Preparing US Personal Returns for Cross Border Persons – Practical Guidance and Recent Experiences Part I - Basic Issues
Practical guidance you need to get your client filings prepared, and will steer you clear of some of the common errors made by practitioners.
There has been a great deal of attention focussed on the information reporting requirements that have arisen for U.S. citizens living broad. Once you have determined that your client is a U.S. citizen and has a U.S. tax filing requirement... then what?
The first webinar in this two-part series, presented by Westmark Tax Group and Global Mobility Tax LLP, will take you through some of the basic tax issues to consider for U.S. Persons living in Canada. This webinar will give you the practical guidance you need to get your client filings prepared, and will steer you clear of some of the common errors made by practitioners. Topics to be discussed will include:
Part I - Foundational Topics:
- US Tax Law Updates for 2017
- Administrative issues for filing U.S.1040 Individual Tax Returns
- Preparing U.S. Income Tax Returns for U.S. Persons living in Canada - Line by Line Review of the Common Forms
- Recent Experiences for U.S. Voluntary Disclosure Initiatives and I.R.S. Enforcement Actions
- U.S. Tax Reporting for Canadian Snowbirds
- Foreign Property Information Disclosure Requirements - Report of Foreign Bank and Financial Accounts (FBAR) / FinCEN Form 114
- Review of common tax compliance issues for US Persons living in Canada
The cross-border tax issues for U.S. persons living in Canada continue to attract a lot of attention for Canadian tax. The second in this webinar series builds on the first part above and is designed to take you that one step further to understanding some of the more advanced common tax issues to consider for U.S. Persons living in Canada. Topics include:
Part II - Overview of Common Cross-border Issues:
- Canadians Purchasing and selling U.S. Real Estate and tax reporting requirements for U.S. rental income
- Reporting of income/gains from Canadian mutual funds - Passive Foreign Investment Company (PFIC) Rules
- Ownership of non-U.S. Corporations and filing of Form 5471
- U.S. Tax Rules related to Certain Canadian Accounts (RRSP/RESP/TFSA)
- Review impact of the 3.8% Net Investment Income Tax (NIIT) on investment income for U.S. Persons
- Implementation of the U.S. Foreign Account Tax Compliance Act ("FATCA") in Canada - Forms W9/W8 Ben/W-8 Ben-e
This webinar will be of most interest to accountants and tax practitioners practicing independently or in small to medium-sized firms. It will also benefit most other professionals who provide services to US citizens, such as lawyers and financial planners.
Webinar Length: 2 hours
Professional Development Credits
CCH Canadian professional development programs are designed to meet the continuing education requirements of a variety of professional associations. These requirements do vary by association and region. Please consult your provincial association to ensure this webinar meets the continuing professional development standards for your specific situation.