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.
A qualified U.S. tax adviser, explains Manasuev, principal of U.S. Tax IQ, is an individual who can represent taxpayers before the IRS. Currently, this can be a U.S. tax attorney, a Certified Public Accountant (CPA), or an enrolled agent.
Although the U.S. tax system may seem similar to Canada’s, and a question may appear simple at first, he says, a “quick question” often leads to a series of matters that need to be resolved and that hinge on several factors. These issues benefit from the analysis and experience of a qualified U.S. tax adviser.
“For example, if a client wants to buy U.S. real property, and they say, ‘Well, how can we best structure it?’ And it’s unfortunate that in the marketplace the perception is that this is a simple matter that has long been settled. Indeed, what can be easier than to structure it individually, through a trust, a corporation or a partnership. All this is only potentially true, but everyone has their own story.”
Ultimately, a good qualified U.S. tax adviser would know what questions to ask
“Everyone has their own objectives, and you need to consider the income tax side of things, the U.S. estate and gift tax, any non-tax considerations, such as limitation of liability, as well as the cost of maintaining the structure and giving life to any business entities that are formed or created as a result of that structuring,” says Manasuev ….