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ARTICLE · 02 FEBRUARY 2016

Twelve Canada-US Tax Tips For 2016

Moodys Private Client Law
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By now the 2015 holiday season is a distant memory, as are most of those well-meaning 2016 resolutions. For those individuals with both Canada and US tax issues, tax filing season is a few months away.

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By now the 2015 holiday season is a distant memory, as are most of those well-meaning 2016 resolutions. For those individuals with both Canada and US tax issues, tax filing season is a few months away; however, there are several steps you can take that will ease your burden in the next few months... or at least ease it next year.

1. Catch up on US tax compliance

The US generally imposes tax filing and liability obligations on all "United States persons," regardless of their residence. US persons generally include US citizens, lawful permanent residents (i.e., a green card holder), and individuals who are substantially present in the US. Offshore enforcement is, has been, and will continue to be amongst the highest priority areas for the IRS. Thus, now more than ever, US persons living outside the United States should focus on becoming compliant before receiving a less-than-friendly letter from IRS.

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