Pay Your Taxes or Lose Your Passport!


New Law for January 2016 This month the U.S. Congress is putting into effect a new law that empowers the government to revoke passports of citizens who refuse (or somehow neglect) to pay their taxes. According to various sources, this law also gives the U.S. State Department the right to deny tax scofflaws new passports. If you are in arrears to the tune of $50,000 or more, (including … [Read more...]

The FBAR Filing Deadline has Changed!

Folder tabs with focus on offshore account tab. Business concept image for illustration of tax evasion.

With a stroke of his executive pen on July 31 of this year, President Obama marked the end of the filing date discrepancy that had existed with foreign bank account reporting and the filing of income tax returns. In one fell swoop he signed into the law the “Surface Transportation and Veterans Health Care Choice Improvement Act”, which changed the filing due date of several important forms for … [Read more...]

Canadian Income tax filing deadline extended to May 5

CRA Tax Deadline Error

CANADA’S REVENUE SERVICE MAKES BIG “BOO-BOO” – CANUCK TAX FILERS GIVEN AN EXTRA 5 DAYS! The Canada Revenue Agency gives hockey fans five extra days penalty-box free! April 28th, 2015 – Canadians, like Americans to the south, struggle, sweat and complain (perhaps more politely) over the rigmarole of completing income tax returns by deadline. Thanks to a big blunder by the Canadian Revenue Agency … [Read more...]

How To Minimize Taxes On Your Canadian Rental Income While Living Abroad

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If you own real estate in Canada, renting the properties out can be an effective way to make some money while you’re living abroad. The problem is the Canadian tax code can be a little strict when you’re a non-resident earning Canadian rental income. The good news is with some simple planning and paperwork you can minimize the taxes on your rental income so more of it stays in your … [Read more...]

FATCA Reporting Requirements – Rules For Americans And Non-Americans


Globalization has made the World much more connected. It’s much easier for people to move around and build new lives in different countries. Unfortunately, this freedom has given people more options to cheat on their taxes as well. To fight tax fraud, the IRS in the United States launched a new program to track money around the World. This program has created new reporting requirements for … [Read more...]

Potential 50% Penalty for Non-Tax Filers


Recently on June 18, 2014 the IRS announced major modifications to its offshore voluntary compliance programs. These modifications were made to influence taxpayers to declare their overseas assets and to become compliant with current offshore regulations. These procedures are available to taxpayers residing in and outside the United States (penalties differ). Changes were made to both the … [Read more...]

Ten Important Facts You Need to Know About Amended Tax Returns

Many citizens of the United States have a great deal of trepidation if they fear they have made a mistake when filing their annual tax returns. However, there are several things to keep in mind if this is the case; let us look at ten facts that you will need to know in order to mitigate the chances of this occurring and the effects that an incorrect form may have. 1040X This is the correct … [Read more...]

A Warning to All Americans Living Abroad


There has been a new law enacted by the IRS that is putting a heavy burden on American’s living abroad. If you are an American living abroad, whether you are a citizen or a green card holder, you are to file your tax form on April 15th. A new IRS ruling results from a FATCA law that also require you to use Form 8938, where you will list down all your foreign stocks, bonds, bank deposits, and … [Read more...]

Filing Taxes as an American Expatriate in Japan


Living and working in Japan—how will this affect your taxes? All American expats must file expatriation taxes for the United States, regardless of the country where they are living. In particular, Japan is a popular destination for Americans looking for international financial success and a wealth of cultural experiences. If you’re living in Japan, there will be special situations that … [Read more...]