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NEWS & UPDATES

IRS says it now plans to invest time and resources catching non-compliant Canadians and taxpayers abroad elsewhere with regards to forms commonly applicable to that specific group of taxpayers - ones unfortunately also commonly missed. It will focus on:

  • Form 3520/3520-A Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain For...

IRS 1040NR instruction:

If you did not receive wages as an employee subject to U.S. income tax withholding, file Form 1040NR by the 15th day of the 6th month after your tax year ends. A return for the 2017 calendar year is due by June 15, 2018. If you cannot file your return by the due date, file Form 4868 to get an automatic 6-month extension of time to f...

Under the new tax law enacted effective January 1, 2018, Congress doubled the gift, estate and generation-skipping transfer (GST) exemptions to $11,180,000. The gift tax annual exclusion for 2018 also increased to $15,000 per donee.

So, you're a Canadian, or other non-US citizen, who owns and rents out US property, hasn't yet obtained an ITIN and you don't expect to make your June 15, 2018 1040NR filing due date. No worry, go ahead and file an extension request on Form 4868 by writing “ITIN to be requested” on SSN line of form. Note - if US tax is due and paid after June 15, then the...

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