Individuals and companies who conduct business in Canada have strict demands imposed on them by the Internal Revenue Service (IRS), as they must comply with specific international and cross-border tax requirements. With Toledo, in such close proximity to the Canadian border, there is a high amount of business done between our two countries.
At Mockensturm, Ltd, our clients rely on our sound tax advice and assistance resolving complex international and cross-border tax issues. Our dedicated CPAs and attorneys have had the opportunity to build considerable knowledge and experience in reporting foreign income for U.S. citizens, as well as citizens from other countries who do business in the States.
We have successfully helped hundreds of individuals meet U.S. requirements for reporting assets held by U.S. citizens and green card holders in other countries. If a U.S. citizen or green card holder has legal title to bank accounts, retirement assets or real estate in a foreign country worth more than $10,000 in the aggregate, a Foreign Bank and Financial Accounts (FBAR) report must be filed on an annual basis.
Failure to meet this requirement can result in stiff penalties that could significantly impair the value of these assets.
If you conduct business in Canada, it is imperative that your finances are fully compliant with all IRS regulations. At Mockensturm, Ltd, we will advise and assist you in resolving all your tax-related issues to help you avoid any future penalties and ensure total IRS compliance.
We provide personalized tax services for individuals and businesses in Ohio, California and Canada.
Are you ready to take the first step toward reaching your goals?
Contact us today to schedule a Initial Consultation with our Toledo, Ohio, attorneys.