Human Resource Services Webcast
|
|
- Jody Rodgers
- 8 years ago
- Views:
Transcription
1 Human Resource Services Webcast Foreign reporting requirements in Canada and the US: What s new and why you need to comply
2 Administrative information 60 minute webcast Audio with slides For a better viewing experience, close all other applications For better sound quality, use headphones To print this entire PowerPoint presentation, click on the green Resource List widget and then Download Slides If you have questions during the live program, type them in the Ask a Question box located on the left side of screen and click Submit This presentation will be archived and available for later viewing as an on-demand presentation 2
3 Administrative information In order to receive CPD credit for this program, you must stay on for the entire live program and participate by responding to all interactive polling questions CPD credit cannot be awarded for participants who are not logged on to this webcast as themselves, who participate over the phone, or attend the on-demand version For those qualifying for CPD credit, a certificate will be sent shortly after the webcast to the address used for registration The certificate will acknowledge one hour of structured learning towards the Institute of Chartered Accountants of Ontario CPD requirement or similar accreditation For webcast participants in other jurisdictions, you should follow up with your local governing body to confirm if it meets requirements 3
4 Information reporting - Background Why the focus on offshore financial information? UBS employee Bradley Birkenfeld blows the whistle on how UBS was helping Americans evade US taxes UBS paid a find of $780 million and turned over 4,500 names of US account holders US estimates $3 to $5 trillion of US assets in offshore accounts, and $100 billion lost per year US sentenced Bradley to jail for 40 months for his role in the scheme and paid him a reward of $104 million 4
5 Information reporting - Background After UBS, the IRS greatly increased reporting requirements and increased penalties for failure to comply World wide attention on this issue with other countries such as Japan and Spain bringing in reporting rules Harper government has followed suit stating our government is committed to combating tax evasion and getting tough on tax cheats (Parliamentary Secretary Cathy McLeod) Result is that tax returns are no longer just about computing tax. Information reporting is taken very seriously and penalties for noncompliance are significant This means taxpayers must take this seriously too especially important in a cross-border move or for US citizens living abroad 5
6 Cross-border reporting requirements - Agenda Canadian Reporting: T1135 What s new? T1161 Departure from Canada reporting FATCA The new Canada US Agreement to exchange information US Reporting: FBAR Form 8938 Foreign Financial Assets Form 8891 Form 3520 trust compliance for TFSAs and RESPs Form 8621 for PFICs Concluding comments 6
7 Form T Foreign Income Verification Statement 7
8 Form T Who must file? All Canadian resident taxpayers if at any time in the year the total cost amount of all Specified Foreign Property to the taxpayer was more than $100,000 Canadian An individual does not have to file Form T1135 for the year in which the individual first becomes a resident of Canada 8
9 Form T1135 What to report Specified Foreign Property includes: funds held outside Canada tangible property situated outside Canada shares of non-resident corporations interests in non-resident trusts debts owed by non-residents, including: o government and corporate bonds o mortgages precious metals gold certificates, etc. The information required to be reported on the foreign property is much more significant than in the past The form asks for cost amounts, rather than market values 9
10 Form T1135 When must you file Form T1135 must be filed on or before the due date of an individual s income tax return, which is typically April 30 th of the year following the tax year This form cannot be e-filed (it has to be paper filed) 10
11 Form T1135 Why must you file There are substantial penalties for failure to file or making false statements or omissions Some penalties include: failure to file (maximum $2,500) failure to file knowingly or because of gross negligence (maximum $12,000) Making false statements or omissions (greater of $24,000 or 5% of the cost of the foreign property) 11
12 Form T1135 Summary Form T1135 Who must file What to report When must you file Why must you file Canadian resident taxpayers with a total cost of all Specified Foreign Property over $100,000 Cdn Specified Foreign Property (e.g. funds outside Canada, tangible property outside Canada, shares of non-resident corporations, etc.) On or before the due date of an individual s tax return (usually April 30th) Substantial penalties for failure to file or making false statements or omissions 12
13 Polling question #1 I am participating in this webcast because: (indicate all that apply!) I am interested in this topic I want to understand how to avoid penalties I need CPD credits I want to learn how to earn a $104 million reward 13
14 Form T List of Properties by an Emigrant of Canada 14
15 Form T1161 Who must file? Form must be filed by individuals who cease to be resident of Canada during the year Only have to file if the fair market value of all the properties you owned at the date of your departure exceeds $25,000 CDN Certain types of properties are excluded from being reported on this form. The CRA details them very clearly on the form itself. 15
16 Form T1161 Excluded accounts Certain other deferred benefit plans Tax-free savings accounts Registered retirement income funds Employee benefit plans Registered education savings plans Annuities Pooled registered pension plans Registered disability savings plans Pension plans Registered retirement savings plans Employee life and health trusts Retirement compensation arrangements 16
