Tax measures included in the Coronavirus Aid, Relief, and Economic Security Act may offer some relief to Canadian Multinationals

North Vancouver, BC -- (ReleaseWire) -- 04/08/2020 -- COVID-19 has dramatically impacted businesses and economies around the world. For Canadians with cross-border operations in the US, there may be some good news. New measures proposed in the Coronavirus Aid, Relief, and Economic Securities (CARES) Act could temporarily reduce tax payments of corporations and in some cases allow refunds of taxes from prior years. For more, go to https://www.us-taxprofessionals.com/Business-Accounting.php

The measures enacted in the CARES Act have not yet been enacted into law. The Senate approved the Act and on March 27th, 2020, President Trump signed the bill into law.

Other measures addressed in the Act include an employee tax retention credit to offset employee taxes and deferral on payroll tax payments. The Act also includes several measures that will impact individual US taxes for Canadian residents.

It should be noted that the US has extended its filing deadline from April 15, 2020, to July 15, 2020, so that tax filing and payment deadlines are now one and the same. There will also be additional sick leave measures with tax credits to employers to offset costs. Some of the changes will temporarily reverse or suspend the tax reform changes enacted in 2017.

Changes enacted by the CARES Act could significantly benefit some organizations. The US will allow taxpayers to deduct losses suffered this year against previous years, meaning taxpayers may apply losses to income previously taxed at 35% to obtain funds. The interest deduction rate for corporations will be raised to 50% from 30% of Adjusted Taxable Income (ATI), and corporations will be allowed to apply their 2019 ATI to calculate the deduction of their 2020 tax return.

Alternative Minimum Tax Credit Refunds (AMTCs), which were scheduled for phased creditably from 2018-2021 will be fully refundable for 2018 and 2019 tax years. Ask US Tax Professionals for details about immediately filing a claim on a 2018 tax return.

The Employer's retention credit will introduce a tax credit of up to $10,000 per employee against employment taxes for when services are not needed or not accessible due to COVID-19 restrictions. The credit is limited to 50% of the actual wages paid. Qualifying employers are those who have had their business partially or completely suspended due to COVID-19 restrictions enacted by the Government.

The CARES Act is meant to cushion the impact COVID-19 will have on businesses and corporations. To discuss how the proposed changes may be leveraged to reduce tax payments and maximize the benefits of refunds and deferrals, contact US Tax Professionals in Vancouver at (604) 281-3318.

About CARES Act
US Tax Professionals provide tax services for dual American and Canadian citizens in Vancouver. Founded in 2013, they specialize in taxation for US citizens and expats, taxation and accounting for business, cross-border taxation for US and Canadian citizens, as well as accounting and taxation of alternative investments, including private equity funds and hedge funds.

For more information, visit https://www.us-taxprofessionals.com/ or call (604) 281-3318.

US Tax Professionals
Mark Schiffer
(604) 281-3318
Company Website: https://www.us-taxprofessionals.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Avoid potential penalties and fines by staying on top of tax paperwork

North Vancouver, BC -- (ReleaseWire) -- 03/16/2020 -- Tax time is stress-inducing to say the least. For many people, the top priority is making sure taxes are covered—without considering the paperwork that's needed. However, it's impossible to file without certain vital documents. A new blog from US Tax Professionals in Vancouver has basic information on what's necessary to file and what to do if some documents are MIA. For more, go to https://us-taxprofessionals.com/newsletter.php#1

Before filing, everyone should receive a Form W-2, Wage and Tax Statement, from each employer for use in preparing a federal tax return. Employers must furnish this record of 2019 earnings and withheld taxes no later than January 31, 2020 (allowing several days for delivery if mailed).

If, for any reason, Form W-2 hasn't arrived, contact the employer(s) to find out if and when the W-2 was mailed. If it was mailed, it might have been returned to the employer due to an administrative error, such as an incorrect address. After contacting the employer(s), allow for a reasonable amount of time to issue or resend the W-2.

Another important document is Form 1099. People who receive certain types of income may receive a Form 1099 in addition to or instead of a W-2. Again, payers have until January 31 to mail these out.
In some cases, the information on the Form 1099 may be obtained from other sources. For example, a bank may put a summary of the interest paid during the year on the December or January statement of a savings or checking account. Or it may make the interest figures available through its customer service line or website. Some payers include cumulative figures for the year with their quarterly dividend statements.

It's usually unnecessary to wait for Form 1099 to arrive, provided the information (actual not estimated) is available to complete the tax return. In general, do not attach a 1099 series form to a return, except when Form 1099-R is received from Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. and shows income tax withheld. However, do keep all of the 1099 forms received for records.

If by mid-February any forms are still missing, it's time to contact the IRS at 1-800-829-1040. Make sure to have the following information handy:

-the employer's name and complete address, including zip code, and the employer's telephone number;
-the employer's identification number (if known);
-your name and address, including zip code, Social Security number, and telephone number.

If the W-2 has been lost or misplaced, it's generally advisable to contact the employer who issued it. However, the employer is allowed to charge a fee for replacing a W-2.
Even if Form W-2 is not received or it's impossible to get one by the tax filing deadline, it's possible to use Form 4852, Substitute for Form W-2, Wage and Tax Statement. However, this will delay any refund due while the information is verified.

If a corrected W-2 or 1099 is received after the return is filed and the information it contains does not match the income or withheld tax reported, then it's necessary to file an amended return on Form 1040X, Amended US Individual Income Tax Return.

Most taxpayers will also receive one or more forms relating to health care coverage in place during the previous year. If a Form 1095-A is expected, wait to file until the form is received—this is not the case with Forms 1095-B or 1095-C.

Filing income taxes can be a long and complicated process. For help filing US taxes in Vancouver or for questions related to American tax forms, contact US Tax Professionals in Vancouver at (604) 281-3318.

About US Tax Professionals
US Tax Professionals provide tax services for dual American and Canadian citizens in Vancouver. Founded in 2013, they specialize in taxation for US citizens and expats, taxation and accounting for business, cross-border taxation for US and Canadian citizens, as well as accounting and taxation of alternative investments, including private equity funds and hedge funds.

For more information, visit https://us-taxprofessionals.com/ or call (604) 281-3318.

US Tax Professionals
Mark Schiffer
(604) 281-3318
Company Website: https://us-taxprofessionals.com/

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

New blog by US Tax Professionals in Vancouver outlines the criteria necessary to claim dependants for tax benefits

North Vancouver, BC -- (ReleaseWire) -- 02/13/2020 -- Taking care of an elderly parent or any relative can be emotionally and financially draining. Fortunately, US Tax Professionals in Vancouver has some good news: if certain criteria are met, it's possible to claim a relative as a dependant and enjoy some relief come tax time. For more, go to https://us-taxprofessionals.com/newsletter.php#5

The IRS defines a dependent as a qualifying child or relative. A qualifying relative can be your mother, father, grandparent, stepmother, stepfather, mother-in-law, or father-in-law, for example, and they can be any age.

There are four tests that must be met in order for a person to be considered your qualifying relative: not a qualifying child test, member of household or relationship test, gross income test, and support test. The article describes each test in detail. For example:

To qualify as a dependent, income cannot exceed the personal exemption amount, which in 2019 was $4,200 ($4,300 in 2020). In addition, your parent or relative, if married, cannot file a joint tax return with his or her spouse unless that joint return is filed only to claim a refund of withheld income tax or estimated tax paid.

It's possible to claim the child and dependent care credit for work-related expenses paid for the care of a qualifying individual. The credit is generally a percentage of the amount of work-related expenses paid to a care provider for the care of a qualifying individual. The percentage depends on adjusted gross income. Work-related expenses qualifying for the credit are those paid for the care of a qualifying individual to enable an individual to work or actively look for work.

