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In our earlier article: ‘Liquidation of a Canadian Company from a Tax Administration Perspective’, we discussed the tax process involved when dissolving a Canadian company. However, what if the business owner is simply restructuring the business? What if there is a change in ownership due to growth, tax planning or other business needs? As with liquidation...
There may come a time when a Canadian business owner no longer wishes to continue their business, and would like to liquidate or wind up the company. Often people assume that by simply stopping the business activities and services, a business is closed, but that’s not the case. By liquidating a company, the individual is...
In September 2013, the U.S. Internal Revenue Service (IRS) released final regulations regarding the deduction and capitalization of expenditures related to tangible property, also known as the final “repair” regulations. These final regulations are a guide with the application of sections 162(a) and 263(a) of the Internal Revenue Code on the amounts paid to acquire,...
Not many taxpayers would be aware that they have the right to seek information from the Canada Revenue Agency (CRA) regarding their tax audit, or about details of an assessment done by the Canada Revenue Agency to understand if the Canada Revenue Agency made a mistake, or if a filed return was indeed wrong. Knowing...
Virtual stores are the latest trend, as they are an easy way to do business without the need to have a physical shop. With a virtual store one can reach out to a vast audience beyond where the store is located. However, while planning to operate an e-commerce business and sell online, one needs to...
As experienced tax preparers, we often notice that some taxpayers have a hard time gathering and arranging the necessary documents, such as: invoices, receipts, bills, etc., and sometimes even missing items such as copies of previous years’ tax returns, regardless of whether they are individual or corporate tax filers. This often complicates the tax filing process and...
The Internal Revenue Services (IRS) website can be very useful for obtaining not only common tax-related information, but also for obtaining information regarding tax payments. Taxpayers can spend days searching for answers regarding certain tax queries, when they can easily find such information directly on the IRS website. Here is a brief overview, prepared by AG Tax professionals, of many...
In 2014, the US Government passed the taxpayers Bill of Rights to protect a taxpayer’s fundamental rights when dealing with the IRS (For more information read: Make Way for the U.S. Taxpayers’ Bill Of Rights). Here is a brief overview of these tax rights covered under the taxpayer bill of rights prepared by AG Tax...
The Internal Revenue Service (IRS) has many tax changes planned for business taxpayers, and not being aware of them could cost taxpayers significantly. These changes have been brought by various acts, such as: The Protecting Americans from Tax Hikes (PATH) Act of 2015; The Fixing America’s Surface Transportation (FAST) Act; The Bipartisan Budget Act of...
Are you constantly getting emails regarding: if you ship your product to Canada? Did you know that consumers in Canada are spending more time shopping online than ever before? In the past year, over eight in ten Canadians have made a purchase online, and the average amount of reported spending annually (per Canadian) for online...
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