Canada a tax haven!?
Quick study of short term gain IRS vs CRA CANADA - For the past 20 years, capital gains in Canada have been 50% taxable. Depending on...
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Daniel Gray CPA
- Nov 13, 2020
- 2 min
FIRPTA sale - analysis weighing applying for 8288-B or waiting to claim refund on tax return.
Before Covid-19, often this question boiled down to the time of year of closing and amount of money withheld. If both the amount of money...
275 views
Daniel Gray CPA
- Nov 11, 2020
- 3 min
FIRPTA FILING COORDINATING 8288/8288-B/W-7 (ITIN)
If 8288-B isn’t filed, 8288/8288-A must be filed within 20 days of closing. If closing 8288-B is filed, 8288/8288-A must be filed before...
85 views
Daniel Gray CPA
- Nov 4, 2020
- 2 min
TIN TIN EXPLORES THE IRS
A Taxpayer Identification Number (TIN) is an identification number used by the Internal Revenue Service (IRS) in the administration of...
31 views
Daniel Gray CPA
- May 8, 2020
- 1 min
What is IRS e-file reject code IND-181?
IRS will reject an e-file and report rejection code IND-181 if at some past point of time you joined IRS "Identity Protection PIN"...
42 views
Daniel Gray CPA
- May 5, 2020
- 3 min
ITIN Application - USA RN Nursing licence or Student of US School with Taxable Scholarship
The biggest challenge is finding an application reason acceptable to IRS for such ITIN need. An ITIN cannot arbitrarily be issued upon...
164 views
Daniel Gray CPA
- May 4, 2020
- 1 min
Are the Canada Pension Plan and Canadian Old Age Security benefits taxable? Where reported?
The taxation of payments received from Canadian retirement programs that are similar to the U.S. Social Security system receive special...
124 views
Daniel Gray CPA
- Apr 14, 2020
- 2 min
Removing the mystery out of CRA request for IRS transcripts
There have been many questions regarding CRA requests for IRS transcripts to substantiate foreign tax credit claims on a T1 return. Does...
165 views
Daniel Gray CPA
- Feb 12, 2020
- 1 min
1040NR Sch OI Item F
Is a taxpayer required to report a historical change (i.e., not during the tax return reporting year) when answering this question: Have...
40 views
Daniel Gray CPA
- Feb 12, 2020
- 1 min
1040NR vs 1040 refund timing and processing
IRS says 1040NR return processing is 22-42 days. IRS doesn’t issue NOA like Canada’s CRA, so how do you check in on your check? One can...
208 views
Daniel Gray CPA
- Feb 10, 2020
- 1 min
ITIN for 2019 1040 filing
Your ITIN may expire before you file a 2019 tax return in 2020. If you need to file a 2019 tax return, you need to renew your ITIN now,...
25 views
Daniel Gray CPA
- Dec 23, 2019
- 1 min
Tell me that IRS won't tax USA stock dividends in my Canadian RRSP
First, Happy Holidays to all reading this! While IRS applies a non-resident 30% withholding tax to dividends paid on U.S. stocks (which...
22 views
Daniel Gray CPA
- Dec 19, 2019
- 4 min
Cannot locate your Social Security Number (SSN) to file IRS Offshore Streamlined Amnesty
IRS requires an SSN to file in the IRS offshore streamlined amnesty program. Since you have a SSN and SSN never expires, you’re...
53 views
Daniel Gray CPA US Tax Services Toronto Canada
- Nov 7, 2019
- 2 min
8288 TIN Importance - FIRPTA sale
In a US property sale subject to FIRPTA, it’s obvious that the seller’s (aka transferor) TIN is important – after all it’s the seller’s...
156 views
Daniel Gray CPA US Tax Services Toronto Canada
- Oct 10, 2019
- 2 min
Unplug the IRS FIRPTA Refund Backup
It seems like more and more taxpayer refunds from US property sales are held up at IRS. Some of the delays can be prevented by an...
144 views
Daniel Gray CPA US Tax Services Toronto Canada
- Aug 8, 2019
- 1 min
Punt back your penalty to IRS if IRS provided incorrect written advice
If you received incorrect written advice from the IRS, you may qualify for a statutory exception. If you feel you were assessed a penalty...
14 views
Daniel Gray CPA US Tax Services Toronto Canada
- Aug 7, 2019
- 4 min
What’s in a name?
After a preparer and taxpayer work long and hard together to finalize a tax filing, it’s those simple easy things that can ruin the whole...
52 views
Daniel Gray CPA US Tax Services Toronto Canada
- Jun 26, 2019
- 2 min
Will IRS accept 8879 or 8878 e-file consent form digitally signed by taxpayer?
Will IRS accept 8879 or 8878 e-file consent form digitally signed by taxpayer? IRS says: Taxpayers have the option of using electronic...
58 views
Daniel Gray CPA US Tax Services Toronto Canada
- Jun 21, 2019
- 3 min
2 million Individual Taxpayer Identification Numbers (ITINs) Expiring
Nearly 2 million Individual Taxpayer Identification Numbers (ITINs) are set to expire at the end of 2019. Affected taxpayers can ask our...
24 views
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