Hi there.
I have very little understanding of international tax.
I got a new client (23 yo kiddo) who came to the US in the middle of 2021. He received his US citizenship at birth, but up until 2021 he lived in Canada. He has dual citizenship. So, first I thought it would be an easy return, but then it turned out that he has two corporations in Canada. They were both set up in 2016 and at this point are both dormant.
I shopped around and was given a quote for 10K. 10K will cover six years of returns and the abatement process.
I feel bad for the kiddo because he is in school and does not have an income.10K in his age is a lot of money. I also don't think his corporations will ever become active or come up anywhere.
So, I am going to let him go and before doing so, I will explain to him about his filing requirements and chances of getting caught. And I will give him two options: 1. either hire a tax attorney or 2. close your corporations and never talk about them with your new tax preparer.
What would you do? Are there any other alternatives?
Thank you
P.S. Yes, I know, my behavior is not very "ethical".