17 Form T1161 Example Five Year Rule Assets owned at arrival - Rental property in Texas shares of IBM - Engagement ring valued at $5,000 Assets purchased while resident of Canada - RV valued at $100, shares of Apple If Candace was in Canada for less than 60 months of the previous 120, what assets would be reported on her T1161? 17
18 Form T1161 Example Five Year Rule Less than 60 months -RV - Apple shares More than 60 months - Rental property in Texas - IBM shares - Apple shares -RV 18
19 Form T1161 What to report All assets which are not specifically excluded per the instructions Common items reported: non registered investments, principal residence, foreign real estate, vacation property, unexercised stock options Items we wish were excluded: Personal property with a value over $10,000, i.e. cars, boats, jewellery 19
20 Form T1161 Why must you file Departure tax Avoid penalties ($25 a day to a max of $2,500) 20
21 Form T1161 When must you file Filed as part of your Canadian tax return for the year of your departure Due on April 30 th in the year proceeding your departure No extensions Significant penalties if filed late 21
22 FATCA: US Canada Intergovernmental Agreement Canadian banks will now report to CRA account information on US account holders CRA will provide information to the IRS Welcome exceptions for RRSPs, RRIFs, TFSAs, RESPs, and RDSPs 22
23 FBAR (FinCEN Form 114; formerly TD F ) 23
24 FBAR (FinCEN Form 114; formerly TD F ) Who must file? US person (citizen, resident or entities) who have a financial interest in or signature authority over at least one financial account outside of the US Value of all foreign accounts > $10,000 at any time during the year Exceptions Individuals with signature authority, but no financial interest in an SEC registered company are exempt from this requirement in 25 or more accounts do not need to provide details for each account 24
25 FBAR, continued What to report? Information on Foreign Bank and Financial Accounts Foreign financial accounts are located outside the US and include: Securities and brokerage accounts Savings, Demand, Chequing, and Deposit accounts RRSP accounts Exceptions: Tax-Qualified Retirement Plans Need to disclose: Financial institution name, account number, account address, type of account, and maximum value of account during calendar year 25
26 FBAR, continued E-File Mandatory e-filing is now required FinCEN Form 114 supersedes TD F and is only available online through the BSA E-Filing System website When must you file? Filing deadline is June 30 Form is filed separately from tax return Why must you file? Penalties $10,000 per account, could be higher 26
27 Form 8938 Statement of Specified Foreign Financial Assets 27
28 Form 8938 Statement of Specified Foreign Financial Assets Who must file? Specified individuals and with an interest in specified foreign financial assets Specified Individual US Citizen Resident Alien (for any part of tax year) Nonresident Alien who elects to be a US tax resident Exceptions to Specified Foreign Financial Assets Financial account maintained by a US institution Financial accounts that were reported on Forms 3520/3520-A, 5471, 8621, 8865 or 8891 (but complete Part IV of the form) 28
29 Form 8938 thresholds File Form 8938 if Individuals living in the US Total value of SFFAs at any time in tax year Total value of SFFAs on last day of tax year Individuals living outside the US Total value of SFFAs at any time in tax year Total value of SFFAs on last day of tax year Single / MFS US $75,000 US $50,000 US $300,000 US $200,000 MFJ US $150,000 US $100,000 US $600,000 US $400,000 SFFAs = Specified Foreign Financial Assets U.S. filing positions on U.S. tax return: Single MFS = Married Filing Separate MFJ = Married Filing Joint 29
30 Form 8938 What to report? Requires disclosure of foreign assets such as: Bank Accounts Stocks (may have to disclose each stock separately) Pensions / Annuities Corporate Holdings Partnerships Trusts Debt Instruments Mutual Funds Insurance Contracts Puts/ calls/ straddles/ future contracts Maximum value in each of these assets during the year Information on type of account and foreign currency Amount of income associated with each asset, category and where this income is reported on the US tax return 30
31 Form 8938 What to report? Excepted Specified Foreign Financial Assets If you filed and disclosed information on: Forms 3520/ 3520A (Foreign Trusts) Form 5471 (Certain Foreign Corporations) Form 8621 (Foreign PFIC s) Form 8865 (Foreign Partnerships) Form 8891 (RRSPs) You do not need to duplicate reporting of these assets on Form 8938 You do need to disclose number of forms filed 31
32 Form 8938, continued When must you file? Form is filed with US tax return Deadline is deadline of US tax return (April 15, June 15, October 15, December 15) Why must you file? Penalty is $10,000 for late filing or failure to file 32
33 Comparison of FBAR and Form 8938 Where to mail FBAR (Foreign Bank Account Reporting) Department of Treasury Can share information with other departments Form 8938 Internal Revenue Service Restricted information sharing Who Anyone with foreign accounts > $10,000 Anyone with foreign accounts > $50,000 When June 30 th Due date of US Return (April 15 th, October 15 th, December 15 th ) Penalties Non willful, but negligent $10,000 for each negligent violation Willful Greater of $100,000 or 50% of the amount in the account Criminal $500, years in jail $10,000 & additional $40,000 Maximum $50,000 40% accuracy related penalty for under-reporting income February 28,
34 Polling question #2 What is your interest in this webcast today? Human resource / global mobility advisor Investment advisor I need to personally file these forms employee / other 34
35 Form 8891 Information Return for RRSPs 35
