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Tax frauds relating to false refund claims, and identity thefts have been a severe problem for the U.S. Internal Revenue Services (IRS). The IRS has taken several identity theft preventive measures from verification based on Adjusted Gross Income (AGI) confirmation to the latest IP PIN (Identity Protection PIN). Many U.S. taxpayers are still not well...
As the Canada 2017 Tax Filing Season begins, Canadian taxpayers should be aware that in 2016 the Canada Revenue Agency (CRA) introduced several changes to tax benefits, credits and deductions, effective for the 2017 tax season. AGT’s Canadian tax professionals have prepared a brief overview of these major changes that you should be aware of....
Identity theft and related-tax scams have always proven to be troublesome for tax authorities. To counter these scams as much as possible, the Internal Revenue Service (IRS) initiates certain preventative measures every year. These measures are part of the Security Summit Initiative between the IRS, state authorities and financial sector under the ‘Taxes. Security. Together’...
The U.S. IRS started accepting 2016 tax returns on the 23rd of January. But many taxpayers are asking “Am I required to file a return?” The following summary prepared by AG Tax professionals, using the IRS’s guideline, should help you determine whether you are required to file a 2016 tax return or not. In addition,...
In this digital world, almost everything is online, whether it is shopping, banking, or filing your income tax return. The only thing protecting one from having their identity or financial data stolen is a ‘password’. Thus, making it very crucial to have a strong, hard-to-guess password, but also something that we do not forget. Here are a...
In our recent article: Current & Updated Deadlines for IRS Forms, we informed U.S. taxpayers about the new deadline for certain U.S. tax forms, which will apply to the 2016 tax year (due in 2017). Why You Should Start Planning Now The changes affect many U.S. tax forms for which the deadline has been pushed...
Until 2014, U.S. taxpayers, who owned Canadian retirement plans, such as: Registered Retirement Savings Plan (RRSP) or a Registered Retirement Income Fund (RRIF) were required to file Form 8891, U.S. Information Return for Beneficiaries of Certain Canadian Registered Retirement Plans to report their interest in their qualified Canadian retirement accounts. In addition, this Form was...
One of the common misconceptions of U.S. taxpayers is that if they earn less than the FEIE amount, no return is required. This is wrong!! In fact, only a qualifying individual with qualifying income may elect to exclude foreign earned income, and the qualifying exclusion applies only if the qualifying individual files a tax return...
Along with a new government formation comes new laws and proposed changes whether it is related to immigration, domestic & foreign policies, or taxes. With the U.S. elections coming to an end, and Mr. Donald J. Trump being declared the new U.S. President many tax changes are on the horizon. The elected government has indicated...
The U.S. Internal Revenue Service (IRS) recently announced that it will be delaying Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) refunds until February 15th, 2017 in order to process filed tax returns that claim EITC and ACTC. Delay in EITC & ACTC Refunds until February 15th, 2017 This delay is being driven by...
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