Americans Living in Canada
An article in the Globe and Mail highlights the need for American citizens and green card holders to file annual tax returns and detailed reports on their bank and investment accounts with the Internal Revenue Service. The IRS has launched an aggressive campaign to root out tax offenders. This is having an impact on American citizens and green card holders who are residents of Canada but may not know they have this obligation to report. Failing to file U.S. returns and disclose the required financial information to the IRS could result in penalties even when there is no tax owing.
If you have questions about what the IRS rules mean to you, you can contact Martha Skeggs, CA, CPA (Illinois), our Director of Taxation Services, at 613-726-1010, ext 225 or mskeggs@mclartyco.ca.
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