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July 7, 2013

How A Canadian Resident Reports a K-1 in the USA

We recently received a call from a client in Canada who invested in a California LLC and was issued a K-1 from the LLC. Our client is a Canadian resident and citizen only, is not a green card holder or in any way qualifies as a US taxpayer. Never having seen a K-1 before, our
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Don’t MAIL That FBAR: New Mandatory FBAR E-Filing

Electronic FBAR filing has become mandatory, including for late filings and corrected FBARs, effective July 1, 2013. Under the new rules, a penalty may be imposed for filing your FBAR on paper and not complying with the e-filing requirement. Paradoxically, even though FBAR
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