Thanks again for your help. I hope that by splitting up my second question to a second thread so that it might help others searching through the forum...
In any case, our situation again: Canadian citizens with green cards that returned to Canada in 2010. Since we haven't given up our green cards yet, we'd have to file as residents for both US and Canada (please correct if I'm wrong on this).
We started an Ontario corporation in 2010 for our consulting business. Are there requirements on the US tax return for us to report this entity?
BTW, I've heard of something called the "Michael Jackson" law: if a contract was written so that the work has to be performed specifically by one of us, then there are US tax consequences. Is that true?
Dual US/Canada resident filing status, reporting ON corp?
Moderator: Mark T Serbinski CA CPA