Oct 20, 2014 | Personal U.S. expat taxes
We’ve see the basics of PFIC taxation in post Passive Foreign Investment Companies (PFIC) and Canadian mutual funds, although truth being told, it applies to PFICs anywhere, now let’s dig in – Let the brain damage begin The scenario is that John Doe (SSN:...
Oct 18, 2014 | Personal U.S. expat taxes
Why are PFIC rules important for holders of Canadian mutual fund? Many American citizens living or working in Canada have invested in Canadian mutual funds – likewise, many Canadians who subsequently moved to the United States retained their Canadian mutual funds...
Oct 13, 2014 | Personal U.S. expat taxes
History Before April 15, 2002, and despite the fact that tax deferral for RRSPs was provided by the US Canada tax treaty of September 26, 1980, RRSPs didn’t have specific forms, hence 3520s and 3520-As were used by the minority of taxpayers wanting to be compliant...
Oct 9, 2014 | FBAR and FATCA
Former acting IRS Commissioner Steven Miller on October 6 said that while he hopes the Foreign Account Tax Compliance Act leads to less offshore tax evasion, he’s not sure if the benefits of the law will outweigh its costs. “I can’t even say with...
Oct 9, 2014 | FBAR and FATCA
By the time lawmakers and taxpayers have figured out whether the Foreign Account Tax Compliance Act was worth the trouble, it might be too late to undo any damage, National Taxpayer Advocate Nina Olson said October 7. “However much I’ve tried to figure out...
Oct 8, 2014 | Personal U.S. expat taxes
Original source: IRS Simplifies Procedures for Favorable Tax Treatment on Canadian Retirement Plans and Annual Reporting Requirements IR-2014-97, Oct. 7, 2014 WASHINGTON ― The Internal Revenue Service today made it easier for taxpayers who hold interests in either of...
Oct 7, 2014 | Personal U.S. expat taxes
Summary: The Treasury Department automatically give the election to defer taxation of RRSPs and RRIFs under Article XVIII (7) of the Convention between the United States and Canada. If the beneficiary of an RRSP or RRIF is a US citizen or resident for tax purposes in...
Oct 3, 2014 | FBAR and FATCA
They could find you when you get or renew your US passport, which is required to enter the United States; The way it is supposed to work is that you are mandated to provide your US Social Security Number (SSN) when you apply for a passport. The Department of State...
Oct 2, 2014 | FBAR and FATCA
FATCA is stirring a wave of confusion among U.S. expat communities around the world. As of this article, roughly 110 countries are either on-board with FATCA, or having active discussions with the United States. Mexico has signed FATCA agreement with the U.S. (as...
Sep 30, 2014 | Personal U.S. expat taxes
After posting First Year Abroad, I received the following message on Twitter @taxsamurai Perhaps you need to place emphasis that there are other types of income than “earned income” such as foreign pension. — JC Double Taxed (@JCDoubleTaxed) September 29,...
