I’ve spoken to many attorneys, individuals, and business owners and the recurring theme seems to be with foreign account holders is that they won’t get caught because they feel to have “small” amounts of money overseas or they feel there…
US Citizens Living in CANADA! Tax Implications: Tax Free Savings Account – TFSA & Registered Education Savings Plan Having a Tax Free Savings Account or for short TFSA has a great tax advantages for Canadians because similar to a ROTH…
Canada and US Sourcing Rules – Inbound Taxation: Effectively Connected Income (ECI). Exclude your U.S. Source business income if you are a Non-Resident Alien for tax purposes. Generally, the due date of the of your U.S. Non-Resident alien Income Tax…
Welcome to Modi CPA! This is my first video on a series of Tax Topics. We already have plenty of Tax blogs on our website at ModiCPA.com, but as some people are more visual, thought this would be a cool…
April 15th is the typical deadline for filing Individual tax returns (1040) and for partnership tax return (1065) but if the deadline falls on a Saturday, Sunday or a legal holiday, then the due date is the next business Monday.…
If you are a U.S. Person for tax purposes, and let's say you own a Foreign bank account with interest income, you MUST include your Foreign Bank account income even if it is ONE Dollar. So regardless if you earn…
A Passive foreign investment company (PFIC) is any foreign corporation if 75 percent or more of its gross income for the taxable year consists of passive income, or 50 percent or more of the average fair market value of its…
Dear students and recent graduates on U.S. Immigration status (i.e. F,J, H1B, etc), Please be careful when filing your U.S. Income tax return, it is highly important that you determine if you need to file a IRS Form 1040 vs…
Overview of the EB-5 VISA Program: The EB-5 VISA is program created by the Congress in 1990, which grants an EB-5 VISA holder to conditionally becoming a permanent resident aliens of the United States of America. To obtain a EB-5…