The article goes on to describe scenarios like claiming the medical deduction and even where caregiving responsibilities are shared. For example, if neither caregiver pays more than 50 percent, it's necessary to fill out IRS Form 2120, Multiple Support Declaration, as long as the filer and their applicant provide at least 10 percent of the support towards taking care of a parent.

The tax rules for claiming an elderly parent or relative are complex. But for those who have questions, US Tax Professionals in Vancouver are just a quick phone call away. Call (604) 281-3318 to get started.

About US Tax Professionals
US Tax Professionals provide tax services for dual American and Canadian citizens in Vancouver. Founded in 2013, they specialize in taxation for US citizens and expats, taxation and accounting for business, cross-border taxation for US and Canadian citizens, as well as accounting and taxation of alternative investments, including private equity funds and hedge funds.

For more information, visit https://us-taxprofessionals.com/ or call (604) 281-3318.

US Tax Professionals
Mark Schiffer
(604) 281-3318
Company Website: https://us-taxprofessionals.com/

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Taking action sooner rather than later prevents a bad situation from getting worse advises US Tax Professionals in Vancouver

North Vancouver, BC -- (ReleaseWire) -- 01/17/2020 -- The post-holiday season is one of the worst for debt. For those experiencing difficulty in paying what's owed, the team at US Tax Professionals in Vancouver has recently published a new article to help manage debt and avoid financial ruin. For more, go to: https://us-taxprofessionals.com/newsletter.php#4

If debt is a problem, it's important to realize that inaction will always lead to larger, more serious problems. It's best to take action before the bill collectors start calling. Here's what to keep in mind to bring ungainly debts under control:

Review each debt. Make sure that the debt creditor's claim is actually what's owed and that the amount is correct. To dispute a debt, first contact the creditor directly to resolve any questions. If questions persist, contact the state or local consumer protection office. In cases of serious creditor abuse, it may be necessary to call the state Attorney General.

Contact creditors. Don't suffer in shame and secrecy. Let creditors know that making payments are a problem and explain why. For example, a job loss or expected medical bills. Try to work out an acceptable payment schedule with creditors. Most are willing to work with you and appreciate people who are honest and forthright.

As a tip, most automobile financing agreements permit a creditor to repossess a car any time payment defaults, without advance notice. If a car is repossessed, it may be necessary to pay the full balance due on the loan, as well as towing and storage costs, to reclaim the vehicle. Waiting until a default occurs is the worst possible approach, so tackle problems proactively. For example, it may be better to sell the car and pay off the debt rather than to incur repossession costs.

Remember to create and adhere to a budget. Create a spending plan that factors in debt reduction. Itemize necessary expenses (such as housing and healthcare) and optional expenses (such as entertainment and vacation travel). Stick to the plan.

Actively work to reduce expenses. Cut out any unnecessary spending, such as eating out and purchasing expensive entertainment. Consider taking public transportation or using a car-sharing service rather than owning a car. Clip coupons, purchase generic products at the supermarket and avoid impulse purchases. Above all, stop incurring new debt. Leave the credit cards at home. Pay for all purchases in cash or use a debit card instead of a credit card.

Finally, pay down and consolidate debts. Withdrawing savings from low-interest accounts to settle high-rate loans or credit card debt usually makes sense. In addition, there are several ways to pay off high-interest loans, such as credit cards, by getting a refinancing or consolidation loan, such as a second mortgage. Keep in mind, however, that second mortgages greatly increase the risk of home and property loss.

Be wary of any loan consolidations or other refinancings that actually increases interest owed, or require payments of points or large fees.

It's possible to regain financial health by acting responsibly. Don't wait until bankruptcy court is your only option. For those who experience financial troubles, US Tax Professionals in Vancouver can provide guidance, insight, and support. Call (604) 281-3318 to get started.

About US Tax Professionals provide tax services for dual American and Canadian citizens in Vancouver " href="https://us-taxprofessionals.com/index.php">US Tax Professionals
US Tax Professionals provide tax services for dual American and Canadian citizens in Vancouver Founded in 2013, they specialize in taxation for US citizens and expats, taxation and accounting for business, cross-border taxation for US and Canadian citizens, as well as accounting and taxation of alternative investments, including private equity funds and hedge funds.

For more information, visit https://www.us-taxprofessionals.com/ or call (604) 281-3318.

US Tax Professionals
Mark Schiffer
(604) 281-3318
Company Website: https://www.us-taxprofessionals.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Tax structures are changing. A newly published article from US Tax Professionals in Vancouver looks at what businesses need to know

North Vancouver, BC -- (ReleaseWire) -- 12/20/2019 -- tax consultant is always to determine the best methods to reduce taxable income. As tax laws shift and change, it's important to take note and adjust business strategies as necessary. A new article from US Tax Professionals in Vancouver summarizes what business owners need to know about the changing landscape 2019.

Keeping a close eye on tax changes ensures that business owners can implement tax-cutting strategies and pay what's owed, without attracting the wrath of the IRS. Some of the topics tackled in the article include standard mileage rates, the health care tax credit for small businesses, expensing and depreciation, the work opportunity tax credit, and simple IRA plan contributions.

For example, "Under the Tax Cuts and Jobs Act of 2017, the Section 179 expense deduction increases to a maximum deduction of $1.02 million of the first $2.55 million of qualifying equipment placed in service during the current tax year. The deduction was indexed to inflation for tax years after 2018 and enhanced to include improvements to nonresidential qualified real property such as roofs, fire protection, and alarm systems and security systems, and heating, ventilation, and air-conditioning systems.

Businesses are allowed to immediately deduct 100% of the cost of eligible property placed in service after September 27, 2017, and before January 1, 2023, after which it will be phased downward over a four-year period: 80% in 2023, 60% in 2024, 40% in 2025, and 20% in 2026. The standard business depreciation amount is 26 cents per mile (up from 25 cents per mile in 2018."

Constant changes in financial accounting standards make preparing financial statements a highly technical and time-consuming task. As a team of tax accountants, the staff at 
US Tax Professionals in Vancouver provides well-organized solutions to meet different needs, including financial statement preparation and business accounting. Their analysis ensures getting the timely and accurate information needed to manage any business
Take advantage of a full range of business tax preparation decisions with strategies that minimize tax liabilities. For Canadians or Americans who are doing business cross-border and need to reassess their tax situation, the team at
US Tax Professionals in Vancouver can provide guidance, insight, and support. Call (604) 281-3318 to get started.

About US Tax Professionals
US Tax Professionals provide tax services for dual American and Canadian citizens in Vancouver. Founded in 2013, they specialize in taxation for US citizens and expats, taxation and accounting for business, cross-border taxation for US and Canadian citizens, as well as accounting and taxation of alternative investments, including private equity funds and hedge funds.

For more information, visit
http://www.us-taxprofessionals.com/ or call (604) 281-3318.

US Tax Professionals
Mark Schiffer
(604) 281-3318
Company Website:
http://www.us-taxprofessionals.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Selling virtual currency is a reportable transaction that can result in a hefty tax bill if handled improperly

North Vancouver, BC -- (ReleaseWire) -- 11/18/2019 -- When it comes to virtual currencies, there was no IRS guidance prior to 2014, and many people did not understand that selling virtual currency was a reportable transaction. But Bitcoin, or any other virtual currencies used in a transaction, must be reported to the IRS. For more, go to: https://www.us-taxprofessionals.com/newsletter.php

As cross border tax accountants for Americans and Canadians, the team at US Tax Professionals in Vancouver wants to emphasize the importance of considering tax implications of virtual currency transactions, and published a blog that addresses how the IRS is approaching the subject.