36 Form 8891 Information Return for RRSPs Who needs to file? Any US citizen or resident who is a beneficiary of an RRSP or an annuitant of an RRSP in the tax year What information is required? Separate form required for each RRSP Must disclose year-end value of RRSP and additional account information When is it due? File with your annual return and file by the due date for that return Why you should file RRSP income is taxable without election 36
37 Form 3520-A - Annual Information Return of Foreign Trust With a U.S. Owner 37
38 Form 3520 Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts 38
39 Form 3520-A and 3520 Who must file? Form 3520-A A foreign (non-us) trust with a US owner Form 3520 Several reasons to file. Some include: You are responsible for reporting a reportable event that occurred during the tax year You are a US person treated as the owner of any part of the assets of a foreign trust You are a US person who received a distribution from a foreign trust 39
40 Form 3520-A and 3520 What to report Information related to your RESP or TFSA: Name, address and SSN of the owner Breakdown of the amount and types of income earned during the year What was in the account at the beginning and end of the year 40
41 Form 3520-A and 3520 When must you file Form 3520-A Due by the 15 th day of the 3 rd month after the end of the trust s tax year Form 3520 Due on the date that a taxpayer s income tax return is due, including extensions 41
42 Form 3520-A and 3520 Why must you file There are substantial penalties for: failure to timely file failure to furnish all of the information required including incorrect information Both forms carry a minimum penalty of $10,000 USD 42
43 Form 3520-A and Form 3520 summary Form 3520-A and 3520 Who must file What to report When must you file Why must you file A US person with a foreign trust (RESP or TFSA) Information related to an RESP or TFSA Form 3520-A is due by March 15 th. Form 3520 is due on the date the taxpayer s income tax return is due. Substantial penalties. Both forms carry a minimum penalty of $10,
44 Form Passive Foreign Investment Corporations 44
45 Form 8621 Who must file? Form must be filed by US citizens and residents who hold investments in passive foreign investment corporations or PFICs A PFIC is a non-us corporation that meets one of two tests: 75% or more of gross income is passive income 50% or more of the corporations assets produce passive income This includes most Canadian mutual funds This also includes many private Canadian companies, and some actives business corporations 45
46 Form 8621 What to report Class and shares owned by the taxpayers Year-end value of the PFIC Purchases and sales in the year of the PFIC Income inclusions in the year This includes PFICs held within RESPs and TFSAs Exceptions to reporting: Value of all PFICs owned by taxpayer is less than $25,000 PFICs held within RRSPs, RRIFs, and RPPs 46
47 Form 8621 Why must you file The statute of limitations does not run out if forms are not filed Increased penalties for understatement of tax 47
48 Form 8621 When must you file Filed as part of your US tax return each year A separate form is required for each PFIC 48
49 Polling question #3 Prior to this webcast, were you aware of the severity of the penalties associated with not filing these forms? Yes No employee 49
50 Information reporting - Conclusion 1. People moving across the border have a much larger compliance burden than just computing income taxes 2. Penalties are high and the requirements must be taken seriously 3. There are many other disclosure requirements that we have not discussed here consult a specialist 50
51 Q & A / Presenter contact info Who can you call? Suzanne Peever suzanne.d.peever@ca.pwc.com Candace Kroeker Doig canadace.kroeker.doig@ca.pwc.com Nathalie Mercier nathalie.m.mercier@ca.pwc.com Visit our website at Jeff Beech jeff.m.beech@ca.pwc.com
52 Thank you This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, PricewaterhouseCoopers LLP, its members, employees and agents do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it PricewaterhouseCoopers LLP. All rights reserved. In this document, refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership, which is a member firm of PricewaterhouseCoopers International Limited, each member firm of which is a separate legal entity. 52
US Tax Issues for Canadian Residents
US Tax Issues for Canadian Residents SPECIAL REPORT US Tax Issues for Canadian Residents The IRS has recently declared new catch up filing procedures for non-resident US taxpayers who are considered innocent
More informationTAX CONSEQUENCES FOR U.S. CITIZENS AND OTHER U.S. PERSONS LIVING IN CANADA
March 2015 CONTENTS U.S. income tax filing requirements Non-filers U.S. foreign reporting requirements Foreign trusts Foreign corporations Foreign partnerships U.S. Social Security U.S. estate tax U.S.
More informationUS Citizens Living in Canada
US Citizens Living in Canada Income Tax Considerations 1) I am a US citizen living in Canada. What are my income tax filing and reporting requirements? US Income Tax Returns A US citizen residing in Canada
More informationINTERNATIONAL TIDBIT: Reporting Foreign Investments New Requirements for the 2013 Tax Year
INTERNATIONAL TIDBIT: Reporting Foreign Investments New Requirements for the 2013 Tax Year The last few years have seen increased emphasis on individuals reporting about their foreign investments and penalizing
More informationHuman Resource Services webcast
Human Resource Services webcast Foreign pension plans: Impact on Canadian companies and their employees Administrative information 60 minute webcast Audio with slides For a better viewing experience, close
More informationTax Implications for US Citizens/Residents Moving to & Living in Canada
Tax Implications for US Citizens/Residents Moving to & Living in Canada TAX Julia Klann & Domeny Wu March 20, 2014 Topics to Discuss Moving to Canada & Overview of Canadian & US Tax Systems US Filing Requirements
More informationAre You Ready For New Form 8938 to Report Specified Foreign Financial Assets?
