The new US global intangible low-tax income (GILTI) regime was introduced as part of US tax reform changes announced in December of 2017 and applies to foreign corporation’s first tax year beginning after 2017. How the GILTI Rules Work The GILTI rules require US taxpayers who own 10% or more of the votes or value […]
Are you a Canadian company selling goods to US customers? If so, the Wayfair decision might drastically alter your US Sales Tax Exposure. The clear implication of the Wayfair decision is that there will likely be a mass rush of states adopting new sales tax laws that will mirror the far lower threshold of “economic nexus” that has been implemented by South Dakota.
If you own a U.S. vacation home – or are thinking of buying one – make sure you understand the U.S. tax deductions that are available to you if you rent it out.
The internet has changed how business is conducted, especially in a cross-border context. The ease and relatively inexpensive access to the internet, the emergence of social media sites such as YouTube, and the proliferation of company websites that operate as virtual storefronts, has created business opportunities where none existed before
If you are a Canadian who spends winters in the U.S., keeping track of your days in the U.S. is important in order to avoid becoming an “accidental” U.S. resident.
With the recent passing of the U.S. Tax Cuts and Jobs Act of 2017, many Canadians who own U.S. vacation property (or other U.S. assets) will no longer be subject to U.S. estate tax at death…
On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act (HR 1). This legislation, which was passed through Congress strictly on party lines, has made a significant number of changes and modifications to existing US tax law. Although the new tax law is getting an enormous amount of press coverage […]
How will the IRS catch me? Sticking your head in the sand and wishing your troubles away is never a sound tax strategy. You may be surprised, though, as to how many US persons (i.e. US citizens, green card holders or resident aliens) continue to follow this path even after years of media attention on […]
US Tax Alert: The IRS finalized the proposed regulations issued in April 2016 with Final and Proposed Regulations issued on October 13, 2016, after receiving more than 200 comments and concerned letters from members of Congress. They backed off some of their harsher, proposed rules, in some cases eliminating parts of the rule, providing additional […]
It’s no secret that many Americans living in Canada are unhappy with their U.S. tax compliance costs and information reporting burdens. For those that are voting with their feet and renouncing their U.S. citizenship(i) or terminating their long-term U.S. residency(ii) (“expatriating”), careful planning should be undertaken prior to expatriating to avoid costly surprises. A few […]