In 2018, the IRS announced a Virtual Currency Compliance campaign to address noncompliance related to the use of virtual currency through outreach and examinations of taxpayers. In 2019, they began sending letters to taxpayers with virtual currency transactions that potentially failed to:
- Report income and pay the resulting tax from virtual currency transactions; or
- Did not report transactions properly.

More than 10,000 taxpayers received letters, whose names were obtained through various ongoing IRS compliance efforts. There were three variations of the letter: Letter 6173, Letter 6174 or Letter 6174-A. All three versions strive to help taxpayers understand their tax and filing obligations and how to correct past errors.
In October 2019, the IRS expanded its guidance to include two additional pieces of information meant to help taxpayers understand reporting and tax obligations concerning virtual currency transactions. This expanded guidance includes:
- Answers to common questions by taxpayers regarding the tax treatment of a cryptocurrency hard fork
- FAQs that address virtual currency transactions for those who hold virtual currency as a capital asset

The article contains helpful definitions for terms like virtual currency, cryptocurrency, and hard fork. For all intents and purposes, virtual currency, as generally defined, functions in the same manner as a country's traditional currency and is treated as property for US federal tax purposes. The same general tax principles that apply to property transactions also apply to transactions using virtual currency. For example, wages paid by receiving cryptocurrency are taxable and must be reported by an employer on a Form W-2 and are subject to federal income tax withholding and payroll taxes.

It's important to remain aware that forgetting, not knowing, or generally pleading ignorance about reporting income from these types of transactions on your tax return is not viewed favourably by the IRS.

Fortunately, it's not too late to report income from virtual currency transactions on an income tax return, even though the due date for filing has passed. Taxpayers can still report income by filing Form 1040X, Amended US Individual Income Tax Return within 3 years after the date the of the original return or within 2 years after the date tax was paid (whichever is later).

Taxpayers who did not report transactions involving virtual currency or who reported them incorrectly may, when appropriate, be liable for tax penalties and interest. In more extreme situations, taxpayers could be subject to criminal prosecution, which can carry a maximum penalty of up to five years in prison and a fine of up to $250,000.

For assistance on filing taxes or late forms where virtual currencies are involved, contact US Tax Professionals in Vancouver at (604) 281-3318.

About US Tax Professionals
US Tax Professionals provide tax services for dual American and Canadian citizens in Vancouver. Founded in 2013, they specialize in taxation for US citizens and expats, taxation and accounting for business, cross-border taxation for US and Canadian citizens, as well as accounting and taxation of alternative investments, including private equity funds and hedge funds.

For more information, visit https://www.us-taxprofessionals.com/ call (604) 281-3318

US Tax Professionals
Mark Schiffer
(604) 281-3318
Company Website: https://www.us-taxprofessionals.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Separated individuals should be aware of tax law changes that take effect in 2019 (and affect 2019 tax returns), caution US Tax Professionals in Vancouver

North Vancouver, BC -- (ReleaseWire) -- 10/18/2019 -- US Tax Professionals in Vancouver has just published an article on how changing tax laws will impact divorce and alimony payments in 2019. For more information, go to: https://us-taxprofessionals.com/newsletter.php#2

Divorce and separation can be painful on both an emotional and financial level. As people go through the process of rebuilding their lives, it's quite natural that the tax situation would be the last thing on anyone's minds. However, it's more important than ever to consider, as changes to tax legislation will impact 2019 tax returns.

Tax rules regarding divorce and separation can and do change. To complicate matters further, most court decisions do not account for the effects that divorce or separation has on an individual's tax situation. In the case of a recent divorce or separation, it's a good idea for Canadians and Americans doing business cross border to review the situation with an accountant who's knowledgeable in filing US taxes for Canadian citizens, and vice versa.

The new rules relate to alimony or separate maintenance payments under a divorce or separation agreement, and includes all taxpayers with:

- Divorce decrees
- Separate maintenance decrees
- Written separation agreements

For example, for agreements executed beginning January 1, 2019, under the new laws alimony or separate maintenance payments are not deductible from the income of the payor spouse. They are also not includable in the income of the receiving spouse, if made under a divorce or separation agreement executed after December 31, 2018.

Unfortunately, divorce is often a painful situation and the changing tax laws have made it more so. For Canadians or Americans who are living cross border and need to reassess their tax situation, the team at US Tax Professionals in Vancouver can provide guidance, insight, and support. Call (604) 281-3318 to get started.

About US Tax Professionals
US Tax Professionals provide tax services for dual American and Canadian citizens in Vancouver. Founded in 2013, they specialize in taxation for US citizens and expats, taxation and accounting for business, cross-border taxation for US and Canadian citizens, as well as accounting and taxation of alternative investments, including private equity funds and hedge funds.

For more information, visit https://www.us-taxprofessionals.com/ or call (604) 281-3318.

US Tax Professionals
Mark Schiffer
(604) 281-3318
Company Website: https://www.us-taxprofessionals.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Paperwork related to property can pile up, but the team at US Tax Professionals advise that it’s important to maintain any records potentially applicable to federal tax law

North Vancouver, BC -- (ReleaseWire) -- 09/19/2019 -- As a firm that specializes in cross-border taxation, the team at US Tax Professionals in Vancouver remind taxpayers that keeping full and accurate homeowner records is not only vital for claiming deductions on tax return, but also for determining the basis or adjusted basis of a home. Records must be kept as long as they are important for federal tax law—and must be available to the IRS upon request. For more, go to: https://us-taxprofessionals.com/newsletter.php#2

There's always a lot of paperwork associated with property transfer and maintenance. Important records include the purchase contract and settlement papers if the property was purchased, or other objective evidence if it was acquired it by gift, inheritance, or similar means. However, it's also important to also keep any receipts, cancelled checks, and similar evidence for improvements or other additions to the basis.

Keep paperwork related to:

- Renovations or additions
- Roof replacement
- Paving or cement work
- Air conditioner installation
- Rewiring
- Assessments for improvements
- Damage or restoration

It's also important to track records related to any decrease of the basis:

- Insurance/reimbursement for losses
- Deductibles not covered by insurance
- Payment received for easement or right-of-way granted
- Value of subsidy for energy conservation measure excluded from income
- Depreciation deduction for business or rental purposes

How the records are stored is not an issue, but they must comprehensive, accurate, and available for submission to the IRS. Keep records that support any item of income or a deduction appearing on a return until the period of limitations for the return runs out. A period of limitations is the limited period of time after which no legal action can be brought.

For assessment of tax, the period of limitations is generally three years from the filing date. When filing a claim for credit or refund, the period of limitations is generally three years from the date of filing the original return—or two years from the date taxes were paid, whichever is later. Returns filed before the due date are treated as filed on the due date.

It may be necessary to keep records relating to the basis of property longer than the period of limitations. For example, basis is needed to determine gain on home sale. Any gain on sale of a home is tax-exempt for amounts up to $250,000 ($500,000 for married couples). Basis is also important in figuring casualty loss, on conversion of the home to business use, or where there's a gift of the home (in this case, it is important to the receiver).

When in doubt, keep the records as long as the property is owned, or after selling/gifting as long as the period of limitations applies. For assistance on filing papers related to the individual taxation of US citizens in Canada (and vice-versa) contact US Tax Professionals in Vancouver at (604) 281-3318.

About US Tax Professionals
US Tax Professionals provide tax services for dual American and Canadian citizens in Vancouver. Founded in 2013, they specialize in taxation for US citizens and expats, taxation and accounting for business, cross-border taxation for US and Canadian citizens, as well as accounting and taxation of alternative investments, including private equity funds and hedge funds.

