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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,...
The US Internal Revenue Service (IRS) started the “Taxes. Security. Together.” initiative with various US states and the private-sector tax industry to inform the general public regarding safety and security while carrying out any online transactions, such as: exchange of financial, personal, or tax information over the internet or through cellphones. This education initiative is...
Often taxpayers using a portion of their house, garage, or basement as a home-office are advised to claim a business expense tax deduction for the space used as office. However, it is always advisable to take into consideration a future sale scenario of the house as depreciation and re-capture rules may apply. Also, a common misconception is...
Now that most people have filed their tax returns, it is likely that many taxpayers would be receiving mail from the U.S. Internal Revenue Service (IRS). Some notices are for informational purposes only, which do not require a response, while some notices require immediate action. It is advisable that taxpayers should check all mail received from...
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...
Every year, the Internal Revenue Services (IRS) brings about changes to various tax forms as well as new forms in order to improve the reporting process, and make it more systematic to reduce errors. For the 2015 tax year the IRS implemented changes to forms such as the W-2 and 1099, and introduced a few...
It is always good practice to start working on your taxes early. Not only does it provide you significant time to prepare your return, but can also allow for the exploration of various tax scenarios. However, for taxpayers with complicated tax returns that require professional assistance to prepare, the first step towards preparing their tax return...
In many cases, people use their homes as offices during the start-up phase of their business to manage their expenses, and at times simply because of the convenience as he/she may have children or dependents that they need to look after While working. Some individuals may also be renting out a portion of their home...
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ABOUTAylett Grant Tax, LLP
With offices across Canada, we are positioned to manage and process the full scope of your Canadian, US and US Canada cross-border tax filing needs.OFFICEVancouver
+1 (888) 502-1810New South Surrey office coming January 2025ABOUTAG Tax LLP
With offices across Canada, we are positioned to manage and process the full scope of your Canadian, US and US Canada cross-border tax filing needs.OFFICEVancouver
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104–4220 98 St NW Edmonton AB, T6E 6A1