All Forum Posts by: Lance Lvovsky

@Michael Roacher

There are a number of CPAs on here. Perhaps reach out to a couple and see how you can work with them.

There is no such thing as typical fees. A client's structure, type of entities, types of records you keep, etc. dictate fees. Fees can be $1k, $5k, $10k, etc. If you give us a little more info as to what it is he/she is quoting you on, we can tell you whether it is reasonable or not.

@Anthony Cologna

There are a number of accountants on here who can assist you with both the QBO files and the tax preparation. Sorry to hear your troubles. Good luck.

@Bob Smith

There are allowable uses for the PPP loan as it pertains to loan forgiveness and certain computations and tracing of funds should be done. You should have your accountant help you.

@Jared Comeau

Unless you can find a Canadian accountant who has expertise in US tax law.. it would be someone from USA. Does not have to be from TN.

@Jared Comeau

There are certain entities in the US that are not viewed as tax efficient for Canadian tax purposes. Yes the two countries have a tax treaty. You will want to discuss with a CPA the best entity vehicle for tax efficiencies, taking into account total capital you will be investing in the US, short and long term plans for those assets, etc. in addition, state tax issues should be discussed. Lastly, US estate tax issues need to be covered too. Definitely good to speak to a tax advisor who can assist. Good luck.

Using a family investment entity can certainly accomplish this. There is no one size fits all and there are various vehicles available. For example, a family limited partnership (or a family LLC) can be setup, where each member holds his/her membership interest through a Revocable Trust. This entity then engages in business transactions as you noted above.

Good idea to speak to a CPA and attorney first.

One must look at the economic substance of the transaction over the legal form. The economics may prevail in coming to an answer. For example, frequently clients want to add a child to their bank account, for ease of administration when they die. In a scenario like one I describe, this is not a gift. It is merely done for administration purposes. The legal form may appear it is a gift... but the tax law in situations like this puts economic substance over form.

You can ask your CPA for advice specific to your fact pattern.

@Aaron Dickson

You will want to work with a CPA to make sure your investing in the USA is tax efficient. There are certain structures that Canadian tax law does not like making them tax inefficient. You will also want a full understanding of all your filing obligations.

 Agreed. Did not read your entire post...