Are You Ready For New Form 8938 to Report Specified Foreign Financial Assets? The Hiring Incentives to Restore Employment ( HIRE ) Act, signed into law in 2010, included modified provisions of the previously
More informationHuman Resource Services webcast Engaging an independent contractor? It s more complicated than you think! February 26, 2013
Human Resource Services webcast Engaging an independent contractor? It s more complicated than you think! Administrative information 60 minute webcast Audio with slides For a better viewing experience,
More informationFBAR Background. Reporting Foreign Financial Accounts on the Electronic FBAR
FBAR Background Reporting Foreign Financial Accounts on the Electronic FBAR ROD LUNDQUIST, SENIOR POLICY ANALYST SMALL BUSINESS/SELF-EMPLOYED June 4, 2014 Bank Secrecy Act enacted in 1970 Codified primarily
More informationForeign Account Tax Compliance Act ("FATCA")
Required Form Who Must File? Does the United States include U.S. territories? Reporting Threshold (Total Value of Assets) When do you have an interest in an account or asset? Foreign Account Tax Compliance
More informationDirector s Fees: An overview of corporate and personal tax compliance for Canadian companies and their directors
www.pwc.com/ca Human Resource Services Webcast Director s Fees: An overview of corporate and personal tax compliance for Canadian companies and their directors Administrative Information 60 minute webcast
More informationInstructions for Form 8938 (Rev. December 2014)
Instructions for Form 8938 (Rev. December 2014) Statement of Specified Foreign Financial Assets Department of the Treasury Internal Revenue Service Section references are to the Internal Revenue Code unless
More informationReporting Foreign Property: Form T1135
Reporting Foreign Property: Form T1135 Canadian resident individuals, corporations, partnerships and trusts must report holdings of specified foreign property which collectively cost $100,000 or more at
More informationUS Taxpayers Participating in Non US Retirement Plans: When is There an FBAR or FATCA Reporting Obligation?
February 29, 2012 Authors: Anubhav Gogna and David W. Powell If you have questions, please contact your regular Groom attorney or any of the attorneys listed below: Anubhav Gogna agogna@groom.com (202)
More informationInstructions for Form 8938
2015 Instructions for Form 8938 Statement of Specified Foreign Financial Assets Department of the Treasury Internal Revenue Service Section references are to the Internal Revenue Code unless otherwise
More informationNew Year brings new US Reporting requirement introducing Form 8938 Statement of Specified Foreign Financial Assets
New Year brings new US Reporting requirement introducing Form 8938 Statement of Specified Foreign Financial Assets Arthur J. Dichter Cantor & Webb P.A., Miami FL The following article gives an overview
More informationForeign Financial Account & Asset Reporting: FinCen (FBAR) v. FATCA
Foreign Financial Account & Asset Reporting: FinCen (FBAR) v. FATCA Presented by David J Lewis, Attorney, of Krugliak, Wilkins, Griffiths & Dougherty Co. LPA and Patricia L Gibbs, CPA, of CBIZ MHM September
More informationUS Estate Tax for Canadians
US Estate Tax for Canadians RRSPs, RRIFs and TFSAs). The most common US situs assets are US real estate (e.g. vacation home) and shares in US corporations. Please see Appendix A for a list of other common
More informationTop 10 Tax Considerations for U.S. Citizens Living in Canada
Top 10 Tax Considerations for U.S. Citizens Living in Canada Recent Canadian media reports have estimated that there are approximately one million U.S. citizens living in Canada and that a relatively low
More informationU.S. TAX ISSUES FOR CANADIANS
March 2015 CONTENTS Snowbirds Canadians owning U.S. rental properties Summary U.S. TAX ISSUES FOR CANADIANS If you own rental property in the United States or spend extended periods of time there, you
More informationTax and Estate Planning Issues for Canadian Citizens and Residents residing in the U.S. and Dual U.S.- Canadian Citizens
September 23, 2008 Tax and Estate Planning Issues for Canadian Citizens and Residents residing in the U.S. and Dual U.S.- Canadian Citizens Natalia Yegorova is an associate at Black Helterline LLP. Her
More informationYou may have US tax filing obligations even if some or all of your income was already taxed at source or is going to be taxed by a foreign country.
Dummies Guide -- US Taxes Abroad Introduction and Overview You're a US citizen or a green card holder and you live somewhere outside the USA (i.e., in a "foreign" country). You may have US tax filing obligations
More informationPROTECTING YOUR DEPOSITS. From $1 to $100,000
PROTECTING YOUR DEPOSITS From 1 to 100,000 The Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation created in 1967 to protect the money you deposit in member financial institutions
More informationU.S. / ISRAELI INCOME TAX UPDATE FOR YEAR 2015 (2014 Tax Year)
02-999-2104, 03-527-3254, 09-746-0623 Cellular: 052-274-9999 Fax: 02-991-0195 Email: alan@ardcpa.com Website: www.ardcpa.com U.S. / ISRAELI INCOME TAX UPDATE FOR YEAR 2015 (2014 Tax Year) The 2014 U.S.
More informationTHE TAX-FREE SAVINGS ACCOUNT
THE TAX-FREE SAVINGS ACCOUNT The 2008 federal budget introduced the Tax-Free Savings Account (TFSA) for individuals beginning in 2009. The TFSA allows you to set money aside without paying tax on the income
More informationReporting Foreign Assets and Offshore Accounts
Reporting Foreign Assets and Offshore Accounts ( and Form 8938) Commissioner Shulman (June 2009) For individuals with overseas income and assets, it s much more straightforward. If you are a U.S. taxpayer
More informationTax Issues related to holding Canadian assets, Estate issues & other matters
Tax Issues related to holding Canadian assets, Estate issues & other matters Carol-Ann Simon, Shareholder Masataka Yamaguchi, International Tax Manager January 14, 2014 Case Study: Client Assumptions &
More informationReport of Foreign Bank and Financial Accounts (FBAR)
Report of Foreign Bank and Financial Accounts (FBAR) Presenter s name Date Objectives FBAR purpose FBAR reporting / recordkeeping FBAR penalties Compliance initiatives 2 FBAR Purpose Combat the use of
More informationDispelling Fear! What are your fears?! - Criminal implications! - Cost of penalties! - Cost of getting compliant with advisors!
