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As the tax filing season approaches, along with taxpayers, fraudsters also become hyper-active. Being informed of tax scams is very important for taxpayers in order to protect their assets and avoid financial and taxation problems since information like Social Security Number, Tax Identification Number, and Electronic Filing Identification Numbers (EFINs) are highly confidential, and once...
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...
In our earlier article, we highlighted the tax plan for individual taxpayers as proposed by U.S. President-elect Donald Trump and the House of Republicans. In this article, our main focus is to detail out proposed business tax changes. While tax changes for individuals focus on improving the tax system for low-mid income group taxpayers, the...
Often times, it proves troublesome for a foreign corporation to decide whether to file a US income tax return in order to report U.S. income. They can claim the possible tax credits and deductions; or disclose it as tax-exempt income under an existing tax-treaty to avoid double taxation. The US Internal Revenue Service (IRS) requires...
Starting a business in the U.S. can be quite a task from registration, choosing a location, to managing initial set-up expenses. The business owner has to prepare for everything. Along with all these initial steps it is also important to be aware of certain income tax points which can be helpful in running a successful...
When a Canadian taxpayer misses reporting certain income or has made an error in their tax returns they can rectify that error with the help of Canada Revenue Agency’s (CRA) Voluntary Disclosure Program (VDP). It is important to note that when using the VDP to fix a mistake full disclosure needs to be made. Since...
As a taxpayer, one should always be informed about one’s tax responsibilities. This includes filing tax returns on time, paying tax liabilities, checking all notices and mail received from the tax authorities, responding to those that require a response, and maintaining record of past years returns and other relevant documents for a certain period of time,...
Being a business owner is not easy, especially if it is at a growing phase; and at this stage it is all the more difficult to concentrate on other aspects, such as: tax payments, miscellaneous expenses or county/local taxes. AG Tax has summarized a few of these issues based on some of our clients’ situations, and...
In the recent years, every country has been passing stringent laws to monitor foreign investments by their country’s citizens/taxpayers to prevent tax evasion through foreign investments. The Canadian government introduced Form T1135 a few years ago to prevent Canadian taxpayers from evading taxes, and since then, Canada Revenue Agency has been in a continuous process...
Individuals often have life insurance policies provided by their employer, whose ownership is transferable to the employee in the case which the employee is retiring, or for other qualifying reasons. Whatever the reason may be, it is important for these individuals to be aware of the fact that this could have tax implications. Since many...
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