Clarity Tax & CPAs
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Stay informed with the latest updates on tax strategy, accounting compliance, and financial best practices from the Clarity Tax & CPAs team.
The US-Canada Tax Treaty can help you avoid double taxation if you live, work or invest across the border between the United States and Canada. Unfortunately, each nation’s tax codes are quite different, and what you’re required to report and pay is often based on the country you land in.
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TFSAs don’t work very well for US residents who move from Canada, because the Internal Revenue Service (IRS) doesn’t give those accounts tax-free status. If you withdraw funds from your tax-free savings account, you can be taxed on that income.
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Streamlined filing compliance procedures are IRS procedures designed to help you catch up on your US taxes. If you moved to the US from Canada, and didn’t report your Canadian accounts on your American tax returns, you may need to use these procedures to catch up on your filings.
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The Substantial Presence Test (SPT) is how the IRS determines whether you’re considered a US resident for tax purposes. If you meet the test criteria, you may be required to file taxes in the United States and report your worldwide income.
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Washington B&O tax law just went through a major overhaul. Unique to Washington State, B&O tax applies to all business owners, even if you take a loss. Business and occupation taxes are based on your gross receipts, not profit.
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Wondering how to prepare for your audit? Smart audit prep can be the difference between a quick audit that closes in 6 weeks or one that drags on for 3 long months.
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Departure tax from Canada comes as a horrible shock to many people who move from Canada to the US. The United States doesn’t charge a departure tax, but the Canada Revenue Agency (CRA) does. Canada treats your assets as though you’ve liquidated them when you leave the country, and taxes you on any potential gains.
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Don’t overpay for assurance services. Learn the differences between audits, reviews and compilations and how to determine which one your business needs.
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Need a bookkeeper or CPA? Our Bellingham, Washington bookkeeping team explains what bookkeepers do, what CPAs do, and how to avoid overpaying for tax prep.
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Learn more about the types of daily, monthly and year-end tasks bookkeepers can help you with and whether you should hire one.
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A single audit is a federally-required audit performed on nonprofits and government-funded entities that spend $1,000,000 or more in federal award funds in a fiscal year. It combines a standard financial statement audit with additional compliance testing on how federal funds were spent. The threshold was raised from $750,000 to $1,000,000 for fiscal years beginning on or after October 1, 2024.
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Do beneficiaries pay tax on their inheritance? Learn when taxes can appear after you inherit cash, property, or retirement accounts, plus simple next steps.
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