Dispelling Fear! What are your fears?! - Criminal implications! - Cost of penalties! - Cost of getting compliant with advisors! Do not fear the consequences, get the facts:! Each Individual is unique!
More informationWhat s News in Tax Analysis That Matters from Washington National Tax
What s News in Tax Analysis That Matters from Washington National Tax Have Undisclosed Foreign Assets? IRS Offers Options There is good news for individuals who inadvertently failed to fulfill tax and
More informationTaxTalk. U.S. Tax Update Individuals - 2010
TaxTalk U.S. Tax Update Individuals - 2010 If you or any of your colleagues would prefer to receive an electronic copy of TaxTalk in PDF format instead of a paper copy, please send an email to taxtalk@mgca.com
More informationForeign Account Tax Compliance Act ( FATCA ) How Does It Affect NFFEs and Individuals
Foreign Account Tax Compliance Act ( FATCA ) How Does It Affect NFFEs and Individuals May, 2012 2008 Venable LLP 1 agenda Overview FATCA and NFFEs FATCA and Individuals US Information Reporting for US
More informationELECTRONIC COMMUNICATION:
TAX FILING YEAR 2015 DISCLAIMER: and (SPOUSE/if filing Jointly) the undersigned taxpayer (s) hereby engage the services of American Expat Tax Services, Pte Limited (referred to hereinafter as AETS) as
More informationProfessional Tax Preparation and Consulting Engagement Agreement American Expat Tax Services Pte Ltd (Singapore Reg. No.
DISCLAIMER: and (SPOUSE/if filing Jointly) the undersigned taxpayer (s) hereby engage the services of American Expat Tax Services, Pte Limited (referred to hereinafter as AETS) as a U.S. tax preparation
More informationFrequently Asked Questions: US Foreign Account Tax Compliance Act & the World Bank s Staff Retirement Plan
Frequently Asked Questions: US Foreign Account Tax Compliance Act & the World Bank s Staff Retirement Plan The purpose of this FAQ is to provide the World Bank staff and Staff Retirement Plan beneficiaries
More informationShow Me The Money: Foreign Asset Reporting of Equity and Cash Incentive Awards
Show Me The Money: Foreign Asset Reporting of Equity and Cash Incentive Awards SPEAKERS Valerie H. Diamond, Baker & McKenzie LLP, San Francisco, CA (US) Narendra Acharya, Baker & McKenzie LLP, Chicago,
More informationProvinces and territories also impose income taxes on individuals in addition to federal taxes
Worldwide personal tax guide 2013 2014 Canada Local information Tax Authority Website Tax Year Tax Return due date Is joint filing possible Are tax return extensions possible Canada Revenue Agency (CRA)
More informationBridging the Financial Planning Gap in Cross Border Mobility
Bridging the Financial Planning Gap in Cross Border Mobility Matt C. Altro, MCA Cross Border Advisors Geoff Hartley, RBC Dominion Securities Alain Forget, RBC Bank USA Duncan MacCallum, RBC Royal Bank
More informationinternational tax issues and reporting requirements
international tax issues and reporting requirements Foreign income exclusions and foreign tax credits can significantly reduce the taxes you pay on foreign sourced income and help you avoid double taxation.
More informationPresentation by Jennifer Coates for the American Immigration Lawyers Association
Tax Issues for Non- Citizens What Immigration Lawyers Need to Know Presentation by Jennifer Coates for the American Immigration Lawyers Association Principal, Jenny Coates Law, PLLC Seattle and Bainbridge,
More informationResidency for U.S. Income Tax Purposes by Jo Anne C. Adlerstein
Copyright 2014, American Immigration Lawyers Association. Reprinted, with permission, from AILA s Immigration Practice Pointers (2014 15 Ed.), AILA Publications, http://agora.aila.org. Residency for U.S.
More informationUS FATCA FAQ and Glossary of FATCA terms
US FATCA FAQ and Glossary of FATCA terms These FAQs are intended to aid you in your understanding how FATCA affects your relationship with UBS. This is not intended as tax advice. If you are uncertain
More informationCross Border Issues Affecting Canadians Living in the USA
A Discussion of the Financial and Tax Aspects (Canadian and US) for Former Residents of Canada Living in the USA 1. What is your Current Status? a. Residency Status- Canada or US i. Canada- domicile (NR73
More informationTable of Contents. Page 2 of 10
Page 1 of 10 Table of Contents What is an RRSP?... 3 Why should you put money into an RRSP?... 3 When should you start an RRSP?... 3 The convenience of regular RRSP deposits... 3 How much can you contribute?...
More informationIncreased IRS Tax Compliance Involving U.S. Citizens/Green Card Holders in Israel
Increased IRS Tax Compliance Involving U.S. Citizens/Green Card Holders in Israel October 2012 Tax Seminar Stuart M. Schabes, Esquire Ober, Kaler, Grimes & Shriver smschabes@ober.com 410-347-7696 (U.S.)
More informationFATCA (Foreign Account Tax Compliance Act): What American Investors Need to Know Now
FATCA (Foreign Account Tax Compliance Act): What American Investors Need to Know Now Article Summary This article examines the new FATCA law (Foreign Account Tax Compliance Act) and explains the significant
More informationNew York Law School April 24, 2015. Professor Alan I. Appel New York Law School
Undisclosed Foreign Accounts: IRS Investigations, Audits, OVDP and Streamlined Disclosures The Lawyer s Role in Guiding the Taxpayer through Perilous Waters New York Law School April 24, 2015 Professor
More informationMackenzie and its affiliates assume no liability for any damages that may be incurred by you as a result of relying on the report's content.
