Mexico is the third-largest trade partner for the U.S., ranks second among U.S. export markets after Canada, and is the third-leading supplier of U.S. imports. Since the NAFTA treaty in 1994, U.S. exports to Mexico increased from $54.8 billion to $216 billion in 2011; imports from Mexico increased from $51.6 billion to $277 billion in 2011.
Our Mexico Desk professionals are native-fluent in Spanish, and bring both a business and cultural perspective to conducting business in Mexico and other Central and South American countries. For more information, please contact Leo Reyna.
On Jan. 7, 2016, the IRS added new frequently asked questions (FAQs) to its website on the streamlined offshore compliance program, which includes guidance to participants in Canadian registered retirement savings plans (RRSP), registered retirement income fund (RRIF) or other similar Canadian retirement plans. Generally, an individual who is a citizen or resident of the US and a beneficiary of a Canadian retirement plan may be subject to US tax on accrued income in the plan even though the income is not currently distributed to the beneficiary.