There are instances where citizens buy, invest, work or move frequently across borders and have to pay taxes and make tax declarations in two or more countries. This is often the case for workers posted abroad, retired persons abroad or for people living in one country and working in another (cross-border). Each country has the right to impose its own tax rules, they may establish the tax rates that they wish. There are arising cross-border tax problems faced by individuals who are in this circumstance. Being overseas, individuals should be aware that different countries make sure that taxpayers meet their tax obligations.
A cross border tax specialist has the astute legal mind on cross-border structuring in terms of taxation. They can bring valuable cross-border experience and knowledge to sophisticated cross-border specific tax laws. Cross border tax specialist help international clients to achieve the significant tax benefits through their high expertise of the cross-border regime regarding residence and domicile. Moreover, cross border tax specialist understand the U.S. federal and state taxation laws and their interaction with Canadian tax principles, thus the resolution of cross border tax Canada-US.
WHAT A CROSS BORDER TAX TEAM COMPRISES OF?
- A personal relationship with clients
They should work collaboratively with you to develop the right approach and solutions. Building a relationship is built on trust. They should actively participate on the team and be able to prepare complex personal and business tax returns. A strong commitment to client service is also important.
Cross border tax specialists must have completed accounting designation, preferably worked with US expatriates resident in Canada and cross-border business taxation. They have the ability to work in teams and alone in a fast-paced work environment managing multiple deadlines. Their ability to organize complex information to support research and tax preparation requirements is very helpful. They should have excellent analytical skills with the ability to identify issued and initiate their resolution on cross border tax Canada-US.
- Excellent time management skills
Tax period is crucial. It demands an excellent time management skills where the cross-border tax team can workaround the schedule of countries on filing of taxes. They must be be able to meet the deadline and submit the proper supporting documents. Every client should be a top priority. They cannot be lenient because filing of taxes is under the rules of law and cannot be ignored nor delayed.
- Focus on details
Taxation is about numbers. Strong attention to detail is highly required. A small mistake in computation or the number of days may have a negative effect on filing of your taxes. When they are focused on the work at hand, they can interpret US and Canadian tax laws and regulations and ensurethat any necessary charges are made to clients’ tax strategies and filing obligations.
The cross border tax specialists must diligently protect their clients’ personal information. Failure to properly protect and secure confidential tax-related information could harm you. If cross border tax team practice confidentiality and give it a high priority in their relationship with clients, they can gain their client’s trust and confidence.