Thank you for taking the time to complete the Mackenzie Tax and Estate Planning Questionnaire. The following is your personal Tax and Estate Summary Report. This report has been prepared based on the responses
More informationRadio X June 19 Broadcast Foreign Asset Reporting Questions & Answers
Radio X June 19 Broadcast Foreign Asset Reporting Questions & Answers 1. What is the FBAR filing? FBAR is the acronym for the Foreign Bank Account Report that must be filed annually with the IRS to report
More informationU.S. ESTATE TAX ISSUES FOR CANADIANS
February 2015 CONTENTS How the U.S. estate tax applies U.S. estate tax history U.S. estate tax rates and exemptions Planning ideas Summary U.S. ESTATE TAX ISSUES FOR CANADIANS Death and taxes two sure
More informationU.S. Taxation and information reporting for foreign trusts and their U.S. owners and U.S. beneficiaries
Private Company Services U.S. Taxation and information reporting for foreign trusts and their U.S. owners and U.S. beneficiaries United States (U.S.) owners and beneficiaries of foreign trusts (i.e., non-u.s.
More informationPROTECTING YOUR DEPOSITS. From $1 to $100,000
PROTECTING YOUR DEPOSITS From 1 to 100,000 The Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation created in 1967 to protect the money you deposit in member financial institutions
More informationUS Tax and Estate Planning for Canadian Families 2014 Update. Will Todd Associate Counsel, Davis LLP February 26, 2014
US Tax and Estate Planning for Canadian Families 2014 Update Will Todd Associate Counsel, Davis LLP February 26, 2014 Introduction: recent events and updates.... Sure, more Canadian families are headed
More informationU.S. Taxes for Canadians with U.S. assets
U.S. Taxes for Canadians with U.S. assets December 2014 U.S. Gift, Estate and Generation Skipping Transfer Tax can affect Canadians who don t even live in the United States. This article examines how these
More informationIncome Taxes module. After covering the topics in the module booklets or web pages and this workshop, learners will be able to:
Income Taxes module Trainer s Introduction Most people are aware that they must file an income tax return in Canada, if only to claim back any excess taxes that were withheld from their income. Filing
More informationTax Information for Employees of the German Embassy & Consulates
Tax Information for Employees of the German & Consulates Rick Ward February 27, 2014 Agenda Categories of employees Exemptions from US Tax Taxation of US Citizens and Residents Taxation of A-2 Visa Holders
More informationThere are no changes to personal federal income tax rates or income brackets for the 2015 tax year.
The 2015 Federal Budget was the first for Finance Minister Joe Oliver, and it tabled a number of proposals that will impact the financial, tax and estate plans of Canadians. The following is a summary
More informationNotice 97-34, 1997-1 CB 422, 6/02/1997, IRC Sec(s). 6048
Notice 97-34, 1997-1 CB 422, 6/02/1997, IRC Sec(s). 6048 Returns of foreign trusts foreign gift reporting requirements tax This notice provides guidance regarding the new foreign trust and foreign gift
More informationYour Taxes: IRS grants 3-week extension for its tax-amnesty program
Your Taxes: IRS grants 3-week extension for its tax-amnesty program Sep. 22, 2009 KEVIN E. PACKMAN and LEON HARRIS, THE JERUSALEM POST This article is an urgent update for US taxpayers... and it comes
More informationTD F 90-22.1 (Rev. January 2012) Department of the Treasury
TD F 90-22.1 (Rev. January 2012) Department of the Treasury REPORT OF FOREIGN BANK AND FINANCIAL ACCOUNTS OMB No. 1545-2038 1 This Report is for Calendar Year Ended 12/31 Do not use previous editions of
More informationCALIFORNIA STATE BAR TAXATION SECTION TAX PROCEDURE AND LITIGATION COMMITTEE AND INTERNATIONAL TAX COMMITTEE
CALIFORNIA STATE BAR TAXATION SECTION TAX PROCEDURE AND LITIGATION COMMITTEE AND INTERNATIONAL TAX COMMITTEE A SIMPLIFIED PROCEDURE TO ALLOW LATE FILED FORMS 8891 FOR INDIVIDUALS WITH CANADIAN RETIREMENT
More informationCEASING CANADIAN RESIDENCE
CEASING CANADIAN RESIDENCE REFERENCE GUIDE A person who is resident in Canada during a taxation year is subject to Canadian income tax on his or her worldwide income from all sources. A taxpayer who emigrates
More informationFundamental Financial Planning and Investment Strategies
Nexia International Special Report October 2012 Fundamental Financial Planning and Investment Strategies for U.S. Persons Living Overseas page 2 Nexia International Special Report, October 2012 Fundamental
More informationMay 7, 2012 California Bar Suggests Guidance, Safe Harbor to Aid Foreign Pension Beneficiaries
May 7, 2012 California Bar Suggests Guidance, Safe Harbor to Aid Foreign Pension Beneficiaries Philip D.W. Hodgen and Steven L. Walker of the California State Bar Taxation Section proposed that the IRS
More informationAmerican Bar Association Section of Family Law 2014 Spring CLE Conference PLENARY:
American Bar Association Section of Family Law 2014 Spring CLE Conference PLENARY: How to Find Your Spouse s Secret Offshore Bank Account: Using U.S. Tax Reporting Requirements as a Discovery Tool for
More informationDAVIS SMITH ACCOUNTING ASSOCIATES, P.A.
