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In 2010, the U.S. government passed the ‘Foreign Account Tax Compliance Act’ (FATCA). This new compliance act requires any U.S. person, Resident (Green Card), or Non-Resident Alien, who meets the reporting thresholds for a specific tax year to disclose information regarding their foreign financial accounts and other foreign assets to the U.S Internal Revenue Service (IRS) (Also...
In August 2013, the IRS proposed regulation changes for the first time since 2007. They suggested an increase to the processing fees for tax installment payment agreements and offers in compromise, and all other payment arrangements. From January 2014 onwards, the increased processing fees for standard installment agreements and offer in compromise will be applicable...
July 1, 2014 is the official date when Canada’s new Anti-Spam legislation (CASL, formerly known as the Electronic Commerce Protection Act and the Fighting Internet and Wireless Spam Act) will come into effect. The final version of Electronic Commerce Protection Regulations, published by Industry Canada, will govern emails and messages, mass mailing, and entities that...
Tax credits and deductions are helpful in minimizing U.S. taxpayers’ tax burden. In order to claim these deductions/credits, the Internal Revenue Service (IRS) expects taxpayers to fulfill requirements to prevent individuals from taking advantage of the credit. However, the IRS has noticed negligence when claiming deductions such as the Earned Income Tax Credit (EITC), which...
Often, when taxpayers receive mail from the Canada Revenue Agency (CRA), the first question that pops in anyone’s mind is “Why me?“(or they’ll simply avoid it) assuming it could lead to the ever-daunting audit. It is important for you, the taxpayer, to understand how the CRA approaches reassessment, and which actions tend to attract their...
It’s never too early to start tax planning for the New Year. Done properly, tax planning has the potential to minimize tax obligations. AG Tax professionals have prepared a list of certain tax strategies for consideration by a Canadian taxpayer. With the help of a tax specialist, taxpayers can develop their own personalized tax strategy....
Online trading has enormous benefits. For example, with online trading there’s no need to establish an office, goods do not need to be stocked, and a huge number of buyers can be reached just through a simple website. However, every source of income from online sales is liable to income tax and sales tax, and...
In an earlier article entitled “Be aware of new 2013 3.8% Net Investment Income Tax (Medicare Surtax) and plan ahead” AG Tax Professionals covered the basics of the Net Investment Income Tax (NIIT) and Medicare Surtax that is applicable on certain passive income from 2013 onward. The Internal Revenue Service (IRS) released the final regulations...
The Canadian Government has introduced various international trade programs, many of which make it easier for corporations to enter into trade with Canada. AG Tax professionals have prepared an overview on the three most trade-supportive programs provided in Canada, which may be useful for anyone who currently performs, or plans to carry out, international trade....
With the establishment of the first BitCoin ATM in Vancouver, it is apparent that BitCoin has entered the mainstream. Taxpayers may wonder, “What is BitCoin? Where can BitCoin be used? Is it taxable or tax-exempt?”. Our team of Canadian tax professionals at AG Tax have created a brief explanation of BitCoins, including what BitCoins can...
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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