For more information, visit https://www.us-taxprofessionals.com/ or call (604) 281-3318

US Tax Professionals
Mark Schiffer
(604) 281-3318
Company Website: https://www.us-taxprofessionals.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

US Tax Professionals in Vancouver discuss the factors that determine creditworthiness and how to protect a rating

North Vancouver, BC -- (ReleaseWire) -- 08/19/2019 -- As a firm that provides US tax services for US and Canadian citizens looking for individual and business services, the team at US Tax Professionals in Vancouver know that credit reports play a vital role in financial well-being. To help people understand the report as well as protect them from identity theft and fraud, US Tax Professionals has just released a new article. For more, go to: https://us-taxprofessionals.com/newsletter.php#1

Creditors keep their evaluation standards secret, making it difficult to know just how to improve credit ratings. Some of the criteria used to establish a rating include payment history/late payments, bankruptcy, charge-offs (forgiven debt), closed and inactive accounts, recent loans, cosigning an account, credit limits, credit reports, debt/income ratios, and mortgages.

This federal law passed in 1970 gives consumers easier access to, and more information about, credit files. The FCRA (Fair Credit Reporting Act) gives the right to find out the information in your credit file, and to dispute any information that's inaccurate or incomplete. People can also find out who has seen their credit report in the past six months.

The Fair Credit Reporting Act requires that each of the three credit bureaus provide a free copy of a credit report, upon request, every 12 months. An annual review is highly recommended to identify any errors or omissions.

Make sure to read the report carefully, making a note of anything that is unclear. The credit bureau is required by law to provide trained personnel to explain. If accounts are identified by code number, or if there is an unknown creditor listed, ask the credit bureau to supply the name and location of the creditor in order to ascertain that the charges are legitimate.

If any error or suspicious activity is noted, write to the credit bureau and ask them to investigate. Under the FCRA, they have about thirty days to contact the creditor and find out whether the information is correct. If not, it will be deleted.

Credit bureaus are not obligated to include all credit accounts in the report. For example, the credit union that holds a credit card account is not a paying subscriber to the credit bureau; the bureau is not obligated to add that reference.

While the information may not be completely accurate, understanding creditworthiness is important to maintaining a healthy financial status. To learn more about obtaining and interpreting credit reports (or for assistance with personal accounting or business accounting, contact US Tax Professionals in Vancouver at (604) 281-3318.

About US Tax Professionals
US Tax Professionals provide tax services for dual American and Canadian citizens in Vancouver. Founded in 2013, they specialize in taxation for US citizens and expats, taxation and accounting for business, cross-border taxation for US and Canadian citizens, as well as accounting and taxation of alternative investments, including private equity funds and hedge funds.

For more information, visit https://www.us-taxprofessionals.com/ or call (604) 281-3318.

US Tax Professionals
Mark Schiffer
(604) 281-3318
Company Website: https://www.us-taxprofessionals.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

North Vancouver, BC -- (ReleaseWire) -- 07/22/2019 -- Working and living cross border can be tough. As a team of accountants who cater to Americans living and doing business in Canada (and vice-versa), the team members at US Tax Professionals in Vancouver recently published an article that highlights some of the special tax breaks available to active members of the US Armed Forces. For more, go to: https://us-taxprofessionals.com/newsletter.php#4

The article discusses six tax benefits that are available to members engaged in active duty. These benefits range from special exemptions on some types of income to extended deadlines on filing federal taxes, which could be useful for members deployed internationally.

For example, for members who serve in a combat zone as an enlisted person or as a warrant officer for any part of a month, "any military pay received for service during that month is not taxable. For officers, the monthly exclusion is capped at the highest enlisted pay, plus any hostile fire or imminent danger pay received."

Other points the article touches on include moving expenses, earned income tax credits, deadline extensions, joint returns, and allowances paid to ROTC students (subsistence allowances paid to students participating in advanced training are not taxable, but active duty pay is).

Active members of the US Armed Forces should take full advantage of the special tax benefits available to them. Working with an experienced US Tax accountant in Vancouver is one of the best ways to leverage any applicable benefits while making sure taxes are filed in a timely manner.

To learn more about tax breaks for members of the armed forces or any other cross-border tax-related matter, contact US Tax Professionals in Vancouver at (604) 281-3318.

About US Tax Professionals
US Tax Professionals provide tax services for dual American and Canadian citizens in Vancouver. Founded in 2013, they specialize in taxation for US citizens and expats, taxation and accounting for business, cross-border taxation for US and Canadian citizens, as well as accounting and taxation of alternative investments, including private equity funds and hedge funds.

For more information, visit https://www.us-taxprofessionals.com/ or call (604) 281-3318

US Tax Professionals
Mark Schiffer
(604) 281-3318
Company Website: https://www.us-taxprofessionals.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

A mistake on a tax return isn’t a cause for panic but must be fixed, according to the team at US Tax Professionals

North Vancouver, BC -- (ReleaseWire) -- 06/26/2019 -- Cross-border taxes are a specialty for the team at US Tax Professionals in Vancouver. As a team of accountants, they work with both Canadians and Americans living and doing business cross border. With income tax season done, their latest blog addresses what to do if a mistake is discovered after filing is complete. And the answer is—don't panic, just file an amended return. For more, go to: https://www.us-taxprofessionals.com/newsletter.php#1

If a mistake is discovered, taxpayers should use Form 1040X, Amended U.S. Individual Income Tax Return, to file an amended (corrected) tax return. An amended tax return should only be filed to correct errors or make changes to your original tax return. For example, you should amend your return if you need to change your filing status or correct your income, deductions, or credits.

It's worth noting that an amended return cannot be re-filed. The corrected tax return must be filed on paper. If it's necessary to file another schedule or form, simply attach it to the amended return.

An amended return is not necessary to correct math errors because the IRS automatically makes those changes. Also, an amended return is not necessary because of a failure to attach tax forms such as W-2s or schedules. The IRS will simply send a request for those.

If more than one tax return needs to be amended, prepare a separate 1040X for each return and mail them to the IRS in separate envelopes. Note the tax year of the return at the top of Form 1040X. The appropriate IRS address to mail the return can be found in the Form 1040X instructions.

For those filing an amended tax return to claim an additional refund, wait until the original tax refund is received before filing Form 1040X. Amended returns take up to 16 weeks to process. This makes it possible to cash the existing refund check while waiting for the additional amount.

When additional taxes are owed, file Form 1040X and pay the tax as soon as possible to minimize interest and penalties on unpaid taxes. Using the IRS Direct Pay makes it possible to pay directly from a checking or savings account.

Generally, it's necessary to file Form 1040X within three years of filing the return or within two years of the time payments were submitted. For example, April 15, 2020 would be the last day most people could claim or refund for 2016.

The status of amended tax returns can be tracked approximately three weeks after filing. To use the "Where's My Amended Return" tool on the IRS website, just enter the relevant taxpayer identification number (usually a Social Security number), date of birth and zip code.

For help and advice on filing amended claims, the team members at US Tax Professionals in Vancouver are pleased to assist. Call (604) 281-3318 for assistance filing an amended return or any questions about Form 1040X.

About US Tax Professionals
US Tax Professionals provide tax services for dual American and Canadian citizens in Vancouver. Founded in 2013, they specialize in taxation for US citizens and expats, taxation and accounting for business, cross-border taxation for US and Canadian citizens, as well as accounting and taxation of alternative investments, including private equity funds and hedge funds.

