U.S. Personal Tax Preparation

ARE YOU A UNITED STATES CITIZEN OR GREEN CARD HOLDER? ARE YOU IN COMPLIANCE WITH US TAX RETURNS?

Do you know?

What are the penalties for not filing certain required forms?

FORMS WHO HAS TO FILE PENALTIES WHAT ARE YOUR OPTIONS?
TDF 90-22.1 (Foreign bank reporting) If anytime of the year you have $10,000 or more aggregate amount in your bank accounts or over which you have signing authority. $10,000 per violation of the due date, and if done purposely it can be greater than $100,000 or 50% of the balance in the account. There can also be criminal penalties. Take advantage of voluntary disclosure program and file your previously not submitted forms to avoid facing penalties and criminal charges
Form 5471 If you own a corporation or have more than 10% hold in the corporation Penalties start at $10,000 plus criminal charges Take advantage of voluntary disclosure program and file these forms with us
3520 If you made RESP, TFSA contribution or withdrawal Significant penalties starting at $10,000 Take advantage of voluntary disclosure program and file these forms with us
3520-A If you have RESP and TFSA you have to file this annual form Significant penalties starting at $10,000 Take advantage of voluntary disclosure program and file these forms with us
Form 8891 If you have an RRSP or RRIF in Canada. If the aggregate value is greater than $10,000 it has to be recorded in TDF 90-22.1 form TDF 90-22.1 penalty will apply Take advantage of voluntary disclosure program and file these forms with us

FOREIGN ACCOUNT TAX COMPLIANCE ACT (FACTA)

The Foreign Account Tax Compliance Act, or FATCA, is legislation that was passed by the United States government in 2010 and is intended to prevent tax evasion among U.S. persons using financial accounts held outside of the United States.

Starting in July of 2014, under FATCA, banks and other financial institutions will be required to identify which of their clients worldwide are U.S. persons or are businesses with substantial U.S. ownership. Banks must report the account information of these individuals or groups to the U.S. Internal Revenue Service (IRS). FATCA has created many challenges for banks in Canada and around the world.

The penalty for non-compliance with these complex rules is very severe for both banks and their clients. The penalty includes a 30 per cent withholding tax on all U.S. source income flowing to the bank and its customers, and a 30 per cent withholding tax on the gross proceeds of the sale of U.S. securities by the bank and its customers.

 

What does FACTA mean for you?

IRS will get to know about your situation through banks in Canada and therefore if you are not compliant with your taxes than you will face huge penalties and criminal charges. Therefore it is essential to take advantage of voluntary disclosure program and avoid going through this situation.

 

US PERSONAL TAX RETURNS (1040 Return)

Let HTKConsulting tackle your personal tax issues. We can work with you to help minimize your taxes. As professional accountants we can prepare a wide range of U.S. personal tax returns, including informational returns.

If interested in our services you can follow the 3 easy steps below and we will take care of all your tax needs.

Step 1: Contact us through email, phone or come visit our office for free consultation

Step 2: Complete the tax questionnaire and submit all the supporting documents to us

Step 3: We will take care of all your tax needs

 

FREQUENTLY ASKED QUESTIONS

Q. What are the qualifications of people doing the job?

The work will be performed by designated professional accountants with a lot of practical experience in big and small professional accounting firms.

Q. What is your policy on client confidentiality?

Our employees are designated professional accountants and they comply with rules of professional conduct.

Q. What is your pricing?

U.S. personal tax preparation services start at $499.99 per return. Please contact us for more details.