US and Florida Tax Concerns
Florida and U.S. Tax Lawyer in Canada
Whether you were born in the U.S., are a dual-citizen (even if you have never stepped foot on U.S. soil), own property or rental property in the U.S., or even snowbird in the U.S., there may be international tax consequences that you may not be aware of.
U.S. citizens are required to pay tax on their worldwide income, despite where they reside. Rather than gamble with the IRS, it is important to determine your requirements as US Citizens living abroad. Although there are treaties in place to protect you from paying double taxation in numerous countries, treaties do not act as a shield; you are still responsible for knowing your rights and responsibilities as a taxpayer.
Even if you do not think you are a U.S. Citizen, beware, as the U.S. taxman may deem you a resident alien by means of the substantial presence test, determined by the length of time you have spent in the U.S. among other factors. Those who winter in the U.S. must pay particular attention to such rules, as U.S. tax laws may apply.
It is important for you to know your U.S. personal income tax obligations and U.S. information reporting obligations. Learn what forms and returns need to be filed both in Canada and the U.S. and how international data exchange affects you.
Avoid wilful failure to report. Let us help you with FATCA (Foreign Account Tax Compliance Act) compliance. Contact us and we can help determine whether you are required to file and report in the U.S.
There are stern consequences for failing to provide U.S. Information Reporting to the IRS, including penalties for failing to file simple reports. For instance, for those required to file FBARs (Report of Foreign Financial Accounts over a specific amount), penalties begin at $10,000 and up to $60,000 per failed report. There may also be criminal penalties for non-compliance.
We can help you come forward through various channels; including helping to determine whether you qualify for the IRS offshore voluntary disclosure program, IRS quiet disclosure, or IRS streamlined filing compliance program.
Dealing with an IRS tax controversy and need help with dispute resolution?
We provide assistance in collection matters, offer in compromise, penalty abatement, IRS examination, IRS appeals, IRS audits, and U.S. Tax court representation. We also deal with U.S. Federal, State and Local tax controversy and dispute resolutions.
Whether you own property down in Florida, keep a dog on your premise, or simply spend your winters vacationing; there are many legal nuances that are specific to your situation.
Have you arranged your affairs to account for cross-border estate planning? Perhaps you have a holographic will that may be fine in Toronto, but may not hold up in Florida. Perhaps you wish to transfer gifts or are a recipient of gifts and are not sure how or if you should be taxed. Contact us to help with your personal wealth planning.
Find out if it benefits you to become or remain a US Citizen. Let us help you with your citizenship and residency planning. Would having a homestead help with your estate planning? Are you missing out on being taxed at the same rate as Florida residents? Do you spend a significant time living in the U.S. but don’t want to pay tax as if you are a U.S. Citizen? Learn how to become a deemed or incidental U.S. resident for tax purposes or how to avoid this from occurring.
We also help with international tax planning for companies. Contact us to discuss Canada-U.S./ Cross-Border corporate tax advice and cross-border business structuring and investment. We would be happy to help you with cross-border corporate organization or reorganization to optimize your tax efficiency.