Filing Separately
February 8, 2013Many married U.S. citizen and/or U.S. resident couples file a joint US income tax return. It is convenient, allows taxation of income at potentially lower tax rates compared to filing separately and may save a small amount of preparation time and professional fees. However, in some situations, filing a joint US income tax return may […]
Low Risk U.S. Tax Compliance
January 4, 2013On June 26, 2012 the Internal Revenue Service (“IRS”) announced new streamlined filing procedures (“SFP”) for non-resident U.S. taxpayers to go into effect September 1, 2012. SFP is available to U.S. persons and dual citizens living outside the US who have failed to timely file U.S. federal income tax returns or disclose their non-U.S. bank […]