Library Categories U.S. Tax

CRA on the Hunt for Details of Tax Delinquent US Property Owners

CRA on the Hunt for Details of Tax Delinquent US Property Owners

By Monica Martinez, CPA, CA, CPA (Illinois) The Canada Revenue Agency (CRA) is stepping up its efforts to identify Canadian residents who may have undeclared income from real estate property owned in the United States, or who have failed to disclose their US property on CRA’s Form T1135. To help track down potentially tax-delinquent US […]

Surplus Accounts and Foreign Affiliate Tax Traps

Surplus Accounts and Foreign Affiliate Tax Traps

By Eric Jungmeisteris, CPA, CA Manager, Tax & Advisory Services Canadian corporations with subsidiaries in other countries (a “foreign affiliate”) could find themselves facing a nasty surprise tax bill from the Canada Revenue Agency (“CRA”) when they transfer funds back to Canada. Aside from being located outside of Canada, a foreign affiliate is generally a […]

New IRS Program Provides Relief For Those Who Relinquish US Citizenship

New IRS Program Provides Relief For Those Who Relinquish US Citizenship

By Monica Martinez, CPA, CA, CPA Principal, U.S. and Cross-Border Tax & Advisory Services On September 6, 2019, the IRS announced the new “Relief Procedures for Certain Former (US) Citizens” (Relief Procedures), which apply to certain individuals who have relinquished, or intend to relinquish their US citizenship (expatriate). If eligibility criteria are met, the new […]

Consider compliance and tax implications on U.S. residences

Consider compliance and tax implications on U.S. residences

Although Snowbirds who own property in the United States might find relief from winter, it can produce unexpected financial and compliance headaches for those who don’t take the time to figure out the tax implications if they decide to sell or rent.

Monica Martinez, GGFL’s U.S. and cross-border tax principal, knows that it’s complicated and involves dealing with the U.S. Internal Revenue Service (IRS) and the Canada Revenue Agency (CRA). Her best advice: “Come and see us at GGFL. It is well worth it for the peace of mind.”

Don’t be found GILTI

Don’t be found GILTI

In December 2017, the U.S. introduced sweeping tax reforms that included the introduction of a new tax on international income called the “Global Intangible Low-Taxed Income” (GILTI).

Beginning in 2018, this tax would require U.S. shareholders of controlled foreign corporations (CFC) to include on their personal U.S. tax returns any income earned by the corporation in excess of a 10% return on the corporation’s tangible depreciable capital property.  In future years, practitioners must carefully plan for the impact of this tax.

2018 U.S. personal income tax: Impact of Tax Cuts and Jobs Act

2018 U.S. personal income tax: Impact of Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act (“TCJA”) signed into law on December 22, 2017, resulted in some significant changes to the U.S. income tax code. As of taxation year 2018, individuals are seeing changes in tax rates, and some changes may also impact business owners of pass-through entities and Canadian corporations.

GGFL Welcomes US and Cross-Border Tax Principal

GGFL Welcomes US and Cross-Border Tax Principal

Since I have been here at GGFL, it has become very apparent how much the firm truly values its people and places a high priority on mentoring, staff satisfaction, and continued professional development,” she adds.  “This is a place where everyone’s ideas are valued and good decisions can be implemented quickly and locally.”