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Archive for the ‘Accounting’ Category

2013 Jan 7 – Nightingale

Kevyn Nightingale
New US investment income tax
mnptax.ca (7 Jan 2013)


A Toronto CPA specializing in expatriate taxation warns that U.S. citizens in Canada may, as of 2013, be subject to a new 3.8% taxation of investment income (interest, dividends, capital gains, annuities, and rents), tax that cannot be offset by Canadian income taxes paid. The lowest tripwire for such taxation seems to be at the level of total annual income of $125,000 for married filing separately.

Written by usxcanada

7 January 2013 at 7:00 am

2012 Oct 26 – Lee

Justin Lee
FATCA delay simply “smoke and mirrors”
Risk.net (26 Oct 2012)


One representative from a major Hong Kong accounting firm notes that recently announced start date delays leave “the timetable for imposing penalties for non-compliance … relatively unchanged.” Another representative from another firm sees the US as only shifting gears: “Charles Kinsley, tax principal at KPMG in Hong Kong, views the delay as a result of the IRS looking to frame agreements at country level, rather than with FFIs.”

Written by usxcanada

26 October 2012 at 7:00 am

2012 Sept 4 – Ritchie

Terry F. Ritchie
IRS issues guidelines for tax compliance
Advisor.ca (4 Sept 2012)


This review of the 31 August 2012 IRS guidelines concludes with the following speculation: “In all, it appears the days of quiet disclosure with respect to the past filing of US tax returns are over. … It would appear the eyes of the IRS will look closely at each submission for opportunities to poke and prod a little more. … The days of cutting corners and keeping your head in the sand will soon [Jan 2014] be coming to a close.”

Written by usxcanada

4 September 2012 at 6:00 am

2012 Apr 17 – Ritchie

Terry Ritchie / Brian Wruk
Tax cheats beware
Advisor.ca (17 Apr 2012)


Despite the unfortunate and misleading title, this article packs a lot of information into a few words, with focus on the Canadian situation. A rightly identified crux is requirements entailing “the additional level of tax compliance and reporting on foreign assets and accounts.”

Written by usxcanada

17 April 2012 at 7:00 am

2012 Jan 18 – Cohn

Michael Cohn
Taxpayer Uncertainty Prompts Citizenship Renunciations
Accounting Today (18 Jan 2012)


“The increasing complexities of U.S. tax law are leading more people to renounce their citizenship.” Cohn discusses the 2011 annual report from Taxpayer Advocate Service. Tax lawyer Bob McKenzie regrets lack of a deadline in the latest program. “Even though clients may initially balk at the amount of money they will need to pay, he explains to them that if they are at high risk, receiving a letter from the IRS that the agency won’t prosecute them has a great deal of value.”

Written by usxcanada

18 January 2012 at 6:00 am

2011 Dec 23 – Nightingale

Kevyn Nightingale
Specifics of the OVDI only raise more concerns
MNP.ca (23 Dec 2011)


“The IRS has now confirmed that the Fact Sheet [of Dec 8] was the guidance the Ambassador had alluded to when he promised further relief [on Oct 18].”

Written by usxcanada

23 December 2011 at 6:00 am

2011 Dec 19 – Webel

Beth Webel / Christopher Gandhu
Cut U.S. tax ties
Advisor.ca (19 Dec 2011)


Written by two tax practitioners with PricewaterhouseCoopers, this article provides a summary of the considerations attaching to relinquishment of US citizenship, including (1) three conditions that lead to continued taxation (2) exception for certain dual citizens from birth (3) exit tax and related categories of special property.

Written by usxcanada

19 December 2011 at 6:00 am

2011 Dec 13 – Valli

Faizal Valli / Brian Dennehy
US citizens resident in Canada — common circumstances where US tax may be payable
Moodys Tax Advisors (13 Dec 2011)


Two tax professionals outline 12 instances of tax system “mismatch” where US citizens resident in Canada may have to pay tax to the United States even though none is due to Canada.

Written by usxcanada

13 December 2011 at 6:00 am

2010 Apr 1 – Ten Facts

Ten facts about tax expatriation
Artio Partners (1 Apr 2010)


“An accounting and business advisory firm in Chicago” offers a summary of taxation aspects associated with loss of U.S. citizenship.

Written by usxcanada

1 April 2010 at 6:00 am