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Whether to levy or not to levy State Sales Tax on online sales has been in the talks for quite some time now. For instance in 2013, there was the famous Amazon and Overstock v/s the State of New York (NY) case regarding the “Amazon laws” (Read: Sales Tax for Internet Based Online Sales) where big online...
Many U.S. companies are doing business in Canada and as a result could be subject to Canadian taxes (along with certain tax withholding requirements). U.S. incorporated companies are subject to U.S. taxes on their worldwide income which includes Canadian income. Thankfully the U.S. – Canada Tax Treaty addresses many situations in which corporations would normally be...
In one of our earlier articles: Beware that your Non-U.S. Financial Institutions May Be Sharing Your Financial Account Information with the Internal Revenue Service, we discussed Inter-Governmental Agreements (IGAs) that the U.S. government had entered into with the tax authorities and financial institutions of other countries to successfully implement compliance with the FATCA regulation imposed on...
Importing and exporting is a key feature of the modern world, and because of the ease of importing and exporting we now have access to a wide variety of international products without leaving our homes. In Canada, there has been a significant increase of importing in the recent years by non-resident corporations, one of the...
Many people are beginning to appreciate the power of expanding their business through the internet. It can easily expand a product’s potential buyers from thousands to millions by providing easy access to the global market, including the largest capital market, the United States of America. Many Canadian businesses have already taken advantage of such opportunities by...
The US Internal Revenue Service (IRS) allows certain discretionary business expenses to qualify as ‘tax deductions’. Some expenses are incurred to meet and please clients or attract their business, but due to the nature of these expenses, many taxpayers are uncertain whether such an expense, from a tax perspective, is deductible or not. Unfortunately, due...
So your US business is successfully off the ground, and you are now faced with the dreaded task of dealing with US corporate tax filings. Fortunately, there are cross border tax advisors (such as AG Tax) with many years of experience that can help reduce the stress of complying with the Internal Revenue Code and other US...
Not being aware of deadlines or changes in deadlines when it comes to filing tax returns and related forms (along with their respective payments) can further increase tax expense due to penalties and interest payable in case of late filing or late payment. Additionally, preparing for your taxes early not only keeps you ahead, but...
It is not uncommon to hear news regarding blockbuster movies being filmed in Canada. Other than its scenic beauty, Canada offers advantageous federal and provincial tax credits, incentives, and deductions to both domestic and foreign film production companies for carrying out film and television production in Canada, as well as hiring Canadian residents for labour. However,...
Rental property can be a great investment. If you are able to purchase a property and rent it out you could potentially have someone else pay your mortgage on the property. Maybe you want to buy a ski lodge in Whistler; maybe a cabin on the lake is more your speed. Either way, if you...
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