International Tax Accountants
US & Canada Tax Preparation
Are you looking for an international tax accountant to help with US - Canada or Canada - US tax preparation?
Serbinski Accounting Firms specialize in Canadian and American cross-border taxation. As a cross border tax accounting firm, we bring over 30 years of international tax expertise to our clients in Canada and the U.S. With offices in Toronto and Chicago, we are ideally poised to help clients on either side of the border, and are licensed to represent you in all states and provinces.
How to Get Started:
- Search this site, or navigate to a subject area on the left panel
- Participate in our Interactive Forum. (Our forum contains a wealth of cross border tax and immigration information.)
- Book an “Initial Consultation” with Mark T. Serbinski
- Book your consultation now if you need your 2019 or prior year income tax returns prepared. Click on the above link for further information.
- View or download current tax articles.
- Contact us for your cross border taxation needs.
** COVID-19 Bulletin:
We encourage all of our clients and friends to stay safe during the COVID-19 crisis all of us are now facing. Our firm has in the past and continues to maintain facilities for off-site and remote access to our network for our staff, and for our clients. During these difficult times we encourage our clients to continue to use our private client portal system to upload information and to obtain completed returns from us. Our professional team has the ability to access private data remotely, respond to email and telephone messages, complete tax returns, and upload them to your private secure portal for your review and for electronic filing.
Our offices will remain open (albeit remotely) during this crisis, and we encourage our clients to use our secure portal system rather then sending information by courier. In keeping with "social distancing" recommendations, we will not make in-person appointments in our offices during the crisis, but continue to be available by telephone and email. If you require a secure portal or if you have any questions about our COVID-19 safety procedures, please feel free to contact us. Stay safe and keep well.
Tax Residence and Extended Stay in the U.S. or Canada due to COVID-19
Many people have found their ability to travel restricted during the COVID-19 crisis, either due to quarantine, border closings, illness or safety concerns. Inadvertent presence by non residents of either Canada or the U.S. in the other country can result in a costly determination that they are tax residents. Both Canada and the United States have now introduced measures to at least partially prevent the determination of involuntary tax residence for people who have over stayed the usual limits in either Canada or the U.S. The new interpretations and rules can be found here.
Tax Deadlines Changed Due to COVID-19:
For Canada: Effective July 27, 2020, 2019 personal and corporation returns are due on their original due dates, but those who owe tax may defer payment until September 30, 2020 (without interest or penalties).
For the U.S.: On March 21, 2020, The Treasury Department and Internal Revenue Service announced that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.
Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.
COVID-19 Economic relief provisions for Canada and the United States are outlined here.
** Exemption from Reporting on Forms 3520 and 3520A for Certain Foreign Trusts, and Retroactive Penalty Relief.
The IRS has issued Rev Proc 2020-17 on March 2, 2020 which eliminates the requirement to file forms 3520 and 3520A for certain foreign trusts. The new rules further set out procedures to obtain refunds of penalties previously assessed for failure to file these forms for any open year, if conditions are met.
** Canadian Bank Reporting - News FLASH **
U.S citizens and residents with unreported Canadian bank accounts could risk fines from both CRA and the IRS, according to this CBC Article dated March 03, 2020
Client Login and File Upload:
- Client secure log in to view your returns and upload files
- Send us a document, return or file using our secure server.
- Enter current year data securely in our U.S. Tax Notebook
Prepaid Audit Assurance Program:
As a result of the likelihood of increased government scrutiny of all returns filed, we have this year implemented our “Prepaid Audit Assurance Program". Under this Program, we cover the costs of representation in the event you are audited.
New Developments in International Taxation
IRS Forgives Taxes for Certian U.S Citizens Renouncing Citizenship
Foreign Financial Asset Disclosure
FATCA in force since July 1, 2014
Streamlined Filing Compliance Procedures
US Citizens Holding RESP and TFSA Accounts
Renouncing U.S. Citizenship
Tax Effect of Expatriation From the U.S.
Foreign Bank Reporting
Inflation-Adjusted Taxes and Phaseout Amounts
Taxes on Investment
Tax Benefits for Families
Shared Responsibility Payment
Taxation can be the most complicated and stressful part of your international move. We are experts in income tax and estate-planning issues faced by individual Canadian and American expatriates living in their neighbouring country. A US Canada tax preparation expert will guide you through the minefield of double taxation and ensure you only pay what you are legally required.
We offer corporate tax services to businesses opening cross-border branches or filing tax returns for expat employees. We also consult businesses considering doing business in the U.S. or Canada. These services include tax planning and advice on incorporation and entity structure for corporations, partnerships and sole proprietorships transitioning from one country to another.
We also provide confidential services to lawyers, accounting firms, and other financial professionals who can benefit from our international tax expertise. Our accountants understand the interaction of the Canada U.S. Tax Treaty with domestic tax rules. Our services include compliance and research either through your firm, or directly to your client.