U.S. Personal Income Tax Return Services

Our personal U.S. tax services are designed to offer client focused innovative solutions.

Some of the U.S. tax services we provide to individuals include:

  • preparation of U.S. personal income tax returns
  • preparation of U.S. state personal income tax returns
  • designed strategies for high net worth individuals
  • retirement planning for U.S. tax deferred retirement plans
  • advice on tax issuing for individuals considering moving from the U.S. to Canada and from Canada to the U.S.
  • investing in U.S. real estate including assisting with buying or selling U.S. assets
  • assisting with preparation of U.S. ID numbers for non residents of the U.S.
  • U.S. estate tax for U.S. citizens living in Canada
  • tax planning for U.S. citizens living in Canada
  • preparation of delinquent U.S. tax filings for non filed tax years
  • assisting with outstanding income taxes issues, non payment, payments in arrears, etc
  • a variety of other U.S. tax related services for individuals

Attention, U.S. Citizen and Greencard holder! Were you born the in the U.S.? Are you a U.S. Citizen or Greencard holder? If so read on.

If you were born in the U.S., are a U.S. Citizen, or Greencard holder living in Canada you are subject to the same income tax filing requirements that you would be subject to if you were living in the U.S. This means that you must file U.S. income tax returns each year to report your worldwide income. In addition to the income tax returns, there are various information returns reporting forms that must be filed with the Internal Revenue Services (“IRS”) that result in significant penalties (i.e. $10,000.00 per form) if not filed on time.

In February 2011, the IRS announced a new voluntary disclosure program to bring U.S. taxpayers that have not previously been filing a U.S. personal income tax return, into the U.S. tax system and provide them with a mechanism for resolving their U.S. tax issues. The new initiative applies to calendar years 2003 through 2010 and is scheduled to only be available until August 31, 2011. The voluntary disclosure program is designed to eliminate the risk of criminal prosecution and provides for lesser civil penalties that would apply if the non compliance came to the IRS’ attention through other means.

When crossing the border, U.S. border guards are starting to request those born in the U.S. to use a U.S. passport. To obtain a U.S. passport, you must file all delinquent tax returns. Also, starting in 2014, Canadian financial institutions will be required to report information to the IRS for U.S. Citizens.

If you are a U.S. Citizen or Greencard holder and have not been filing the U.S. income tax returns and/or the information returns, please contact us as soon as possible to discuss your alternatives.

Recent changes have been made by the Internal Revenue Service. A recent article that appeared in the Globe & Mail on January 16, 2012 outlines various matters related to the filing requirements and new onerous reporting requirements that are required for US Citizens.

On June 26, 2012 the Internal Revenue Service announced new “catch up” filing compliance procedures for non-resident U.S. taxpayers.  The rules and regulations for this are outlined per the attached article titled New U.S. Filing Program – June 26, 2012 Regulations.  The changes are significant and the essence of the changes are briefly outlined per the attached article.

Cross Border Tax Issues

To minimize any tax liabilities and take full advantage of cross-border planning opportunities, Canadian businesses need the assistance of a Chartered Accountant on their side who fully understands how to navigate the U.S. tax laws.

We can assist our clients since we have unique skills and experience to deliver the result that your business requires. Some of our assistance may take the following forms:

  • Strategies and due diligence in the acquisition of U.S. entities or assets
  • Structuring corporate investment and expansion into the U.S.
  • Developing tax-efficient financing structures
  • Planning expatriation of U.S. profits to Canada
  • We can obtain U.S. Individual Taxpayer Identification Numbers (ITIN’s) on behalf of clients
  • We can obtain Corporation Employer Identification Numbers
  • We can expedite U.S. Federal and State payroll processing
  • We can also assist or direct you to certain individuals and organizations that can assist with immigration, emigration and U.S. citizenship
  • And much more

We can provide taxation and business services in Canadian, United States or combined tax situations, involving individuals, corporations, partnerships, estates and trusts.

Over the years, Joe Truscott has written many individual income tax and business articles which have been posted here for you to review. You can also review additional articles that have appeared in his quarterly client bulletin called Business Matters.

A further in-depth discussion of the various income tax services provided by Joe Truscott are outlined in his Tax Planning Brochure.

Call Today at 905-528-0234 for a free, no obligation consultation with Joe Truscott.