DAVIS SMITH ACCOUNTING ASSOCIATES, P.A. 5582 Milford-Harrington Hwy. Harrington, DE 19952 (302) 398-4020 (302) 398-3665 fax Email: info@davis-smithaccounting.com Web site: www.davis-smithaccounting.com
More informationCorrective U.S. Tax Compliance for Dual Status and Foreign Taxpayers Andrew Bernknopf, Esq., Member:
Corrective U.S. Tax Compliance for Dual Status and Foreign Taxpayers Andrew Bernknopf, Esq., Member: This article provides an overview of corrective United States tax compliance measures for individuals
More informationOctober 23, 2015. Ann Marie Regal, CFP Wealth Manager +65 9146 1862 amregal@globaleye.sg
October 23, 2015 Ann Marie Regal, CFP Wealth Manager +65 9146 1862 amregal@globaleye.sg Aron Lanie Wealth Manager +84 (0) 938531784 alanie@globaleye.com Disclaimer The information presented herein is for
More informationReporting Cash Transactions and Foreign Financial Accounts (Foreign Bank Account Reports "FBAR")
Reporting Cash Transactions and Foreign Financial Accounts (Foreign Bank Account Reports "FBAR") Form 8300 - Reporting Cash Payments Over $10,000 in a Trade or Business Reportable transactions include,
More informationFOREIGN INCOME, ASSETS, AND IRS AMNESTY PROGRAMS
FOREIGN INCOME, ASSETS, AND IRS AMNESTY PROGRAMS Ahuja & Clark, PLLC By: Madhu Ahuja, CPA, CVA, CFE Ravi Modi, CPA www.ahujaclark.com WHO IS SUBJECT TO TAX FILING REQUIREMENTS? U.S. Citizen and Green Card
More informationRudolph Claus and the Extra-Territorial Enforcement of US. Tax Law. Michael J. Legamaro
Rudolph Claus and the Extra-Territorial Enforcement of US Tax Law Michael J. Legamaro 1 Story of Rudolph Claus Rudolph is a US citizen born in US while Austrian-citizen parents were vacationing He has
More informationMUTUAL FUND TAX GUIDE. For your 2013 Tax Return
MUTUAL FUND TAX GUIDE For your 2013 Tax Return LESS = MORE THE LESS TAX YOU PAY, THE MORE YOUR INVESTMENTS WILL EARN February 2014 Did you know that taxes are probably the biggest expense you ll face over
More informationFOREIGN BANK ACCOUNT REPORTING (FBAR) UPDATE CORE LAWYER WORKING GROUP SUMMER 2010. Caring For Those Who Serve
FOREIGN BANK ACCOUNT REPORTING (FBAR) UPDATE CORE LAWYER WORKING GROUP SUMMER 2010 Caring For Those Who Serve Reminder: What is FBAR? The Report of Foreign Bank and Financial Accounts ( FBAR ), Treasury
More informationFundamental Financial Planning and Investment Strategies
Nexia International Special Report October 2012 Fundamental Financial Planning and Investment Strategies for Foreign Nationals Living In United States page 2 Nexia International Special Report, October
More informationGUIDE TO U.S. INCOME TAXATION FOR IDB-IIC FCU MEMBERS
GUIDE TO U.S. INCOME TAXATION FOR IDB-IIC FCU MEMBERS Prepared Exclusively for IDB-IIC FCU Members by The Wolf Group, P.C. January, 2013 Copyright 2013 - The Wolf Group, P.C. January 2013 1 Copyright 2013
More informationgyb Growing your business TM Volume 63 2011 Personal investments abroad The IRS is taking a closer look
gyb Growing your business TM Volume 63 2011 Personal investments abroad The IRS is taking a closer look Personal investments abroad: The IRS is taking a closer look For all that the complexity of new global-reporting
More informationLong Awaited Guidance Concerning Foreign Bank Account ( FBAR ) Filing Requirements Released
Long Awaited Guidance Concerning Foreign Bank Account ( FBAR ) Filing Requirements Released This past week, the Treasury Department s Financial Crimes Enforcement Network (FinCEN) released proposed changes
More informationTAX IMPLICATIONS OF INVESTING IN THE UNITED STATES
TAX IMPLICATIONS OF INVESTING IN THE UNITED STATES > RBC DOMINION SECURITIES INC. FINANCIAL PLANNING PUBLICATIONS At RBC Dominion Securities Inc., we have been helping clients achieve their financial goals
More informationTax Aspects of Consulting The Exit Tax Roth IRA Conversions Other. Foreign Bank Account Reporting Update Social Security
The Wolf Group, PC Tax Aspects of Consulting The Exit Tax Roth IRA Conversions Other Foreign Bank Account Reporting Update Social Security U.S. citizen Green card holder G-4 visa holder Based on common
More informationIncome Splitting CONTENTS
June 2012 CONTENTS The attribution rules Family income splitting Business income splitting Income splitting through corporations Income splitting in retirement Summary Income Splitting With Canada s high
More informationFATCA Frequently Asked Questions
FATCA Frequently Asked Questions FATCA overview 1. What is FATCA? 2. What is the impact of FATCA? 3. How do I know if I am affected? 4. When will the FATCA legislation become effective? 5. Is HSBC the
More informationTax planning for employees coming to work in the U.S. Up close
Tax planning for employees coming to work in the U.S. Up close Tax > International tax > Expatriate taxes In U.S. tax law the term alien refers to a foreign national (an individual who is not a citizen
More informationNuts & Bolts of Cross Border Tax Issues
Nuts & Bolts of Cross Border Tax Issues Central Arizona Estate Planning Council November 2, 2015 Presented by: Certified Public Accountant Attorney at Law 1 Overview What is an International Tax Practice?
