Individual US tax filing (1040 and 1040NR)

All US Citizens and Green Card holders need to file a U.S. tax return at the end of the calendar year irrespective of their residential status in the United States or in any other foreign country. File your individual income tax return with us and our team will take care in getting the maximum tax refund that you are eligible for or minimize your tax liability by claiming all tax treaty benefits, deductions, and exemptions that apply to you as a resident or non-resident in the United States. You are also responsible to file your return by the due date to minimize your late filing penalties, avoid a reminder from the IRS, maintain your status and benefits as well as provide your tax information and copy of tax returns where needed.

We will help you in determining your U.S. tax filing status which is important. It may also involve some tax planning and looking into the details of options that are available from IRS and CRA and the details of tax treaties signed between the United States and Canada.

Some of the common tax filing status that you may be eligible for includes US Residents, US Citizens, and Non-Resident Aliens, either filing separately, joint, or head of household.

An alien resident of the United States for tax purposes or a non-resident alien also needs to file a tax return in the United States if he/she derives income from the sources in the United Sates.

Our professional services for U.S. tax filing and compliance, further extend to take care of all your other filing requirements related to cross-border taxation.

  • Application for Individual Taxpayer Identification Number (ITIN)
  • Sole-proprietor business registration in all U.S. sates
  • W-8BEN for the Certificate of Foreign Status of Beneficial Owner
  • W-8BEN-E for the Certificate of Status of Beneficial Owner
  • Application for Withholding Certificate from 8288-B
  • W-9 Request for Taxpayer Identification Number
  • FBSR reporting
  • FATCA – Form 8938 reporting
  • Preapre and file Streamlined Filing Compliance Procedures

US Tax Filing Status

You need to choose the filing status that applies to you. Each filing status has a different tax rate, tax deductions, and exemptions. The most commonly used filing statuses are….

  • Single
  • Married filing jointly
  • Married filing separately
  • Head of household
  • Qualifying widow

FBAR Reporting

AS per the Bank Secrecy Act,  you must report certain foreign financial accounts, every year to the Treasury Department by filing a Report of Foreign Bank and Financial Accounts (FBAR) on FinCEN Form 114.

  • The filing is due April 15 following the calendar year reported
  • Report all your financial accounts located outside the U.S. if
  • When the aggregate value of your account exceeded $10,000 at any time during the calendar year

 

You must file an FBARA if you are a United States person, including a citizen, resident, corporation, partnership, limited liability company, trust, and estate.

FATCA – The Foreign Account Tax Compliance Act

Apart from filing the above FBAR, you may also have the requirement to report on Form 8938 your foreign financial assets including any income and gain related to those assets.

When to file your U.S. tax return

  • April 15th
  • The due date for filing income, estate, and gift tax returns and paying estimated tax are generally the same for U.S. citizen or resident alien, whether you are in the United States or abroad.
  • You need to report your worldwide income which is subject to U.S. income tax, regardless of where you reside.

Note: Need more time, contact us we will file for you an extension of time to file.

Streamlined Filing Compliance Procedures

Past-due returns incur two types of penalties: failure to file and failure to pay. It is important to act as early as possible to begin settling any dues to the IRS. If you have unfiled US tax returns, you may be eligible to file those delinquent tax returns under the Streamlined Filing Compliance Procedures and you will not be subject to failure-to-file and failure-to-pay penalties. The U.S. taxpayer can avail streamlined filing compliance procedures by certifying that they did not willfully fail to report their foreign assets and fail to pay all taxes due in respect of those assets.

  • You meet the applicable non-residency requirement
  • You will File 3 years of delinquent Federal Tax Returns
  • You will report 6 years of FBARs
  • Sign the Form 14653 to certify tax delinquency was non-willful

 

If you are concerned that you fail to report income, fail to submit required information returns, and fail to pay taxes, that was due to willful conduct and you, therefore, want to seek assurance that you will not be subject to substantial monetary penalties and/or criminal liability, you should consider participating in the IRS Criminal Investigation Voluntary Disclosure Practice and should consult with us.

We are U.S. CPA and file U.S. taxes for our clients all over Canada. Our offices are in Woodbridge, Vaughan, and Mississauga; however, our U.S. tax filing services are not limited to GTA and we are virtually available to meet with you for U.S. tax services all over Ontario and in Canada.

We are Authorized IRS e-file providers, allowing us to file your individual income returns electronically to IRS for faster processing.

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