U.S. Tax IQ

U.S. Tax IQ
FIRM:
U.S. Tax IQ
AREAS OF PRACTICE:
Legal Supplier, Tax
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U.S. Tax IQ is an Oakville-based U.S. tax consulting services firm that helps individuals and companies with a multitude of international cross-border tax matters.

U.S. Tax IQ, which has virtual offices in downtown Toronto, Washington, DC, and Irvine, California, offers American and international tax, cross-border tax consulting, planning, compliance, and preparation services.

One of its focus areas is professional athletes and entertainers. The firm works with NHL, MLS and NBA players and coaches, UFC fighters, musicians and artists as well as offers corporate and personal tax planning, mergers and acquisitions, due diligence, transfer pricing, controversy, and real estate.

The firm maintains memberships with several professional organizations including the taxation sections of the American Bar Association and the New York State Bar Association.

The AdvocateDaily.com sources for U.S. Tax IQ are U.S. tax accountant Brandon Vucen and U.S. tax attorney Alexey Manasuev.

U.S. Tax IQ Posts

Tax planning essential for Canadian owners of U.S. property

For Canadians who own real property in the United States, staying proactive, complying with U.S. tax rules and regulations and staying on top of pre- and post-sale planning are essential to ensure they don’t lose money on an otherwise potentially profitable investment, says Oakville-based U.S. tax attorney (NY, DC) Alexey Manasuev. Read more

Are you fully compliant? Five reasons to go to a U.S. tax adviser

By Alexey Manasuev . You work hard for your money. Naturally, you want to keep as much of it as possible when you file your taxes. If you’re an individual filing a simple U.S. tax return , you can likely file your own taxes without much of a hassle. Read More at U.S. Tax IQ Blog Read more

Find out if you qualify for the new FBAR filing extension

By Alexey Manasuev . U.S. citizens and Green card holders living in Canada or otherwise outside the United States may have FBAR filing obligations. If the aggregate maximum value or the balance of your foreign financial accounts exceeds US$10,000 during the calendar year, you are generally required to file FinCEN Form 114: Report of Foreign Bank and Financial Accounts (FBAR). Read more

Tax compliance crucial for online businesses selling into U.S.

For Canadian-based entrepreneurs who sell goods or services into the U.S. market, tax must be paid to an applicable tax authority on income earned online — and to avoid the risk of double taxation, you must comply with both U.S. and Canadian tax laws and have the proper business structure within which you are operating, says Oakville-based U.S. tax attorney (NY, DC) Alexey Manasuev. Read more

Preparation for an IRS audit starts at tax filing time

U.S. taxpayers living in Canada may be audited by the IRS at any time and for a number of reasons — but the best time to start preparing for the audit process is not when the notification arrives, but when the original tax return is filed, Oakville-based U.S. tax attorney (NY, DC) Alexey Manasuev tells AdvocateDaily.com. Read more

Qualified tax adviser a key partner for U.S. taxpayers in Canada

While U.S. taxpayers living in Canada might be tempted to hire any preparer to file their tax return south of the border, a qualified U.S. tax adviser can help them navigate this complex and constantly evolving landscape and ensure their personal and business objectives are met, Oakville-based U.S. tax attorney (NY, DC) Alexey Manasuev tells AdvocateDaily.com. Read more

Partnerships need to consider new U.S. tax representative role

With the recent introduction of new partnership audit rules that set out who can represent a business before the IRS on tax matters, now is the time for partnerships — both U.S. and foreign — to act proactively to ensure they comply with the strict requirements of the new role, U.S. tax attorney (NY, DC) Alexey Manasuev tells AdvocateDaily.com. Read more

Be aware of continued impact of U.S. tax reform on 2018 returns

While U.S. tax reform had a significant impact on expats and shareholders of foreign corporations last year, it is critical for taxpayers to be aware of the ongoing relevance of these new provisions as they look ahead to their filing for 2018, Oakville-based U.S. tax attorney (NY, DC) Alexey Manasuev tells AdvocateDaily.com. Read more

Decision to renounce U.S. citizenship should not be tax-based

For American citizens and Green card holders living in Canada, the overwhelming nature of complying with tax filing requirements may lead some to consider the step of renouncing their citizenship — but, as Oakville-based U.S. tax attorney (NY, DC) Alexey Manasuev tells AdvocateDaily.com , this decision should not be based solely on tax concerns. Read more

IRS OVDP no more! Where do you go from here?

As announced earlier this year , the IRS closed its Offshore Voluntary Disclosure Program (OVDP) in September — a program that started back in 2009 and went through several iterations, with the most recent changes made in June 2014 , says Oakville-based U.S. tax attorney Alexey Manasuev , a principal of U.S. Tax IQ . Read more

Sales tax ruling means new compliance burden for online retailers

A recent U.S. Supreme Court ruling that South Dakota can impose sales tax on online purchases even if a business isn't physically based in the state, will bring new compliance requirements for some Canadian online retailers, U.S. tax accountant Brandon Vucen tells AdvocateDaily.com . Read more

The IRS is ending OVDP in Sept. 2018 — here are four alternatives

By Alexey Manasuev . In March 2018, the IRS made an announcement of titanic proportions. It will be ending the Offshore Voluntary Disclosure Program (OVDP) effective from September 2018. This announcement pertaining to the IRS ending OVDP, a program that was first introduced in 2009 and has undergone several subsequent revisions, has taxpayers scrambling to disclose their unreported overseas financial accounts and assets, given the extremely short deadline. The program was launched in a bid to put a damper on the rampant tax evasion activities connected with non-U.S. assets held by U.S. taxpayers. Read more

Transition tax places 'further burden' on U.S. taxpayers

The 2017 U.S. tax reform imposed a one-time transition tax on earnings of certain foreign corporations — and, for affected U.S. individuals who own shares in these entities, it is critical to determine whether the new tax applies, and comply on a timely basis, U.S. tax accountant Brandon Vucen tells AdvocateDaily.com. Read more

Taxpayers likely face less favourable options after U.S. OVDP closes

The U.S. Internal Revenue Service (IRS) is closing a program later this year that allowed certain taxpayers to come forward to report undisclosed offshore income — which will likely leave those who wish to become compliant with less advantageous options, Oakville-based U.S. tax attorney Alexey Manasuev tells AdvocateDaily.com. Read more

FATCA: U.S citizens living in Canada – financial asset reporting

By Alexey Manasuev . Part III: Asset value threshold for FATCA reporting Read more