U.S. Tax Notebook Entry
The Tax Return Data Collection Process:
Enter U.S. Tax Notebook here. (Note: This page is for entry of information for the preparation of U.S. returns only. Go to our Canadian Internet Tax Data Collector.)
The preparation of income tax returns is based on the following steps. Please note that all information provided to our firm is held in the strictest confidence in accordance with our Privacy Policy:
1. Collection of prior year income tax returns.
In order that we may properly understand your filing circumstances and carry forward amounts, it is essential that we have a copy of your returns for the prior year. For existing clients for whom we have prepared returns, we already have this information.
Existing Clients: Please provide copies of assessments or government correspondence received for prior years, by logging into your secure folder to upload new information.
Please contact us if you would like us to set up a secure folder access password for you.
New Clients: Please provide a copy of your prior year return in order that we may set up your current file. You may upload it to our secure upload server.
2. Provide current year information.
a) For existing clients we have sent you a paper organizer for 2010 returns to assist you in organizing your data. You may complete this organizer and return it to us.
b) Alternatively, you may use our on line Tax Notebook program. If you would like to use this free resource, please contact us to request a Tax Notebook user ID and password, and then log in at the following link:
Existing Clients: Your Tax Notebook will be populated with your prior year return data to assist you in assembling this year's data.
New Clients: You may use the Tax Notebook to create a new file by clicking on the "new client" link at the right side of the page.
Once you complete the Tax Notebook, you may upload copies of your tax slips, (W2's, 1099's, 1098, etc.) to us to your secure folder or our general secure upload server.
Please note that the paper organizer and our Tax Notebook program are designed for your convenience only, and you are not required to complete either one. You may simply send us your current year data and we will take it from there.
What Information is Needed for Tax Return Preparation?
General Tax Information Checklist: (Please contact us for any clarification or question)
In order that we may expedite the processing of your individual income tax
returns, we have prepared the following checklist of items which we normally
need to have on hand to complete the returns. Please note that many of the
items may not specifically apply to you, since this intended to be a checklist
for many people to follow. We ask that you provide information for yourself
and/or your spouse and dependent children in all instances, since filing status
may change depending on the income or other issues pertaining to your family
members.
All information should be delivered to our Toronto office, listed below, by
courier or registered mail or to our generic secure upload area.
or upload to your secure folder once we have set up access for you (just ask)
For U.S. Returns: (Filing deadline - April 17, 2012). If you do not have all
information on time, please request that we file for an extension. We will
only do so upon your request, and if we receive sufficient information prior to
the deadline. - Please send information as early as possible.
Over the past year, Internal Revenue Service has stepped up efforts to ensure compliance with the Foreign Bank Account Reporting rules. We have ensured that our existing clients have filed the appropriate reports. Please watch our web site for information regarding this important initiative.
Please ensure that we have the following information in our files. If you have
previously sent us a copy of prior year returns or have otherwise provided the
information, no further action is required:
1. Social Security Number (SSN) or Individual Taxpayer Identification Number
(ITIN) for all persons in your family.
2. Dates of birth for all persons in the family.
3. Correct current address.
4. Prior year income tax return(s) (if filed).
Current Year U.S. Information:
5. All income for the year as outlined on forms W-2, 1099, etc.
6. All interest and dividends for the year as on forms 1099 and other sources.
7. Details of any other income including pensions, tips, etc.
8. Gross income and expenses detailed for each business venture and for each
rental property.
9. Details of itemized deductions, including medical expenses, realty taxes,
interest, donations and unreimbursed employee expenses.
10. Details for all capital transactions, including date of purchase, purchase
amount, date of sale, sale amount, name of security, and number of
shares/units.
11. Number of days present in each state (if not resident in one state) during
the year, and number of days present outside the United States, including
specific dates.
12. Details of all foreign (non U.S.) bank accounts, including
- Bank Name
- Bank address
- Account number
- Account owner
- Approx. maximum balance in the year.
13. Details of the value of any Canadian RRSP accounts, including
- Bank Name
- Bank address
- Account number
- Owner of account
- Balance in account at end of year
14. Reporting for Foreign Grantor Trusts.:
a) For Registered Education Savings Plans (RESP) accounts
- Amount and type of income earned in 2011 within the plan
- Date plan established
- Your contributions to date, including amount of 2011 contributions
- Other income including grants to date
- Employer identification of the trust (if you do not have one, we will need to apply)
Please have the trust formation (account application) documents ready to send with form 3520A (unless sent in a prior year filing)
Further information regarding RESP's is available here.
b) For Tax Free Savings Accounts (TFSA) Accounts:
- Amount and type of income earned in 2011 within the plan
- Date plan established
- Your contributions to date, including contributions during 2011
- Other investment income received from inception to date
- Employer identification of the trust (if you do not have one, we will need to apply)
Please have the trust formation (account application) documents ready to send with form 3520A (unless sent in a prior year filing)
Further information regarding TFSA's is available here.
15. If you hold any interest in a Passive Foreign Investment Company (PFIC) you may need to file form 8621 for each account. A PFIC is normally a Canadian mutual fund. Please follow this link to determine if you have a PFIC, and what information is required for filing.
16. Details of contributions to retirement plans.
17. Details of stock options.
18. Number of days in the U.S. in 2011
19. Do you own over 10% of a foreign corporation controlled by U.S. persons? If so, please check here for the information required:
Overall:
The above list is not intended to be comprehensive, but should serve as a general checklist for you. In many situations, other income or expense items may be relevant, as well as moving expenses, tuition fees and other issues.
If you require more information, please contact us at any time.