Cross Border Tax Accountants
US Canada Tax Accountants & Preparing Cross Border Taxes
Finding a Cross Border Tax Accountant is more difficult than you might think. The reason is that most Canadians with a US filing requirement need a tax professional with a specialized skill set. This skill set includes a strong understanding of US taxes (preferably with US tax credentials that require ongoing professional education), together with a strong understanding of the Canadian Income Tax Act, and the US-Canada Tax Treaty. Individuals living in Canada may have Canadian specific activity that need to be understood, translated into US Dollars and reported on US tax returns. This means that the tax preparer needs to understand the tax rules in Canada, as well as special rules as defined in the US-Canada Tax Treaty, in order to report and complete your US returns accurately.
Tax Accountants in the US & Canada
Most US Tax Accountants living in the US focus on their local domestic practices, with the majority of their clients being US based. This results in the scope of their work not overlapping into the world of foreign account activity and reporting. Situations like understanding how and when to complete FBAR reporting are often areas where US practitioners have limited experience. Failure to correctly file these forms (and a very large range of other foreign reporting forms) can result in significant penalties and consequences.
Tax accountants living in Canada are usually Canadian trained with limited or no exposure to US taxes. You want to make sure you ask and understand what qualifies them as a US tax accountant and whether they can explain at a conceptual level what the US-Canada Tax Treaty is about. If they don’t have US tax credentials, they may not have the knowledge and experience to provide you with the assistance you need.
Our Team of Cross Border Tax Accountants
Our team of professionals are licensed US & Canadian Tax Accountants with a comprehensive understanding of the US Income Tax Act, the US-Canada Tax Treaty and the Canadian Income Tax Act.
Richard Markman, the owner and key operations person at US Taxes Toronto, lived in the United States for nearly 20 years. He is a US Certified Public Accountant in the State of California. He also holds an active CPA license in the Province of Ontario, Canada. Our business focus is on cross border taxes and so we also have a comprehensive understanding of how and when to apply the US-Canada Tax Treaty. Richard’s first-hand experience makes him a very strong US tax accountant who can assist with cross border tax situations and filings.
How Can US Taxes Toronto Help?
We can assist with the preparation of your US and Canadian Tax Filings. Our Cross Border Tax Accountants provides hands on ongoing support throughout this process, so that preparing and completing your tax filing is convenient and easy. If you would like to get more information on how we can help please reach out to us via our contact page.