For more information, visit https://www.us-taxprofessionals.com/ or call (604) 281-3318

US Tax Professionals
Mark Schiffer
(604) 281-3318
Company Website: https://www.us-taxprofessionals.com/

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

New blog for US Tax Professionals in Vancouver shares tips on how to avoid becoming a victim of identity theft

North Vancouver, BC -- (ReleaseWire) -- 05/24/2019 -- As a firm that manages cross-border taxes, the team at US Tax Professionals in Vancouver is well aware that tax-related identity theft continues to present challenges to individuals, businesses, organizations and government agencies—including the IRS. To help individuals avoid having their identities stolen, the team recently released a 10-point list of tips to help people avoid the various scams and schemes commonly used for data theft. For more, go to: https://us-taxprofessionals.com/newsletter.php#3

Tax-related identity theft occurs when fraudsters use a stolen Social Security Number to file a tax return claiming a fraudulent refund. In many cases, the victim may not be aware that someone has stolen their identity until they try to file their taxes with the IRS. In many cases, the IRS will be the first to let the victim know that their identity has been compromised.

To protect themselves from identity theft, the article outlines ten suggestions to help stay safe. These include:

1) Protecting records
2) Not falling for scams
3) Being wary of threatening phone calls
4) Reporting ID theft promptly
5) Completing IRS Form 14039 after filing a police report
6) Responding to notices and letters from the IRS
7) Using unique IP Pins
8) Data breaches
9) Reporting suspicious activity
10) Looking for IRS assistance

For example, for data breaches, the article explains, "not every identity theft case involves taxes. If you learn about a data breach that may have compromised your personal information, keep in mind that not every data breach results in identity theft. Make sure you know what kind of information has been stolen so you can take the appropriate steps before contacting the IRS."

Between 2015 and 2018, the number of taxpayers reporting identity theft fell by 71 percent. However, despite the steep drop, taxpayers should remain vigilant. Identity thieves constantly strive to find new schemes that work. Once a ruse begins to fail, they change tactics. Both taxpayers and tax professionals must remain vigilant to the various scams and schemes used for data thefts.

To learn more about working with a US Tax accountant in Vancouver, or any other cross-border tax-related matter, contact US Tax Professionals at (604) 281-3318.

About US Tax Professionals
US Tax Professionals provide tax services for dual American and Canadian citizens in Vancouver. Founded in 2013, they specialize in taxation for US citizens and expats, taxation and accounting for business, cross-border taxation for US and Canadian citizens, as well as accounting and taxation of alternative investments, including private equity funds and hedge funds.

For more information, visit https://www.us-taxprofessionals.com/ or call (604) 281-3318

US Tax Professionals
Mark Schiffer
(604) 281-3318
Company Website: https://www.us-taxprofessionals.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Understanding the difference between refundable and non-refundable tax credits reduces a tax bill or results in bigger refunds, says Vancouver-based US Tax Accountant

North Vancouver, BC -- (ReleaseWire) -- 04/18/2019 -- Understanding how taxes work can be difficult—it's the reason so many people opt to work with tax accountants. As a firm of US tax accountants in Vancouver, the team at US Tax Professionals wants people to understand that not all tax credits are created equal. Understanding the difference between refundable and non-refundable deductions, as well as tax credits and deductions, are important for those who want to minimize payments and maximize returns. For more, go to: https://us-taxprofessionals.com/newsletter.php#5

The article beings by explaining the difference between a tax credit and a tax deduction.

Tax credits reduce tax liability and are more valuable dollar for dollar than tax deductions that reduce your taxable income and are tied to the marginal tax bracket.

Consider the difference between a tax credit of $1,000 and a tax deduction of $1,000 for a taxpayer whose income places them in the 22% tax bracket:

- A tax credit worth $1,000 reduces the amount of tax owed by $1,000—the same dollar amount.

- A tax deduction worth the same amount ($1,000) only saves you $330, however (0.22 x $1,000 = $220).

In this case, the tax credits result in more savings than tax deductions.

A refundable tax credit not only reduces the federal taxes owed but also could result in a refund. Let's say a taxpayer is eligible to take a $1,000 Child Tax Credit but only owes $200 in taxes. The additional amount ($800) will be treated as a refund.

On the other hand, a nonrefundable tax credit means only refunds up to the amount owing. For example, if a taxpayer is eligible to take an American Opportunity Tax Credit worth $1,000 and the amount of tax owed is only $800, you can only reduce your taxable amount by $800, not the full $1,000.

The blog concludes by providing a list of refundable tax credits, non-refundable tax credits, and partially refundable tax credits.

It's important for dual Canadians and Americans living and working cross-border to understand and take advantage of opportunities to reduce taxes and save income. To connect with an experienced US tax accountant in Vancouver, please contact US Tax Professionals at (604) 281-3318.

About US Tax Professionals
US Tax Professionals provide US tax services in Vancouver for dual American and Canadian citizens. Founded in 2013, they specialize in taxation for US citizens and expats, taxation and accounting for business, cross-border taxation for US and Canadian citizens, as well as accounting and taxation of alternative investments, including private equity funds and hedge funds.

For more information, visit https://www.us-taxprofessionals.com/ or call (604) 281-3318

US Tax Professionals
Mark Schiffer
(604) 281-3318
Company Website: https://www.us-taxprofessionals.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

US Tax Professionals in Vancouver publish 4 reforms that will impact US taxpayers

North Vancouver, BC -- (ReleaseWire) -- 03/22/2019 -- 2018 tax reform in the US eliminated a number of deductions that many US taxpayers counted on to reduce taxable income, warns a blog published by US Tax Professionals in Vancouver.

Today, it's more important than ever to work with a knowledgeable US tax accountant who can help people working and living cross-border to maximize savings by taking advantage of initiatives offered by the IRS. For more, go to: https://us-taxprofessionals.com/newsletter.php#1

The articles published on the newsletter page of https://us-taxprofessionals.com touches on 4 deductions that will affect Americans as well as Canadians living or doing business over the border. Four areas broadly impacted by the 2018 budget include Personal Exemptions, Tax Preparation Fees, Unreimbursed Job Expenses, and Moving Expenses.

As the article points out, "for tax years starting in 2018 and expiring at the end of 2025, miscellaneous unreimbursed job-related expenses that exceed 2% of adjusted gross income (AGI) are no longer deductible on Schedule A (Form 1040). Unreimbursed job-related expenses include union dues, continuing education, employer-required medical tests, regulatory and license fees (provided the employee was not reimbursed), and out-of-pocket expenses paid by an employee for uniforms, tools, and supplies."

It's vitally important for anyone paying taxes to the IRS to understand how tax reform could impact their particular situation and how to maximize existing tax benefits and allowances.

To learn more about working with a US Tax accountant in Vancouver, or any other cross-border tax-related matter, contact US Tax Professionals at (604) 281-3318.

About US Tax Professionals
US Tax Professionals provide tax services for dual American and Canadian citizens in Vancouver. Founded in 2013, they specialize in taxation for US citizens and expats, taxation and accounting for business, cross-border taxation for US and Canadian citizens, as well as accounting and taxation of alternative investments, including private equity funds and hedge funds.

For more information, visit https://www.us-taxprofessionals.com/ or call (604) 281-3318

US Tax Professionals
Mark Schiffer
(604) 281-3318
Company Website: https://www.us-taxprofessionals.com/

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Avoid potential fees and fines caused by common misconceptions surrounding the tax code

North Vancouver, BC -- (ReleaseWire) -- 02/22/2019 -- Running a small business is tough. As a group of US Tax Accountants, the team at US Tax Professionals knows the complexity of the tax code can generate a lot of potentially costly mistakes. A new article on the company website addresses seven common small business tax myths. For more, go to: https://us-taxprofessionals.com/newsletter.php#2

Briefly, the seven misconceptions addressed in the article include:

Start-up costs are deductible immediately
- Overpaying the IRS makes you audit-proof
- You can make more deductions if a business is incorporated
- The home office deduction is a red flag
- You can't deduct business expenses if you don't take the home office deduction
- An extension to file provides an extra six months to file any owing taxes
- Part-time business owners cannot set up self-employed pension plans

The article provides a comprehensive overview of each of the seven points. For example, when it comes to incorporating a business, "The good news is that self-employed individuals (sole proprietors and S Corps) qualify for many of the same deductions that incorporated businesses do. As such, becoming incorporated is often an unnecessary expense and burden that many small business owners don't need.

