US Canada Tax and International Tax Consultant

CPA firm specializing in US Taxes, Canadian Taxes and International Taxes. Our offices are located in Wilmington, Delaware and Toronto, Canada. Our services include but are not limited to international tax consultations regarding individuals or entities operating in more than one country,

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US Taxes - US Citizens Living Abroad

US Citizens are required to file a federal income tax return whether they are living inside or outside the United States. The deadline to file an income tax return is June 15 if the Taxpayer is living outside the United States.

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Canadian Corporations Providing Services in the US

Canadian Corporations Providing Services in the United States must file Foreign Corporate Tax Return or Form 1120F. Form 1120F is due on June 15 and must be prepared based on calendar year end.

Canadian Corporations are normally in a good position to save thousands of dollars in social security taxes if the entire tax situation is handled correctly.

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US Taxes - International and Nonresident Taxes

Nonresidents who own rental properties in the United States must file an income tax return. For these types of returns, due date to file the return is June 15.

Nonresidents who wish to file an income tax return must obtain Individual Taxpayer Identification Number (ITIN). For more information, please call us.

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S Corporation

C corporation has to file Form 2553 in order to be treated as an S Corporation. S corporations are flow-through entities whereby corporations elect to pass income, losses, deductions and credit through to their shareholders for federal and state tax purposes.
C corporation must meet five requirements to qualify as an S corporation:
  •   Must be a domestic corporation
  •   Only qualifying shareholders are permitted i.e. may not include partnerships, corporations or non-  resident alien shareholders
  •   Limited to 100 shareholders
  •   One class of stock
  •   Must not be ineligible entity

Failure to File Penalty

S Corporation that fail to file on time are subject to late filing penalty of $89 per shareholder per month.
Related Party Transactions

Fringe Benefits

2% shareholders are treated like partners i.e. fringe benefits paid to 2% shareholders are included as taxable income on shareholder's W?2. The amount of fringe benefit so included on W?2 is not subject to social security taxes.

Reasonable Compensation

Since S corporations do not have to pay social security tax on the income that flows?through to the shareholders, therefore, IRS frequently reviews the salary of the shareholders to ensure that they are paying themselves reasonable amount of salary. If a shareholder is not taking out reasonable amount of salary, then the IRS can re?characterize a portion of the distribution as salary resulting in severe payroll tax penalties and interests.



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US-Canada Tax Experts , 1201 N. Orange St. Suite 7040, Willmington, DE 19801
Phone: (800) 269-0183 | Email: consult@n49taxes.com
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