US Cross-Border Tax Blog

Published by W.L. Dueck LLP

Author Archive

Steven Flynn

British Columbia Speculation and Vacancy Tax

To prevent housing speculation in British Columbia and help turn vacant homes into rentals in its overheated market, the BC provincial government recently implemented the BC Speculation and Vacancy Tax on residential property located in certain areas of British Columbia. Where does the British Columbia Speculation and Vacancy Tax Apply? New for 2018, owners are subject to a tax of 0.5% of the assessed value of the property as of July 1, 2018, with the tax rate rising up to… Read More

Steven Flynn

US Transition Tax – Update Number Five

Further Relief  As they did before the April 15th tax filing deadline, the IRS once again issued guidance on the US transition tax right before a tax filing deadline. This time, the filing deadline is June 15, the extended filing deadline for US taxpayers abroad, the very group US transition tax impacts.  Guidance published on Monday, June 4th provides filing and payment relief for individuals in certain circumstances. Highlights where an individual taxpayer has a total transition tax liability of… Read More

Steven Flynn

US Transition Tax – A Fourth Update

In mid-April, there is usually a race against time by taxpayers and accountants to meet US tax filing deadlines. The normal US tax filing deadline for the 2017 year for individuals and certain US entities is Tuesday, April 17th (a few days later than the usual April 15th due to weekends and a US holiday on Monday).  Entering the “race against time” this year is the Internal Revenue Service itself, who on Friday April 13th published more guidance on the… Read More

Steven Flynn

US Transition Tax – Next Update

On April 2nd, the IRS and US Treasury issued more guidance on the US Transition Tax enacted by the Tax Cuts and Jobs Act (“TCJA”) in December 2017.  As the US moves to a territorial tax system for profits earned outside the US, this provision assesses a tax rate on accumulated earnings and profits in specific non-US corporations owned by certain US corporations and US individuals. Our previous blog entries explaining the tax and IRS/US Treasury updates can be found… Read More

Steven Flynn

US Transition Tax – Update

On March 13th, the Internal Revenue Service provided further guidance on how US taxpayers should report activity subject to the US Transition Tax on their 2017 US income tax returns.  Our previous blog describing the tax and its impact to US taxpayers can be found HERE. This IRS guidance references earlier IRS updates and provides instruction on how to complete US federal income tax returns, file elections and make US federal income tax payments.  Full details of the IRS’s guidance… Read More