"For instance, start-ups can spend thousands of dollars in legal and accounting fees to set up a corporation, only to discover soon after that they need to change their name or take the company in a different direction. Furthermore, plenty of small business owners who incorporate don't make money for the first few years and find themselves saddled with minimum corporate tax payments and no income."

When it comes to cross-border taxation in Vancouver, the professional accountants at US Tax Professionals can help avoid costly mistakes such as penalties for failing to file on time or, on the flip side, not taking advantage of entitled deductions, giving the IRS more money than necessary. To speak to a US tax accountant today, call (604) 281-3318.

About US Tax Professionals
US Tax Professionals provide tax services for dual American and Canadian citizens in Vancouver. Founded in 2013, they specialize in taxation for US citizens and expats, taxation and accounting for business, cross-border taxation for US and Canadian citizens, as well as accounting and taxation of alternative investments, including private equity funds and hedge funds.

For more information, visit http://www.us-taxprofessionals.com/ or call (604) 281-3318

US Tax Professionals
Mark Schiffer
(604) 281-3318
Company Website: http://www.us-taxprofessionals.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Late-day announcement confirms the IRS will begin accepting and processing individual tax returns for 2018.

North Vancouver, BC -- (ReleaseWire) -- 01/18/2019 -- On January 28th, the IRS will begin accepting and processing individual tax returns for the 2019 tax return filing season (2018 tax returns). As usual, returns will be due to the IRS on April 15, or June 15 for taxpayers living abroad. For more, please visit: https://www.us-taxprofessionals.com/US-Citizen-Taxation.php

According to a statement issued by the IRS, the only exception is for those filers in the District of Columbia, Maine and Massachusetts, who will have until April 17 due to local holidays.

The IRS plans to release details on its operational plans in the coming days but did report that a significant portion of its furloughed employees will be recalled. Additionally, today the Treasury Department and the Office of Management and Budget agreed the IRS could issue tax refunds during a prolonged government shutdown. However, the IRS cannot issue refunds claiming the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) before mid-February, as outlined in the PATH Act.

The partial government shutdown began on Dec. 22, 2018. As a result of the shutdown, according to Reuters, approximately 800,000 federal works have been unpaid, and nearly 70,000 IRS employees have been furloughed (about 87.5% of its workforce).

The administration is trying to make the shutdown as "painless as possible consistent with the law," Russell Vought, the acting OMB director, said to reporters.

To learn more about working with a US Tax accountant in Vancouver, or for any other cross-border tax-related matter, contact US Tax Professionals at (604) 281-3318.

About US Tax Professionals
US Tax Professionals provide tax services for dual American and Canadian citizens in Vancouver. Founded in 2013, they specialize in taxation for US citizens and expats, taxation and accounting for business, cross-border taxation for US and Canadian citizens, as well as accounting and taxation of alternative investments, including private equity funds and hedge funds.

For more information, visit https://www.us-taxprofessionals.com or call (604) 281-3318

US Tax Professionals
Mark Schiffer
(604) 281-3318
Company Website: https://www.us-taxprofessionals.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

US Tax Professionals publishes what businesses need to know for 2018

North Vancouver, BC -- (ReleaseWire) -- 12/21/2018 -- As the year draws to a close, the tax consultants at US Tax Professionals have published a blog recapping the tax provisions all businesses need to know about in 2018. For more, go to: https://www.us-taxprofessionals.com/newsletter.php#1

As a team of tax accountants, US Tax Professionals offers a variety of cross-border services, including individual taxation for US citizens, taxation for US expats, business & accounting taxation, cross-the-border taxation of US & Canadian citizens, accounting and taxation of alternative investments, including private equity funds, hedge funds, fund of funds, and tax controversy issues.

To help businesses and individuals prepare for the 2018 tax year, some of the biggest tax changes include standard mileage rates, the health care tax credit for small business, sections 179 expense and depreciation, the work opportunities tax credit, and simple IRA plan contributions.

For example, "contribution limits for SIMPLE IRA plans increased to $12,500 for persons under age 50 and $15,500 for persons age 50 or older in 2018. The maximum compensation used to determine contributions is $275,000."

An experienced US tax advisor can counsel both businesses and individuals on how to meet the requirements of the new tax year. For more information about tax deductions and credits, or to plan an individualized strategy, contact mark.schiffer@us-taxprofessionals.com or call (604) 281-3318.

About US Tax Professionals
US Tax Professionals provide tax services for dual American and Canadian citizens in Vancouver. Founded in 2013, they specialize in taxation for US citizens and expats, taxation and accounting for business, cross-border taxation for US and Canadian citizens, as well as accounting and taxation of alternative investments, including private equity funds and hedge funds.

For more information, visit https://www.us-taxprofessionals.com/ or call (604) 281-3318

US Tax Professionals
Mark Schiffer
(604) 281-3318
Company Website: https://www.us-taxprofessionals.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

US Tax Professionals caution that helping cash-strapped friends can have tax implications without proper planning

North Vancouver, BC -- (ReleaseWire) -- 12/10/2018 -- As a firm that specializes in cross-border taxation, the team at US Tax Professionals warns would-be lenders that without the right planning, unplanned generosity can result in extreme tax complications. To help avoid this, US Tax Accountants has published a new article about how to make tax-smart loans to friends and family. For more, go to: https://www.us-taxprofessionals.com/newsletter.php#4

Lending money to a cash-strapped friend or family member is a noble and generous offer that just might make a profound difference in the life of someone you care about. However, before handing over the cash, it's important to make sure there are no tax complications down the road.

For example, imagine lending $5000 to a child who is having problems keeping up with mortgage payments. It's important to not charge zero percent interest, and here's why:

Anyone who makes an interest-free loan will be subject to below-market interest rules. IRS rules state that you need to calculate imaginary interest payments from the borrower. These imaginary interest payments are then payable to you, and you will need to be paid during the next tax return. To complicate matters further, if the imaginary interest payments exceed $15,000 for the year, there may be adverse gift and estate tax consequences.

While the rules on small loans of $10,000 or less may be ignored, this is only applicable if the aggregate loan amounts to a single borrower are less than $10,000, and the borrower doesn't use the loan proceeds to buy or carry income-producing asset.

As mentioned previously, cash gifts that are not subject to interest (or low interest) may be considered a gift by the IRS. If this happens, especially if there is no documentation and it's necessary to make a bad debt deduction, the IRS could run an audit.

In most cases, misunderstandings can be avoided by charging interest equal to applicable federal rate (AFR) and a written promissory note that includes the interest rate, a repayment schedule showing dates and amounts for all principal and interest, and security or collateral for the loan, such as a residence (see below). Make sure that all parties sign the note so that it's legally binding.

AFRs for term loans—that is, loans with a defined repayment schedule—are updated monthly by the IRS and published in the IRS Bulletin. AFRs are based on the bond market, which changes frequently. For term loans, use the AFR published in the same month a loan is made. The AFR is a fixed rate for the duration of the loan.

Any interest income made from the term loan should be included on the Form 1040. In general, the borrower, who in this example is a child, cannot deduct interest paid, but there is one exception: If the loan is secured by his/her home, then the interest can be deducted as qualified residence interest—as long as the promissory note for the loan was secured by the residence.

