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U.S. tax consulting services: American citizens working in Canada.
Any American citizens living in Canada, for any amount of time, need to file a U.S. tax return with the Internal Revenue Agency (IRS) under the Voluntary Disclosure Initiative (VDI). H&R Block prepares U.S. tax returns and offers tax help and IRS consulting services to Americans living and working in Canada.
U.S. tax consulting services: What you should know about the VDI.
The IRS program, formerly known as the Offshore Voluntary Disclosure Initiative (OVDI), was closed following a final application deadline of August 31, 2011. OVDI was not an amnesty program so penalties and interest were still imposed by the IRS where applicable. Therefore, the sooner a taxpayer files their return, the easier it will be to mitigate any penalties and the smaller any interest assessment will be for balances owed. The need for American citizens living in Canada to file under the OVDI does not negate their obligation to file Foreign Bank and Financial Accounts (FBAR) forms and tax returns with the IRS. Please note that, while there is generally a three year time limit to receive funds in return, any outstanding balances must be paid immediately to the IRS. Make an appointment with H&R Block for more information on FBAR and our IRS consulting services.
U.S. tax consulting services: What you should know about FBAR.
FBAR is not part of a regular tax return sent to the IRS and it does not fall under Title 26 (Income Taxes) of the U.S. Code but under Title 31 (Money & Finance). It is extremely important to file all delinquent returns as soon as possible in order to avoid additional processing delays or complications. While H&R Block offers a range of U.S. tax help, we cannot say how vigorously the IRS will pursue U.S. citizens who are not in compliance with the tax code or specifically what monetary penalties will be assessed. Remember, FBAR does not cause a tax liability but is for information reporting only.
IRS consulting services: Get U.S. tax help at H&R Block.
U.S. taxpayers living in Canada may be surprised to receive money back from a refundable credit for the past three years. But keep in mind that refunds can only be received for three open tax years; returns can be amended to receive the credits if there is a more advantageous way to file. Foreign tax credits can be created 10 years back and brought forward to offset tax balances for open years if the person has always excluded earned income and now needs foreign tax credits. Our U.S. tax consulting experts have the knowledge and experience to help make sense of it all.
If you're a Canadian resident seeking U.S. tax help or IRS consulting services, use our online Office Locator to help you find the office nearest you for experienced U.S. tax help. We also provide U.S. tax consulting services to Canadians living south of the border. H&R Block has been serving Canadians for more than 50 years. As the country's leading tax prep services provider, we strive to help our clients build a better financial future. From providing fast, reliable tax prep services, to offering dependable bookkeeping and accounting support, our tax experts are committed to delivering assistance and solutions that are second to none. Contact us today to find out how our IRS consulting services can make your life easier.
Visit H&R Block's Tax Talk for articles on Americans working in Canada, as well as other related tax, business and finance topics.