Recent content by taxesanddeath

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    USA Asset account discrepancies and multiple currencies

    I use waveapps. I convert my monthly amazon ca sales to USD using the monthly CAD/USD avg exchange and enter this value in my Amazon ca holding account (asset). This is to account for my cash balance held in Amazon. Waveapps converts foreign currency to USD based on the transactions day spot...
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    USA Are foreign currency gains/losses unavoidable?

    The CAD stayed CAD. I never converted it to USD. However, with balance sheets you cant mix currencies, you must have a single currency. So the CAD is reported as USD using the days exchange rate on the balance sheet. There doesnt seem to be a way around it, and a gain/loss isunavoidable for...
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    USA Are foreign currency gains/losses unavoidable?

    Im a US LLC so my home-currency is USD. If I have foreign-currency activity without converting to USD will I always have gains/losses? Let me explain: Say I have a GST liability account (CAD). I make a sale in Feb and collect $1000 GST. The CAD/USD exchange is 0.80 so my balance sheet will...
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    USA Multiple bookkeeping questions

    I understand your sentiment, but this is an accountanting forum for discussinng accounting topics. These are questions I would like to discuss with others so I can have a better understanding and it will help others who have similiar questions and come acrosss it.
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    USA Multiple bookkeeping questions

    I have personal cards used in my LLC. I use cash basis and am a single-member. I use waveapps for accounting. 1. should all charges on the credit card (for my business) be accounted as DR expense and CR owners equity? 2. if I make a payment towards the card with personal funds, how should...
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    Canada Severing ties to Canada > Moved to USA [expensing business inventory]

    I severed ties to Canada 1/20/2020. I live in USA now. My 1/20/2020 Sole Prop T2125 closing inventory value is ~$10k. I'm continuing my business from the US and selling said inventory under my US Sole Prop and LLC in Canada (Amazon.ca FBA, no permanent Canadian establishment) Q: Is there a way...
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    USA Corporate structure for US/CA Citizen

    $150,000 is not my income. This is a scenario im asking for advice on potential future income. All I want is to create dialogue on this scenario. It appears I can deduct Canadian Corp tax (15%) from US subpart F tax liability which would be ordinary dividends. This "works" for lower incomes...
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    USA Corporate structure for US/CA Citizen

    Current scenario: •$150,000 CAD yr taxable sole-prop income (Canadian sourced) •US/CA citizen •Canadian resident Wishful scenario: •Canadian Corp (SBD) tax rate (15%) •$47,630 Non-Eligible Dividend Salary (6.87%) Not sure if Canadian Corp is viable because CFC and Subpart F / GILTI tax. With...
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