Find the Best Cross Border Tax Accountant In Calgary near me

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Want to find the Best Cross Border Tax Accountant? Looking for a cross border tax accountant near you? There are many to choose from in Calgary and they all have their own unique qualifications. Because there are so many to choose from, it is very time consuming to narrow down the best. So, we have researched to find the best Cross-border Tax Accountant to meet your needs. We look to see what they specialize in, what are their credentials, are they personable and great to work with. 

As a tax payer, you need to find the best Cross-border Tax Account that you can get to know, like and trust.  Based on our research and careful consideration, here is our choice.

SmartGuy® Best US Cross Border Tax Accountant in Calgary is to be determined::

Why Cross Border Tax Accountants are needed.

United States citizens are taxed on their worldwide income. Tax laws governing Cross-border transactions can be very complex and are understood by only the Tax Account that has had extensive training.  The Cross-border Tax Account must be very familiar with the basic tax rules that apply to both U.S. and foreign persons.

  • Outbound Transaction: -Transactions by U.S. taxpayers are done in other countries. Rules for outbound transactions capture foreign income for U.S. tax purposes and are intended to prevent tax avoidance using foreign entities
  • Inbound Transactions – Transactions of foreign taxpayers within the United State. The tax rules governing inbound activities impose tax on income from sources within the United States and income that is effectively connected with the conduct of a trade or business within the United States. Some inbound income of a nonresident alien (e.g., capital gain income) is not taxed unless the individual is in the United States for more than 183 days during the tax year.
  • Tax Impact -There are default rules for taxing Cross-border transactions. The tax treaties between the U.S. and other countries of foreign takes priority over the default rules. When you hire a Cross Border Tax Account, they have to assess the tax impact of Cross-border activity, which requires familiarity with any applicable tax treaty as well as with the default rules in the Code.
  • The global village – Because electronic media (TV and the Internet) has reduced distance and isolation, the world is now viewed as a community. Because of this ‘Global Village,’ small firms must master the Cross-border tax issues to serve their clients as well as larger firms.  Cross-border transactions are becoming more complex and frequent. The kind of entity involved, and proper filing can dramatically affect the taxation of Cross-border income.  

Services that Cross Border Tax Accountants provide:

Individual Tax Return Preparation

A U.S. citizen living in Canada or a Canadian living in the U.S. may need to file taxes in both countries. Could be income, other compensation, capital gains or real estate, the complexities of the tax and compliance regulations require a serious understanding of the U.S.-Canada tax treaty.

Corporate Tax Return Preparations

A Canadian business owner with operations in the U.S. or an American business owner with operations in Canada, requires realistic solutions and practical tax strategies that addresses the tax payer’s needs. Getting the right advice from an expert team of Cross-border taxation professionals will avoid filing error penalties but also ensures the tax payer to receive every available deduction.

Partnership tax preparation

Cross-border partnership structures can entail a complex tax situation.  A business could be taxed as a partnership in one country and a corporation in another. This could lead to double taxation of the income.  A trusted and experience Cross-border Tax Account can evaluate the companies’ structure to determine which tax rules apply to maximize your tax benefits in both countries.

Trust Tax Preparation

Foreign trusts on taxes is a very complex aspect of tax law. A trusted and experience Cross-border Tax Account will identify the issues relevant to a trust. They will prepare and submit the proper forms and make sure the correct tax amounts are remitted to the tax authorities in each country.

Sale or Rental of U.S. Real Property

Canadian owners of real estate property in the U.S. are subject to U.S. tax and/or FIRPTA withholding for non-residents when selling or renting that property. The payment generates a foreign tax credit, which can be used to reduce the Canadian tax payable on the sale. Knowing how to apply that credit requires a well-educated Cross-border Tax Accountant to give you the best possible tax outcome.

Canadian Property 

Non-residents of Canada may have to pay Canadian income tax on taxable capital gains earned on the disposition of taxable Canadian property. Specific processes must be followed by a well-educated Cross-border Tax Accountant to be in accordance with Canadian tax law.

U.S. Estate or Gift Tax preparation

U.S. and non-U.S. citizens who live, work or own property in the United States may be impacted by estate tax and/or gift tax regulations. Where you establish your residency and domicile choices play a major role in the tax implications and your potential tax consequences.

FBAR and FATCA reporting in the U.S. and foreign reporting in Canada

The ownership in out-of-country financial accounts (including bank accounts, brokerage accounts, retirement accounts and mutual funds) can be very complex and must be reported to the IRS and CRA. Canadian corporations operating in the U.S. and vice versa must complete a Foreign Bank Account Reporting (FBAR) form and/or a Foreign Account Tax Compliance Act (FATCA) form. A trusted and experience Cross-border Tax Account will identify all concerns and ensure compliance.

IRS Streamlined Filing 

 All U.S. citizens and green card holders do not consistently file tax returns with the IRS in compliance with the Internal Revenue Code every year, even though they are required to do so.  The IRS offers a program to assist delinquent taxpayers in becoming compliant without significant penalties. A trusted and experience Cross-border Tax Account will help you navigate this program on your behalf.