Navigating New Schedule K-2 and K-3 On Your Business Tax Return

New Schedule K-2 and K-3

The IRS updated the regulations for Schedule K-2 and Schedule K-3 reporting in 2022, which have had a major influence on business tax return filling for firms in the US. The revised versions have two new international-related schedules to pass-through entity returns. Read on to learn about Schedules K2 and K3, the implication for foreign […]

US Citizens Living in Canada and IRS Federal Form 8621

IRS Federal Form

When living in Canada, U.S. citizens usually have passive foreign investment companies (PFIC), such as Canadian mutual funds, that have specific yearly reporting requirements within the United States. The Internal Revenue Service (“IRS”) requires a U.S. person with passive offshore investments to report their earnings using IRS Federal Form 8621. PFIC reporting and cross-border tax […]

Tax Implications of Opening a Foreign Bank Account

foreign account

United States citizens, Permanent Residents and U.S. resident aliens who hold assets in foreign institutions have significant yearly reporting requirements that need to be adhered to. The Internal Revenue Service (IRS) and Financial Crimes and Enforcement Network (FCEN) has different reporting requirements for money and securities held in foreign banks than in domestic bank accounts. […]

Do you need an ITIN?

question mark

What is an ITIN or Individual Taxpayer Identification Number? Individual Taxpayer Identification Number (“ITIN”) is a tax ID number issued by the Internal Revenue Service (“IRS”) to individuals who are obliged for a U.S. tax filing or reporting requirement under the Internal Revenue Code and are not eligible to obtain a Social Security number (“SSN”) […]