US Tax Info

Seymour Gardner can assist you with your requirement to file the required tax forms as it pertains to the IRS.

Who should file a United States tax return:

• U.S. Citizens
• Resident aliens who lived or worked in the U.S.
• Green card holders
• Anyone who does business in the U.S.
• Anyone who has rental properties in the U.S.

Also U.S. citizens holding an interest in a foreign trust must file by the 15th of the 3rd month following the yearend. This can include TFSA (Tax Free Savings Account) or RESP (Registered Education Savings Plan) investments.

If you have questions about your obligations to file or need assistance in preparing your U.S. tax returns, Contact Us and we’ll put you in touch with one of our professional tax preparers.

Due Dates for Annual U.S. Income Tax Filing

Most people are aware that a U.S. citizen has reporting obligations to the U.S. government regardless of the fact that they live outside of the country. Below is a reminder of some of those reporting obligations and their due dates. This list is by no means complete and ignores the two month extension granted to U.S. citizens living abroad.

• U.S. Individual Income Tax Return (Form 1040) – due April 15th or Oct 15th with extension
  All U.S. citizens must file a form 1040. The extended October date does not include any tax owed.
• U.S. Nonresident Alien Income Tax Return (Form 1040NR) – due April 15th for US wage earners and June 15th for non-U.S. wage earners. Most often, Canadian citizens with rental properties in the U.S. use this form to report rental income and expenses.
• Report of Foreign Bank and Financial Accounts (FinCen 114) – due June 30th.

U.S. persons are required to file FBARs annually if they have a financial interest in foreign financial accounts with a total value greater than $10,000 at any time during the calendar year. Must be reported on-line to U.S. Treasury.

• Statement of Specified Foreign Financial Assets (Form 8938) New in 2011 tax year- due April 15th with the Form 1040. This form is much like the FBARs above but includes reporting of more assets.
• For Corporate clients; Forms 5471 (due with Individual form 1040); 5472 (due with Corp return) and 8865 (due with individual form 1040). Generally, you can assume that any business that is doing business in the U.S or has a U.S. person with 10% or more interest, is likely required to be reporting to the U.S. government.

Procedures to Help Those That Need to Catch Up With Tax Filings

• For those U.S. citizens that have not been reporting to the U.S. government, but would like to be compliant, there is some good news! The IRS has procedures that went into effect September 1, 2012. Under these procedures, taxpayers submit three (3) years of tax and informational returns along with six (6) years of FBARs in order to become compliant and up to date.

Common Scenarios & Forms That May Be Required (PDF Spreadsheet)