To learn more about loaning to a friend or family member, or for any other cross-border tax-related matter, contact US Tax Professional s at (604) 281-3318.

About US Tax Professionals
US Tax Professionals provide tax services for dual American and Canadian citizens in Vancouver. Founded in 2013, they specialize in taxation for US citizens and expats, taxation and accounting for business, cross-border taxation for US and Canadian citizens, as well as accounting and taxation of alternative investments, including private equity funds and hedge funds.

For more information, visit https://www.us-taxprofessionals.com/ or call (604) 281-3318

US Tax Professionals
Mark Schiffer
(604) 281-3318
Company Website: https://www.us-taxprofessionals.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

US Tax Professionals share 5 tax saving strategies to reduce income and lower a tax bracket

North Vancouver, BC -- (ReleaseWire) -- 10/22/2018 -- As a company that specializes in cross-border taxation, US Tax Professionals knows that many businesses and taxpayers need practical tips to save during tax time. However, the best approach is to have a strategy to minimize the tax bill ahead of time. A newly published article shares some tax-saving strategies that can be implemented year round. For more, go to: https://www.us-taxprofessionals.com/newsletter.php

Tax time isn't fun for anyone, but there are ways for businesses and individuals to save money. In a new article published on us-taxprofessionals.com, the team at US Tax Professionals share five tips to minimize tax liability.

For example, the blog advises maxing out a 401(k) or contributing to an IRA: "you've heard it before, but it's worth repeating because it's one of the easiest and most cost-effective ways of saving money for your retirement. Many employers offer plans where you can elect to defer a portion of your salary and contribute it to a tax-deferred retirement account. For most companies, these are referred to as 401(k) plans. For many other employers, such as universities, a similar plan called a 403(b) is available. Check with your employer about the availability of such a plan and contribute as much as possible to defer income and accumulate retirement assets…"

Other tips include taking advantage of benefit plans, bunching itemized deductions, shifting income using gift-tax exclusion, and tax-exempt municipal bonds.

It's unfortunate, but many taxpayers forgo tax credits and deductions because they have neglected to keep proper receipts or records. The team at US Tax Professionals can help maintain records while making sure clients take advantage of all tax deductions that apply to their situation. To learn more about US tax services in Vancouver, contact mark.schiffer@us-taxprofessionals.com or 604-281-3318.

About US Tax Professionals
US Tax Professionals provide tax services for dual American and Canadian citizens in Vancouver. Founded in 2013, they specialize in taxation for US citizens and expats, taxation and accounting for business, cross-border taxation for US and Canadian citizens, as well as accounting and taxation of alternative investments, including private equity funds and hedge funds.

For more information, visit https://www.us-taxprofessionals.com/ or call 604-281-3318

US Tax Professionals
Mark Schiffer
604-281-3318
Company Website: https://www.us-taxprofessionals.com/

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

North Vancouver, BC -- (ReleaseWire) -- 09/21/2018 -- Time is running short for taxpayers who requested an extra six months to file their 2017 tax return. As a reminder, Monday, October 15, 2018, is the extension deadline for most taxpayers. This is also the final date to file an FBAR or Form FinCEN 114 without penalties.

For taxpayers who have not yet filed, here are a few tips to keep in mind about the extension deadline and taxes:

1. Taxpayers can still e-file both tax returns and FBAR statements. Filing electronically is the easiest, safest and most accurate way to file taxes and information.

2. For taxpayers owed a refund, the fastest way to get it is to combine direct deposit and e-file.

3. Taxpayers who owe taxes should consider using IRS Direct Pay, a simple, quick and free way to pay from a checking or savings account using a computer or mobile device. There are also other online payment options. Please call the office if you need details about other payment options.

4. Members of the military and those serving in a combat zone generally get more time to file. Military members typically have until at least 180 days after leaving a combat zone to both file returns and pay any tax due.

5. Taxpayers should always keep a copy of tax returns and FBAR statements for their records. Keeping copies of documents can help taxpayers prepare future tax returns or assist with amending a prior year's return.

About US Tax Professionals
US Tax Professionals provide tax services for dual American and Canadian citizens in Vancouver. Founded in 2013, they specialize in US tax preparation for individuals and expats, taxation and accounting for business, c ross-border taxation for Canadian citizens, as well as accounting and taxation of alternative investments, including private equity funds and hedge funds.

For more information, visit https://www.us-taxprofessionals.com/ or call 604-281-3318.

US Tax Professionals
Mark Schiffer
604-281-3318
Company Website: https://www.us-taxprofessionals.com/

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Good record keeping is key to avoiding headaches at tax time, according to the team at US Tax Professionals

North Vancouver, BC -- (ReleaseWire) -- 08/21/2018 -- Whether business owners rely on an Excel spreadsheet, an app, an online system, or something else to keep receipts organized, good record-keeping is the key to recalling all the transactions made during the tax year. If the IRS and Revenue Canada request more information, these paper trails are vital for streamlining the tax process.

For more, go to: https://www.us-taxprofessionals.com/newsletter.php#4.

Records are absolutely vital when it comes to documenting all the deductions claimed on a tax return. In the event of an audit, these trails will help auditors understand and verify various claims and write-offs. To follow best practices, tax records should be kept for a period of three years, but some documents—such as records relating to a home purchase or sale, stock transactions, IRA, and business or rental property—should be stored more or less indefinitely.

In most cases, the IRS does not require records in any special or specific manner. Generally speaking, however, business owners should keep any and all documents that may have an impact on your federal tax returns. This includes, but is not limited to:

- Bills
- Credit cards and other receipts
- Invoices
- Mileage logs
- Canceled, imaged, or substituted checks or any other proof of payment
- Any other records to support deductions or credits you claim on your return

Good record keeping will save time and effort at tax time. For more information on what kinds of records businesses should keep—or for assistance in setting up a record keeping system that works for you, please call US Tax Professionals at 604-281-3318.

About US Tax Professionals
US Tax Professionals provide tax services for dual American and Canadian citizens in Vancouver. Founded in 2013, they specialize in US tax preparation for individuals and expats, taxation and accounting for business, c ross-border taxation for Canadian citizens, as well as accounting and taxation of alternative investments, including private equity funds and hedge funds.

For more information, visit http://www.us-taxprofessionals.com or call 604-281-3318.

US Tax Professionals
Mark Schiffer
604-281-3318
Company Website: http://www.us-taxprofessionals.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

New blog post from US tax accountant in Vancouver cautions cross-border taxpayers about five deductions that have disappeared under tax reform

North Vancouver, BC -- (ReleaseWire) -- 07/20/2018 -- As a Canadian-based US tax accountant who works with ex-pats on both sides of the border, Mark Schiffer and his team at US Tax Professionals have published a blog that cautions taxpayers of 5 deductions that no longer exist. For more, go to: https://www.us-taxprofessionals.com/newsletter.php#1

As an experience US tax accountant, Mark and his team work within tax legislation to help people grow their savings and minimize tax burdens. His latest article details five types of deductions they may have previously counted on to reduce their taxable income that have disappeared in 2018. These include

1) Moving Expenses
2) Unreimbursed Job Expenses
3) Tax Preparation Fees
4) Personal Exemptions and
5) Subsidized Parking and Transit Reimbursements for Employees

For example, "repealed for tax years 2018 through 2025, the personal exemption enabled individual taxpayers to reduce taxable income ($4,050 in 2017). Each household dependent was able to take the deduction as well. While the standard deduction did increase significantly ($12,000 for individuals, $24,000 for married taxpayers filing jointly, $18,000 for heads of household) to compensate, some taxpayers may still lose out."

