Larry Stolberg CPA

Cross-border tax work between Canada and the United States, based in Oakville, Ontario, and run under the name of a certified public accountant. The practice concentrates on tax, and says its aim is to help clients through planning and the carrying out of solutions, not only through filing returns.

US filings for people on either side of the border

The practice prepares annual US returns for citizens and green card holders, and it handles streamlined procedures for people catching up on missed filings. It also deals with foreign account reporting, including FBAR and FinCEN 114 filings. Other work covers people who expatriate, Canadians or non-residents buying their first US or Canadian rental property with their 1040NR returns, and snowbirds who spend winters in the US and need to understand US residency rules. The practice is an IRS Certified Acceptance Agent, so it can help individuals obtain an ITIN.

Canadian compliance and disputes with the Canada Revenue Agency

On the Canadian side the work includes corporate T2 and personal T1 returns, along with unaudited financial statements. When a client is in dispute, the practice handles notices of objection, appeals against reassessments and negotiations with officials. It also applies to the Canadian voluntary disclosure program to waive penalties and interest on outstanding returns, and it can deal with collection officers to agree reasonable payment terms or lift liens.

Succession, restructuring and family transfers

Owner-managed businesses receive help with planning for transfer to the next generation. The practice works on restructuring options such as estate planning, purification to protect the capital gains exemption, bringing family members or key employees in as shareholders, inter-generational farm transfers, and consolidating a structure to cut annual fees. It also helps with shareholder agreements, corporate-owned life insurance, small business deduction questions and incorporating professional practices. Will preparation and post-mortem planning are part of the estate side of the work.

Treaty rules and withholding in cross-border payments

The practice explains that payments crossing the border, such as management fees, dividends, interest, royalties and pensions, depend on domestic law and on the Canada-US tax treaty. The treaty can exempt or reduce US withholding tax, but usually needs a form such as the W-8BEN filed with the payer. If too much is withheld, a US return may be needed to recover it, and Canada does not credit excess withholding caused by a treaty provision the taxpayer did not claim. The practice also assesses whether an investment tax credit for research and development applies.

Work for other advisers in Halton and the GTA

Advisers around Halton, Wellington and Toronto, including lawyers and accounting firms, can bring the practice in as a consultant on their own clients' cross-border questions. The site notes that cross-border arrangements are easy to get wrong, and that a structure can end up costing more in compliance fees than it saves, so an early check is a sound step. It also says a detailed services page and resource articles are available.

Larry Stolberg CPA is a tax practice based in Oakville, Ontario. Larry Stolberg concentrates on tax so that he can take part in planning and carrying out solutions for clients. The practice covers Canadian and United States tax, and much of its work is cross-border.

What Larry Stolberg CPA offers

• US tax return services: annual returns for US citizens and green card holders, and streamlined filing to catch up on missed returns.
• Reporting forms: FBAR and FinCEN filings.
• Expatriation and relocation: tax issues when moving between Canada and the US.
• Canadian compliance: corporate T2 and personal T1 returns and unaudited financial statements.
• Dispute support: notices of objection, reassessment appeals and voluntary disclosure to the Canada Revenue Agency.
• ITIN help: as an IRS Certified Acceptance Agent.

Customers and markets

The practice consults for financial advisers, lawyers, accounting firms and other professional advisers in Halton, Wellington and the Greater Toronto Area. It also helps snowbirds, business owners and property buyers on either side of the border.

Key facts

• Based in: Oakville, Ontario, Canada
• Credential: IRS Certified Acceptance Agent
• Region: Halton, Wellington and the Greater Toronto Area