Finance

A Guide to Cross-Border Tax Services

By  | 

US-Canadian income tax preparation and compliance for Canadians who have ties to the US are central to our practice. In addition, we also assist clients with IRS FBAR procedures, streamlined domestic offshore procedures, Delinquent International Information Return filings and US tax amnesty submissions.

If you are an American living in Canada or operate a Canadian business with assets located within the US, filing US tax returns may be mandatory.

Tax Compliance

At a time of international business growth and expansion, tax compliance is of utmost importance for companies of all sizes. International transactions raise various issues that must be taken into account, including withholding taxes, reporting requirements and the impact of tax treaties.

Resolving these complex tax matters requires guidance and expertise from an experienced cross-border tax team. Our tax compliance services include preparing income tax returns, determining filing deadlines, keeping accurate records and documentation, tracking deductible expenses and credits and tracking deductible expenses and credits.

Alongside income tax filings, we specialize in US international tax compliance filings such as FBARs and IRS Form 889 filings, advise on FIRPTA compliance issues, provide consultation on US tax amnesty submissions – such as foreign offshore procedures and delinquent international information return/FBAR relief procedures – and amnesty submissions. Our clients range from Canadian citizens living or considering moving across the border.

Tax Planning

Canadians and Americans working or investing in the US often encounter complex tax questions when managing cross-border investments, whether employment income, capital gains, real estate rentals, etc. To remain compliant with both US and Canadian tax laws while minimising tax and avoiding noncompliance.

Complex and risk are rising alongside international growth opportunities for businesses of all kinds, making a cross-border tax strategy indispensable to meeting regulatory reporting standards while driving strategic expansion.

Our cross-border tax services focus on optimizing your international tax structure and taking full advantage of international treaties. We assist with meeting tax compliance obligations such as IRS voluntary disclosure programs, simplified domestic and foreign offshore procedures, FBAR filings and expert opinions and advice for all forms of cross-border transactions such as trusts, foundations and complex inter-company arrangements involving transfers of intangible assets or R&D activities.

Tax Representation

As our world becomes more interdependent, individuals and companies with investments that cross both Canada and US borders must remain up-to-date with and comply with both US and Canadian tax laws. At Tax Innovation Group we keep an eye on legislative changes and can assist you in creating a plan to address them so as to minimize tax liabilities while taking full advantage of opportunities.

Tax representation allows a qualified tax professional, such as a CPA or IRS Enrolled Agent, to act on your behalf before the IRS. Your representative will “take your place” by entering into agreements on your behalf with them and providing information and explanations as required by them. Before engaging a representative this way, however, you must first authorize them by signing Form 2848: Power of Attorney and Declaration of Representative; this authorization can be either permanent for all tax matters or temporary in regards to particular issues; we can help you decide if tax representation is right for your needs by helping us determine this more precisely.

Accounting for​ a Borderless World

As the world shrinks and businesses operate across borders, navigating potential complexities becomes paramount. Prasad Cross-Border Tax Services offers a comprehensive suite оf tax compliance, planning, and representation services, empowering your organization with global reach tо achieve its business goals.

Individuals and businesses with cross-border interests rely оn their accountant for strategic advice tо maximize benefits and ensure compliance. Prasad Cross-Border Tax Services provides tax guidance for both individuals and businesses regarding the tax implications оf moving оr working abroad, including filing obligations, treaty relief arrangements, and investment/financing decisions.

Accounting services also encompass the preparation оf US federal and state tax returns for Canadians living іn the US – residents, non-citizens, dual citizens, оr those without US citizenship status. Additionally, we assist with setting up LLCs and C-Corps within the US, and can even help individuals оr families seeking entry visas for education оr work purposes.