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

Jul 07 2013
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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

Jul 07 2013
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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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US tax compliance when doing business in Canada

Jul 02 2013
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In today’s day and age, investing or operating internationally is a lot easier than it’s ever been. As such, many individuals and businesses have started investing and doing business in foreign countries to take advantage of new markets. At Gedeon Law & CPA, we
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Canadian Banks Disclosing U.S. Depositors to IRS

Jun 28 2013
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If you are a US taxpayer and a client of a Canadian financial institution and have not been filing FBAR or other foreign disclosures required by the IRS, then you need to read this article. Why? Because Canadian banks will now be required to report your account to the IRS under
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Buy A Building and Rent It To Your Business

Jun 20 2013
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What are the tax benefits if your business buys a property instead of leasing it? In this article, we’ll tell you how one of our client’s took advantage of low market prices and interest rates to acquire a property for use by their S Corp and realized substantial tax
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Let The IRS Help Care For Your Kids

Jun 14 2013
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In the words of Alice Cooper, School’s Out for Summer. Besides no more pencils and no more books, it also means no more supervised classroom program to look after Junior while you work. Luckily, the IRS provides opportunities to reap the benefits of the child care tax
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How Canadian Residents Receiving US Social Security Are Taxed

Jun 12 2013
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What if you are a Canadian resident who receives US Social Security benefits? We recently published an article about US residents who receive CPP/OAS Canadian pension benefits. What about the opposite? Let’s take the case of our reverse snowbird Emily, a Canadian citizen
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Turn Your Parents’ Home Into A Tax Write Off

Jun 11 2013
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Are you traveling on business this summer and to a city where your parents (or relatives or friends) live? If yes, then this article will show you how one of our clients turned mom and dad’s “bed and breakfast” into a tax deduction for her business and tax free
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Landlords & Businesses: Don’t Wait Until 2014 To Make Improvements

Jun 05 2013
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We recently met with one of our clients who runs a very successful day spa and salon in the South Bay. Our client was thinking of expanding their facilities and making renovations because it had been a long time since their premises were last upgraded. Our client estimated the
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Moving to the US? Don’t Use Your Parent’s Mailing Address

Apr 19 2013
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Does this fact pattern sound familiar? Gordie is a Canadian who leaves Canada and takes up residence in the United States. Like many Canadians, Gordie decides to leave his investments behind in Canada and changes the address with his financial institutions to his parents’
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