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If so, IRS is proactively going after persons who have not filed income tax returns for multiple years. If you are making $100,000 or more in a given year, the risk is substantially higher. Read this article from the IRS SB/SE Division. The challenge with nonfilers is that with every year that goes by, they […]

Last week, the IRS began sending educational letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions or did not report their transactions properly. There are three versions of the letter, all of which aim to help these taxpayers understand their tax obligations

In my prior blog, I wrote about how Canada and US taxes your income, and how your properties (including your rental properties) are deemed to be disposed at fair market value when you file an exit return. Recall that by filing an exit return in Canada, you are essentially telling Canada Revenue Agency – “I

In general, it is difficult for the tax authority of a country to enforce its internal tax laws on foreign residents. That is why, most countries withhold taxes from such payments sourced from their country right at the time of payment. The tax rate for such withheld funds is generally high, usually as high as

Recently, a tax client informed that he was moving to the US from Canada. He had owned a couple of rental properties in Canada, as well as owned a numbered corporation in Ontario, Canada. He also had a salaried job in Canada. He wanted to know the optimum way to manage his assets and move

I am a Certifying Acceptance Agent for ITINs (Individual Tax Identification Numbers). This means, I am authorized to review the source documents (primarily passports), certify their accuracy, and apply ITIN for my clients. Why does one need an ITIN? ITINs are required for many reasons in the US, the primary reason being it acts as