Spending a little time on mid-year planning will make for a smoother and more successful 2022! Doctors, dentists, surgeons, and other medical practitioners should take a hard look at the last 6 months, and see how close they have come to their operational and financial goals. It may be time to reevaluate and refocus on...
Almost 900,000 Americans currently reside in Canada. Americans moving out of the U.S. to countries like Canada are still required to file U.S. tax returns in addition to various other disclosures, forms and treaty elections each year. Whether it's Canadians returning to Canada after residing in the U.S. for a number of years, or simply...
Taxpayers who moved to another state during the pandemic to work remotely have been dealing with more complicated tax issues, and so have their employers! The pandemic prompted many people to sell or rent their homes to relocate to larger houses and across state lines, creating complex multistate tax issues on both the individual and...
Over the years, there’s been a significant increase in interest in taxpayer transactions by the IRS, including information about foreign financial accounts. Taxpayers with foreign assets come in all shapes and sizes. Maybe it’s an executive who works in the U.S. on a non-immigrant visa who still has assets in their native country. Or a...
Distributing K-1s** – Whose Responsibility Is It Anyway? It is common knowledge that taxpayers like partnerships, LLCs, S-Corporations and Trusts are required to distribute annual K-1’s to their partners, shareholders, and beneficiaries, respectively reflecting their share of the taxable income or loss and other tax related items. For our many CRE clients, the process of...