It's imperative to understand the changes introduced by tax reform in order to maximize tax savings while staying compliant with all requirements put on taxpayers by the IRS and Canadian Revenue Agency.

As a firm of US Tax Professionals, Mark Schiffer and his team can answer any questions and suggest how to maximize the benefits of tax reform. For more information, call (604) 281-3318.

About the Company
US Tax Professionals provide tax services for dual American and Canadian citizens in Vancouver. Founded in 2013, they specialize in taxation for US citizens and expats, taxation and accounting for business, cross-border taxation for US and Canadian citizens, as well as accounting and taxation of alternative investments, including private equity funds and hedge funds.

For more information, visit https://www.us-taxprofessionals.com/ or call (604) 281-3318.

US Tax Professionals
Mark Schiffer
(604) 281-3318
Company Website: https://www.us-taxprofessionals.com/

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

529 Plans present an excellent way to save for education, says US Tax Professionals

North Vancouver, BC -- (ReleaseWire) -- 06/21/2018 -- As a Vancouver-based accountant who specializes in cross-border taxation, Mark Schiffer is aware that many parents face unique challenges when it comes to saving for their children's education. For parents wondering about the best, most tax-effective way to save money, tax reform legislation in 2017 means that it's possible to take advantage of 529 Plans to save for K-12 education as well as college or vocational school.

For more, go to: https://www.us-taxprofessionals.com/newsletter.php#1

It's possible to open a 529 Plan in any state, and there are no income restrictions for the individual opening the account. Contributions, however, must be in cash and the total amount must not be more than is reasonably needed for higher education (as determined initially by the state). There may also be a minimum investment required to open the account, typically, $25 or $50.

Each 529 Plan has a Designated Beneficiary (the future student) and an Account Owner. The account owner may be a parent or another person and typically is the principal contributor to the program. The account owner is also entitled to choose (as well as change) the designated beneficiary.

Neither the account owner or beneficiary may direct investments, but the state may allow the owner to select a type of investment fund (e.g., fixed income securities), change the investment annually, as well as when the beneficiary is changed. The account owner decides who gets the funds (can pick and change the beneficiary) and is legally allowed to withdraw funds at any time, subject to tax and penalties.

Of note, unlike some of the other tax-favored higher education programs such as the American Opportunity and Lifetime Learning Tax Credits, federal tax law doesn't limit the benefit only to tuition. Room, board, lab fees, books, and supplies can all be purchased with funds from the 529 Savings Account.

Distributions from 529 plans are tax-free as long as they are used to pay qualified higher education expenses for a designated beneficiary. Distributions are tax-free, even if the student is claiming the American Opportunity Credit, Lifetime Learning Credit, or tax-free treatment for a Section 530 Coverdell distribution—provided the programs aren't covering the same specific expenses.

To learn more about opening a 529, talk to a team member at US Tax Professionals. They'll look at state and federal laws to help assess if the 529 is your most tax-effective option for educations savings. To book an appointment, please call 604-281-3318.

About US Tax Professionals
US Tax Professionals provide tax services for dual American and Canadian citizens in Vancouver. Founded in 2013, they specialize in taxation for US citizens and expats, taxation and accounting for business, cross border taxation for US and Canadian citizens, as well as accounting and taxation of alternative investments, including private equity funds and hedge funds.

For more information, visit https://www.us-taxprofessionals.com/ or call 604-281-3318.

US Tax Professionals
Mark Schiffer
604-281-3318
Company Website: https://www.us-taxprofessionals.com/

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

New blog post from US tax accountant shares five tips to help the self-employed minimize tax burden

North Vancouver, BC -- (ReleaseWire) -- 05/28/2018 -- It's said two things are certain in life—taxes and death. But while nothing can be done about the latter, US tax accountant, Mark Schiffer, has published five easy ways for the self-employed to lower their tax bills.

For more, go to: https://www.us-taxprofessionals.com/newsletter.php#4

Mark Schiffer and his team at US Tax Professionals specialize in cross-border taxation. But while their specialty is helping expats, businesses, and citizens meet IRS requirements, they can also advise small business owners and entrepreneurs on easy ways to reduce taxable income.

For example, one of the simplest points is deducting the cost of a home computer. "If you purchased a computer and use it for work-related purposes, you can take advantage of the Section 179 expense election, which allows you to write off new equipment in the year it was purchased if it is used for business more than 50 percent of the time (subject to certain rules)."

The article contains four other tips that briefly touch on meal expenses, business gifts, food offerings, and retirement plans. To make sure an individual is getting the most out of their financial future, it's important to work with individuals who really understand the taxation system.

By working with US Tax Professionals, it's become possible to maximize tax savings through a strategy that's designed around your business and tax situation. To learn more about reducing tax burdens or any other aspect of cross-border taxation, call 604-281-3318.

About US Tax Professionals
US Tax Professionals provide tax services for dual American and Canadian citizens in Vancouver. Founded in 2013, they specialize in taxation for US citizens and expats, taxation and accounting for business, cross-border taxation for US and Canadian citizens, as well as accounting and taxation of alternative investments, including private equity funds and hedge funds.

For more information, visit http://www.us-taxprofessionals.com/ or call 778-873-4812.

US Tax Professionals
Mark Schiffer
778-873-4812
Company Website: http://www.us-taxprofessionals.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

US tax accountant warns that the Treasury Department has announced new inflation-adjusted increases in the penalty amounts

North Vancouver, BC -- (ReleaseWire) -- 05/05/2018 -- As an tax accountant who specializes in cross-border taxation, Mark Schiffer recently published an article discussing FinCEN's (Financial Crimes Enforcement Network) decision to implement an inflation-adjusted increase in penalty amounts.

For more, go to: https://www.us-taxprofessionals.com/wordpress/

As the article explains, every US citizen with a financial interest in, signature, or other authority over any foreign financial accounts (including bank, securities, or other types of financial accounts in a foreign country) must file an FBAR (Report of Foreign Bank and Financial Accounts, i.e. FinCEN Form 114).

This is mandatory if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year. The civil and criminal penalties for noncompliance with FBAR filing requirements are significant.

Civil penalties for a non-willful violation can range up to $10,000 per violation (31 U.S.C. 5321(a)(5)(B)(i)), as adjusted for inflation, and civil penalties for a willful violation can range up to $100,000 (31 U.S.C. 5321(a)(5)(C)), as adjusted for inflation, or 50% of the amount in the account at the time of the violation, whichever is greater.

Today, the amounts of the maximum penalties assessed after 8/1/2016 but before 1/16/2017, will be $12,663 and $126,626 respectively. It should also be noted that a "reasonable cause" exception exists for non-willful violations, but not for willful ones.

There will also be a slight adjustment in the penalties assessed after 1/15/2017. In this case, the maximum penalty for a non-willful failure to report will increase to $12,921 while the fine for a willful failure jumps to $129,210.

It's important to understand IRS requirements to fully comply in international tax law. As a firm of specialized US Tax Accountants, Mark Schiffer and his team can assist with filing an FBAR or any other aspect of cross-border taxation. Learn more by calling 604-281-3318.

About US Tax Professionals
US Tax Professionals provide tax services for dual American and Canadian citizens in Vancouver. Founded in 2013, they specialize in taxation for US citizens and expats, taxation and accounting for business, cross-border taxation for US and Canadian citizens, as well as accounting and taxation of alternative investments, including private equity funds and hedge funds.

For more information, visit https://www.us-taxprofessionals.com/ or call 604-281-3318.

US Tax Professionals
Mark Schiffer
604-281-3318
Company Website: https://www.us-taxprofessionals.com/

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm