U.S. Income Tax
U.S. Individual Tax returns
Mark the calendars as the extended due date of October 16, 2023 is approaching soon for the U.S. individual taxpayers.
September 20, 2023
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Category: U.S. Income Tax
U.S. Income Tax
U.S. Income Tax
Checklist: U.S. Individual Tax Returns
Please use the below checklists to arrange the information for the preparation of U.S. personal tax returns. Starting information & Filing Status – All the individuals filing U.S. Tax returns must provide this. Information required
February 3, 2023
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Individual Tax - Canada
2023 – Important Deadlines
Important deadlines for 2023 Please note that these are the deadlines applicable to most taxpayers. Some of the information returns may not be included here. For up-to-date information, please always follow the deadlines communicated to
January 20, 2023
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U.S. Income Tax
U.S. Tax Rules for PFICs – Canadian Context
Passive Foreign Investment Companies (PFICs) In this post: What is a PFIC? Definition of PFIC Deep dive into PFIC definition Gross Income Test Asset Test Exceptions – What is not PFIC? Controlled Foreign Corporations (CFCs)
August 26, 2022
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Individual Tax - Canada
Moving from Canada & Principal Residence Exemption
A lot of taxpayers emigrate from Canada every year, some to the south of the border and others beyond. In Canada, generally, the owners of the residential property are exempt from the taxes on capital
April 7, 2022
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U.S. Income Tax
Controlled Foreign Corporations (CFCs)
The U.S. tax system went through a major overhaul as a result of the Tax Cuts and Jobs Act (TCJA). Beginning in 2018, the U.S. taxes individuals on worldwide income whereas corporations on a Quasi-territorial
March 24, 2022
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U.S. Income Tax
IRS form 5471: U.S. Persons with Canadian Corporations
IRS form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations, is one of the most complex forms in the U.S. Expat tax return package. The form has evolved significantly post-TCJA to
March 21, 2022
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U.S. Income Tax
U.S. Citizens and Residents with U.S. Amazon Stores
Question: Do Canadian Corps using U.S. Amazon FBA services need to pay branch profit taxes and file 5472.
February 19, 2022
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U.S. Income Tax
IRS Streamlined Foreign Offshore Procedures
IRS Streamlined Foreign Offshore Procedures In this post: Streamline Foreign Offshore Procedures (SFOP) – Overview Eligibility for SFOP Requirements of SFOP – Checklist Who should not use SFOP! How can Maroof HS CPA Professional Corporation
February 18, 2022
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Individual Tax - Canada
Canadian Taxpayers Selling U.S. Property
Many of Canadian taxpayers maintain a second home, a vacation property, or hold a U.S. real property interest for investment purposes. In 2020 and 2021, there is an upward trend of dispositions of U.S. real
August 29, 2021
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