Who do you know who is a US Citizen in Canada? And perhaps owns a small business?
The tax bill just passed in the US Senate has provisions for repatriating assets from Controlled Foreign Corporations, like the ones owned by US Citizens working in Canada as consultants through a corporation.
It’s doubly bad if they’ve been here for a while and have used that corporation to save for retirement. They may have several hundred thousand saved, and now this will have to be moved to the US and fully taxed within 8 years.
It’s a huge hit for this retirement planning scenario and needs to be dealt with immediately as some options will run out before Dec 31st.
If you want an accountant that does more than count your winnings and file your taxes, that’s me.