More informationYear-End Fringe Benefit Reporting and Other Reporting Requirements
and Other Reporting Requirements November 2013 TO: RE: All Business Clients Year-End Fringe Benefit Reporting and Other Reporting Requirements DATE: November 20, 2013 Certain fringe benefits paid for or
More informationTax-Free Savings Account (TFSA) now available!
Tax-Free Savings Account (TFSA) now available! Customer-owners have a new way to save money with the Tax-Free Savings Account (TFSA), now available at Metro Credit Union. You can save or invest money without
More informationMoney Laundering and Foreign Bank Accounts
Money Laundering and Foreign Bank Accounts Robert E. McKenzie, EA, Attorney Arnstein & Lehr LLP Robert E. McKenzie 312.876.6927 1 Government Enforcement Money Laundering and BSA Patriot Act Foreign Bank
More informationOverview of 2011 IRS Offshore Voluntary Disclosure Initiative
Overview of 2011 IRS Offshore Voluntary Disclosure Initiative Attorney Morris N. Robinson, CPA, LLM M. Robinson & Company MassTaxLawyers.com 160 Federal Street Boston, MA 02110 617/ 428-6900 1 M. Robinson
More informationForeign Bank Account Reports (FBAR)
Foreign Bank Account Reports (FBAR) Peter Trieu, Esq., LLM and Company 101 Second Street, Ste. 1200 San Francisco, CA 94105 415-433-1177 ptrieu@rowbotham.com Reporting Requirement U.S. persons holding
More informationThe I.R.S. Amnesty Program & The New Streamlined Filing Compliance Procedures
TOPICS IN THE SEMINAR INCLUDE: The I.R.S. Amnesty Program & The New Streamlined Filing Compliance Procedures By Richard S. Lehman, Esq. TAX ATTORNEY www.lehmantaxlaw.com SEMINAR INTRODUCTION by Richard
More informationEstate Planning New Client Information
mrwills.com Estate Planning New Client Information Edward Olkovich About Edward Olkovich Ed is recognized as a leading Canadian estate expert. He has practised law in his own firm since 1978 and is a Certified
More informationcompensatory partnership and LLC interests in a non-u.s. entity.
FATCA COMPENSATION REPORTING: NEW RULES MAY REQUIRE REPORTING OF NON-U.S. SOURCED COMPENSATION TO THE IRS March 22, 2012 To Our Clients and Friends: In an effort to shake out hidden assets and prevent
More informationHow Can You Reduce Your Taxes?
RON GRAHAM AND ASSOCIATES LTD. 10585 111 Street NW, Edmonton, Alberta, T5M 0L7 Telephone (780) 429-6775 Facsimile (780) 424-0004 Email rgraham@rgafinancial.com How Can You Reduce Your Taxes? Tax Brackets.
More informationCRA requires that all offshore assets in excess of $100,000 CDN be declared by the taxpayer. Please inform us if this situation applies to you.
T1 Personal Income Tax Checklist THE MINIMUM FEE FOR A BASIC PERSONAL TAX RETURN FOR A FAMILY WILL BE $325. THE MINIMUM FEE FOR A PERSONAL TAX RETURN FOR A FAMILY, INCLUDING SELF-EMPLOYMENT INCOME, RENTAL
More informationFarmers and Foreign Accounts
Farmers and Foreign Accounts Marc Lovell Tax School and Department of Agricultural and Consumer Economics University of Illinois August 9, 04 farmdoc daily (4):65 Recommended citation format: Lovell, M.
More informationINTERNATIONAL TAX COMPLIANCE FOR GOVERNMENT CONTRACTORS
INTERNATIONAL TAX COMPLIANCE FOR GOVERNMENT CONTRACTORS Mark T. Gossart Alison N. Dougherty September 26, 2012 2012 All Rights Reserved 805 King Farm Boulevard Suite 300 Rockville, Maryland 20850 301.231.6200
More informationUSA Taxation. 3.1 Taxation of funds. Taxation of regulated investment companies: income tax
USA Taxation FUNDS AND FUND MANAGEMENT 2010 3.1 Taxation of funds Taxation of regulated investment companies: income tax Investment companies in the United States (US) are structured either as openend
More informationImportant Tax Information About Your TSP Withdrawal and Required Minimum Distributions
Important Tax Information About Your TSP Withdrawal and Required Minimum Distributions The Thrift Savings Plan (TSP) is required by law to provide you with this notice. However, because the tax rules covered
More informationFBAR Foreign Bank Account Reporting
FBAR Foreign Bank Account Reporting ------------------------------------------------------------------------------------------------------------ Form TD F 90-22.1 is required when a U.S. Person has a financial
More informationBritish boy marries American
British boy marries American girl! An Americanʼs Reporting Responsibility! The USA imposes personal income taxes based on the principle citizenship taxation under which all citizens of the United States
More information