Effectively Connected Income

Date: June 1, 2017

Effectively Connected Income Under most circumstances, a foreign person that engages in a trade or business in the United States will have what’s called Effectively Connected Income (ECI) with regard to all income generated from that business in the United States. Engaging in a trade or business means any services performed within the United States. […]

Canadian Retirement Plans and Some Common US Tax Issues

Date: October 31, 2016

Whether a desire for warmer weather or to visit grandchildren in the United States, Canadian citizens in their retirement years have flocked to the United States.  Recent business articles on Florida property say as many as 30% of all real estate transactions in Florida since the housing market crash were perpetrated by Canadians.  Regardless of […]

Canadian Departure Taxes

Date: September 23, 2016

Canadian taxes are based on residency.  If you reside in Canada and earn enough income, you will be taxed on that income.  If you reside outside Canada, but are a Canadian citizen, you normally do not have to pay Canadian tax as long as your residence is outside the Canadian borders.  But what if you […]

US EXIT TAX (EXPATRIATION TAX)

Date: July 18, 2016

If you were a US citizen who has renounced citizenship, or if you are a long term resident of the United States ending your residency status for federal tax purposes, you are subject to the provisions under the Internal Revenue Code section 877A. Section 877A is basically an exit tax.  The provision is set up […]

Report of Foreign Bank and Financial Accounts (FBAR)

Date: June 30, 2016

Do you have a bank account in a foreign country?  Did you work in a country that provided a pension account?  Do you have stock and securities held by institutions in a foreign country?  If this sounds familiar, you may be subject to specific filing requirements and disclosures required by law. What is FBAR?  The […]

Check Out College Tax Credits for 2015 and Years Ahead

Date: August 20, 2015

WASHINGTON ― With another school year just around the corner, the Internal Revenue Service today reminded parents and students that now is a good time to see if they will qualify for either of two college tax credits or other education-related tax benefits when they file their 2015 federal income tax returns. In general, the […]