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In 2010, the U.S. government passed the ‘Foreign Account Tax Compliance Act’ (FATCA). This new compliance act requires any U.S. person, Resident (Green Card), or Non-Resident Alien, who meets the reporting thresholds for a specific tax year to disclose information regarding their foreign financial accounts and other foreign assets to the U.S Internal Revenue Service (IRS) (Also...
Online trading has enormous benefits. For example, with online trading there’s no need to establish an office, goods do not need to be stocked, and a huge number of buyers can be reached just through a simple website. However, every source of income from online sales is liable to income tax and sales tax, and...
In an earlier article entitled “Be aware of new 2013 3.8% Net Investment Income Tax (Medicare Surtax) and plan ahead” AG Tax Professionals covered the basics of the Net Investment Income Tax (NIIT) and Medicare Surtax that is applicable on certain passive income from 2013 onward. The Internal Revenue Service (IRS) released the final regulations...
The North American Free Trade Agreement (NAFTA) between Canada, the U.S. and Mexico has led to a significant increase in trade between the three countries. Among other things, NAFTA allows goods and services to be imported and exported between the three countries at a low duty rate. Additionally, certain products can even be imported and exported...
On November 14, 2013, Rep. Jim McDermott introduced a new bill entitled the “Internet Gambling Regulation and Tax Enforcement Act of 2013 (H.R.3491)”. If passed, this bill will amend the Internal Revenue Code of 1986 and regulate taxes on internet gambling, especially the highly trending online poker games. The Internet Gambling Regulation and Tax Enforcement...
With an increasing number of Canadian citizens/residents working in the U.S. and an increasing number of U.S. citizens/residents working in Canada, it is important that all taxpayers familiarize themselves with the “Social Security Totalization” agreement. The “Social Security Totalization” agreement came into effect in the 1980s, and is a way of providing social security protection...
U.S. taxpayers can reduce their tax burdens through charitable contributions. As the year-end approaches, our team of AG Tax professionals has prepared a brief summary on types of charitable contributions that are accepted by the U.S. Internal Revenue Service (IRS), as well as additional information that can help you minimize your taxes through charitable contributions....
Year-end tax planning is always complicated, given that you need to consider what may lie ahead in the New Year, and 2013 is no different. However, with the introduction of new provisions through the American Taxpayer Relief Act 2012 (ATRA) and the Patient Protection and Affordable Care Act 2010 (ACA), plus many provisions set to...
For a U.S. taxpayer, gifts made to, and estates left to, grandchildren and great-grandchildren are subject to the Generation Skipping Transfer (GST) Tax, along with Gift Tax and/or Estate Tax. In order to answer the question of why gifts or bequests made to a grandchild need to be taxed additionally, our tax professionals have prepared...
Taxpayers often tend to think that the Internal Revenue Service (IRS) can collect taxes from an individual until the day they die. Fortunately, the IRS has a statute of limitations which governs the deadlines for IRS and taxpayers actions. The team at AG Tax has prepared a brief summary on this statute of limitations and...
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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
12752 28th Ave, Surrey, BC, V4A 2P4OFFICEEdmonton
104–4220 98 St NW Edmonton AB, T6E 6A1