Are TFSAs Trusts Under US Tax Law?

Are TFSAs Trusts Under US Tax Law?

This week’s question is a follow-up from last week’s blog post but comes from Loretta from Quebec, Canada. The question is: So, are TFSAs considered trusts for US tax purposes? If so, what are the implications of that? Is it a trust? Again, here is the regulation...
Are RESPs Trusts Under US Tax Law?

Are RESPs Trusts Under US Tax Law?

This week’s question comes from Amy from Canada. “I have heard that Canadian RESPs (Registered Education Savings Plans) may be considered trusts for US tax purposes. Is that true? If so, what are the implications of that?” Is RESP a Trust? Here is the...
FBAR & FATCA Information

FBAR & FATCA Information

New rules on financial reporting from the FACTA will affect U.S. expats. FBAR apply to all U.S. tax payers with a foreign account amounting over $10,000. If you’re an expat who hasn’t been filing returns and FBARs, this could affect you. Find out what the rules...
IRS increases de minimis safe harbor

IRS increases de minimis safe harbor

On November 24, 2015, the IRS issued notice 2015-82, increasing from $ 500 to $ 2,500 the amount which can be expensed for tangible property for taxpayers without audited financial statement – de minimis safe harbor. According to regulations, a taxpayer can...