US citizens in Canada have been required to file yearly US tax returns for over 100 years. In recent years this obligation became more pressing. As of July 1, 2014 Canadian financial institutions are required to send information to the CRA, who will pass it on to the IRS. So the IRS will have a lot of your financial information. There are serious and expensive penalties if you don’t file US tax returns. To give just one example, you may be fined $10,000 for simply failing to report your non-US bank accounts. Since your bank is now obligated to tell the IRS about these accounts, there is little chance of evading the IRS’s scrutiny.
SKL can help you prepare your yearly US tax and information returns. With the IRS paying more attention than ever before, it’s even more important to have your US taxes done correctly by experienced professionals. We can review your past returns to make sure there are no mistakes and possibly find extra tax savings. Contact us to find out more.
If you’ve never filed your US taxes, there is currently an amnesty program you can take advantage of.