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USA Canada income tax filing

CHARLES RUSSELL CPA CA is available to prepare, during 2017-2018, a limited number of US income tax returns, for Canada-based individuals, or for US residents with Canada source income, only. Normally, due to complexity, we request on your behalf, by the US tax filing deadline, an extension accompanied by the estimated  US tax owing. This enables the US 1040 income tax returns to be filed “on-time” until October 15, 2017.

Frequently, taxpayers are required to file both US/Canada tax returns. We are able to advise on “cross-border”, issues covered by domestic legislation and US-CANADA tax treaty, often as a result of a move from/to US or Canada. FACTA, FBAR, PFIC and several other acronyms are within our experiences.

We prepare paper-based US tax returns only, based upon our licensing. Areas of experience include:

US situs real estate rentals and capital gains;

US1040 NR

Passive Foreign Investment Companies (Pfic’s including non-US mutual funds);

Other foreign trusts, Annual information return 3520/3520A;

FBAR reports, Department of US Treasury, due June 30 annually as well as form 8938, statement of Specified Foreign Investments;

Treaty-based filing Positions;

NOL Loss carry back, Form 1045;

Alternative Minimum Tax, Foreign Tax credits and several others.

Charles maintains a PTIN registration, which is first-level US tax preparer, and annually takes continued professional development in this field of endeavour.

Courses in 2017 are provided by Strafford Publications, a Georgia company, a provider of video seminars:

-Mastering form 5472 for foreign individuals and entities;

-Form 8621 Pfic reporting of passive income;

-Form 3520 Foreign Trust reporting for US persons;

-US reporting of foreign account ownership and distribution reporting;

-US Trusts classified as foreign properties for US tax purposes; and

-US-Canada dual taxation pitfalls, reporting and planning.