All countries around the world impose a definite amount of taxes on their citizens and businesses. So, paying tax is something you cannot escape. This process becomes complicated when the company or individual is in a foreign land and working with global vendors or partners. The US citizens working or staying in Canada also come under this umbrella. US citizens working anywhere in the world need to pay taxes to the IRS.
Though they are staying in a foreign country, they still need to comply with the latest USA tax rules. Noncompliance with IRS rules may attract huge fines, among other consequences permitted by laws and regulations.
Field experts always suggest that individuals or businesses should consult and trust professional tax accountants as advisories while willing to comply with the USA and Canada’s tax rules.
Elaboration of Tax Compliance
In a nutshell, tax compliance is staying aware of and following the state, federal, and international tax laws and necessary submissions set as rules by USA Govt. agencies. Essential compliance is meeting the April 15th deadline when filing tax information to IRS. Those who are unable to file tax submissions by the above date are non compliant.
Approximately 38 to 40 forms and schedules are to be complied with by a US citizen while earning in Canada. Hence, compliance with these multiple rules and regulations become time consuming and challenging. US taxpayers in Canada are increasingly looking for US Tax Accountant in Edmonton, Alberta, Canada.
Some of the examples of compliance requirements are as follows:
- At the introductory level, the taxpayer must comply with the proper submission of T1 and 1040, Canadian and USA tax returns, respectively.
- US FBAR forms (US 114 form) to report foreign non-US bank account details.
- T1135 foreign profits verification form from the Canadian side.
- Schedule 1 through 6 of form 1040 for IRS tax submissions
- Schedule A through schedule F and schedule SE
- Form 2350 where an individual may request a return submission extension if they suspect unable to file the return on time
- Form 5471 must be filed by US taxpayers who have more than 10% interest in a foreign private company
There are more schedules and forms from both Canadian and USA end which a taxpayer must file if eligible and hence comply. US Tax Accountant in Edmonton, Kapil Mahajan Professional Corporation, is highly proficient as a consultant to assess and submit tax filing professionally.
US Tax Accountant in Edmonton—Simplify the Challenges in Tax Compliance
Many matters can confuse an individual while assessing and filing their tax return. It, in the end, affects compliance adversely. If an individual misses very tiny details of tax rules or miscalculates due tax to a fraction amount, it is noncompliant.
Added to the above, tax rules and guidelines are updated from time to time at the federal, state, and international levels. Individuals, businesses, or contractors must file a tax return in compliance with new updates of tax laws. These obstacles and the penalties involved with nonconformity are producing rising requirements for US Tax Accountant in Edmonton, Canada, as tax advisory. Certified public accountants who are an expert in taxation can help citizens, and business partners steer through changing tax laws. Individuals and businesses will then stay assured that the exact tax amount will be paid on the due date without any fail.
Kapil Mahajan Professional Corporation as USA Tax Consultant
Kapil Mahajan Professional Corporation is a famous tax advisor in pan Canada including Toronto and Alberta, that also works as the US tax accountant in Edmonton. The firm has a global footprint in delivering consultancy services in accounting, USA taxation, business advisory, Canadian taxation, and estate & succession planning.
In Edmonton’s USA tax filing consultancy service, the team processes tax submissions like corporate tax, personal tax, partnership tax, and expat tax.
They offer personal tax filing, partnership tax returns, corporate tax submission, and trust tax submissions in Canadian tax consulting services.
The Top Five Features of a Tax Consultant
When it comes to hiring a certified public accountant, look for the following features:
1. Monthly or Trial Accounting
One of the best ways to evaluate new service providers is to try a portion of their service for the short term. Sign up for a trial service, such as a one-time tax return submission process, and assess the new vendor’s performance.
2. Reviews from Past and Current Clients
Look for social media platform reviews or Google reviews to find out more about the new vendor for your tax consultant needs.
The consulting firm or accountant should allocate ample time to cater to your questions and keep you on the same page during the project.
The team’s level of educ
ation or CPA itself is an excellent metric to evaluate the consulting agency. Look for renowned degrees in the portfolio of your new professional accountant.
5. Knowledge and Experience
Try to get a thorough understanding of whether the firm or CPA possesses enough knowledge of taxation laws in Canada and the USA. Also, probe to know more about the company’s portfolio, which clients they have served so far.
ConclusionFrom tiny boutique businesses to large transport corporations that move freights across the country, everyone needs a dependable tax consultant. Tax policies are getting complicated with an increase in compliance requirements for a multifaceted income source. When looking for a US Tax Accountant in Edmonton, Kapil Mahajan Professional Corporation provides exceptional support for a competitive price.