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With the year-end approaching and the holiday season along with it, gifts are on everyone’s mind. However, for a U.S. taxpayer, giving and receiving gifts beyond a certain limit is taxable by the Internal Revenue Service (IRS). AG Tax professionals will now explain Gift Tax and its related thresholds, returns and penalties, which may be...
Could you be liable for additional estate tax? Taxpayers could forget an important part of estate planning and leave themselves open to extra tax liabilities. In the U.S., an individual’s estate beyond $5,250,000 (the threshold limit for 2013) is subject to federal estate taxes. Since most estates are valued below this threshold limit, taxpayers often...
The Canadian government has made various amendments to the income tax legislation to prevent taxpayers from manipulating the rules to save taxes. These include the loss of a trust’s “testamentary” status if there is a debt between the trust and beneficiary which does not satisfy the arm’s length condition. AG Tax professionals have prepared a...
In the last few decades, Canadians with high incomes have relied on using testamentary trusts as a part of their will to help themselves and their beneficiaries minimize their tax burden. However, based on the Canadian Government’s proposal to eliminate tax benefits that arise from taxing trusts and certain estates at graduated rates, individuals who...
The Internal Revenue Service (IRS) sends out letters and notices to taxpayers for various reasons. AG Tax recommends taxpayers to not ignore these notices, as interest and penalties could be assessed depending on the circumstances for which the letter was sent. AG Tax professionals have prepared a brief summary on a few of the common...
The Internal Revenue Service (IRS) has recently introduced a 3.8% surtax on certain ‘unearned income’ of individuals, trusts and estates, which will be levied on income from January 1, 2013 onward. Taxpayers who meet the requirement will need to pay this tax. As it is a newly introduced tax, AG Tax professionals have prepared a...
In the U.S., an individual’s estate, beyond a certain limit ($5,250,000 for 2013) is subject to federal taxes on his/her estate. Some state also impose an estate tax. Many taxpayers take the necessary measures to minimize estate taxes, but rarely prepare for an inheritance tax; often neglecting it from their estate planning. That being said,...
In the continuous battle with international tax evasion, the Canadian government recently proposed changes to the filing of Foreign Income Verification Statement (Form T1135) as a part of the 2013 federal budget. These changes will improve foreign property reporting, and serve to align Canadian reporting on foreign property with increasingly sophisticated global property reporting requirements....
IRS Guidance in regards to DOMA Ruling On June 26, 2013 the U.S. Supreme Court struck down Section 3 of the Federal Defense of Marriage Act (DOMA) as unconstitutional. AG LLP’s crossborder tax specialists wrote a summary of the potential implications of such a ruling back in July (click here for article). The U.S. Treasury...
In the last few years many Canadians have purchased vacation homes in the US considering it to be a good investment (and are continuing to do so). One thing that every potential buyer of US real estate should remember is that this investment could turn into an expense if not properly planned for. AG Tax...
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