US Cross-Border Tax Blog

Published by W.L. Dueck LLP

Welcome to W.L. Dueck & Co. LLP’s US and cross-border tax blog. We are a team of over 20 tax professionals that work exclusively on US and cross-border tax issues. Our clients include Canadian businesses and individuals with investments in the US and US citizens resident in Canada. We provide both tax consulting and tax return preparation services. We work with individual and business clients and their legal, accounting and financial advisors.

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

Candace Doig

US Education Savings Plans for Residents of Canada

Canada and the US have similar tax laws for education savings plans. Unfortunately, neither recognizes the each other’s plans the same as their own. For example, a US education savings plan, such as a “529 Plan,” has Canadian tax reporting requirements which are not applicable to a Canadian Registered Education Savings Plan. The  income earned inside a 529 Plan will be subject to Canadian tax if you are resident in Canada. In addition, you must file Canadian tax forms (Form… Read More

Candace Doig

Alert for Parents: Education Savings Plans and US Tax Issues

Children. From the moment they’re born you start planning for their future. And like a lot of good parents, you start to save money for their future education early. Both Canada and the US have great education savings programs whereby generally any plan earnings are tax-deferred until Junior goes off to post-secondary education. But tax problems can arise with these education savings plans when you have to file tax returns in both Canada and the US, or you move from… 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