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In 2012, the Internal Revenue Service (IRS) established an Identity Theft Clearinghouse (ITC), which along with the Criminal Investigation (CI) Field Offices has received over 7,600 individual identity theft leads to date, involving approximately 1.47 million returns with over $6.8 billion in refunds claimed. The department carried out 1,063 identity theft related investigations in 2014,...
Recently there has been quite a commotion surrounding IRS Form 3115 ‘Application for Change in Accounting Method’, pertaining to the most recent tangible property repair regulations. Given the complexity of the numerous rules to complete the form, many taxpayers are confused whether they should file Form 3115, which is required for reporting any change in...
On the 21st of April, the Federal Finance Minister, Joe Oliver, introduced the budget for 2015, which along with reducing the tax burden on parents (Read: Canadian Tax Deductions & Credits for Parents), intends to help Canadian businesses thrive in the global economy. Here is a brief overview of the 2015 Canadian Budget outlined by...
Being a U.S. person (subject to U.S. taxes) living abroad can at times be the beginning of a U.S. tax nightmare. This can appear to be quite unfair, especially when one has had a Canadian residence established outside of the U.S. for quite some time. If you are an American citizen or green card holder, it is...
Canada has long been one of the preferred places to complete film projects by foreign producers due to the various federal and provincial tax credits available. The Canadian government has been proactive in encouraging investment by domestic and foreign producers by instituting tax credits to help offset the cost of production. This has had a...
With the availability of the internet and e-commerce, it has become far easier for individuals to start their own business. Starting a business is a big decision. Along with dealing with competition and day-to-day management, every business must comply with various tax laws and reporting requirements. One has to be up-to-date with their tax returns and...
The streamlined ‘Offshore Voluntary Disclosure Program’ (OVDP) introduced by the U.S. Internal Revenue Service (IRS) in 2012 allows U.S. Persons holding foreign financial accounts to disclose these details to the IRS if they did not file the FBAR, 1040, or other qualifying forms as required by the IRS. If accepted, the taxpayer would be eligible...
Rental real estate owners are often faced with the dilemma of whether to keep their rental properties or to dispose of them due to the expenses incurred in maintaining and managing them. Since the losses qualify as passive activity losses, they can be claimed only against a passive activity income. Recently at AG Tax we...
In October, 2014, Prime Minister Stephen Harper introduced the Family Tax Cut and various other reforms to existing tax credits to reduce the tax burden on families with mid to low levels of income, and for families where only one individual earns income. Since this credit was intended to be available for 2014’s tax return,...
The Canadian government provides a number of tax benefits that parents can claim on their tax return to reduce their tax burden. In fact, most reviewers are of the opinion that the budget for 2015 is most beneficial for taxpayers with children below the age of 18. Unfortunately, parent taxpayers often forget some of the...
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ABOUTAylett Grant Tax, LLP
With offices across Canada, we are positioned to manage and process the full scope of your Canadian, US and US Canada cross-border tax filing needs.ABOUTAG Tax LLP
With offices across Canada, we are positioned to manage and process the full scope of your Canadian, US and US Canada cross-border tax filing needs.OFFICEVancouver
12752 28th Ave, Surrey, BC, V4A 2P4OFFICEEdmonton
104–4220 98 St NW Edmonton AB, T6E 6A1