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Married couples can use gift-splitting to double the amount of their tax-free gifts. Gift tax applies to U.S. citizens and residents making transfers of property by gift. Gifts in excess of the annual exclusion amount ($14,000 for 2013) to a third party, other than a qualifying charitable organization or political party, are taxable. The exclusion...
We posted an article earlier this year regarding the requirements for individuals who have to disclose their RRSP or RRIF accounts to the IRS to elect the deferral of any accrued income. One of the covered topics was the late filing of disclosure Form 8891. The IRS has just released a Private Letter Ruling (PLR, a...
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...
Inflation causes a rise in the price levels of goods and services over a period of time and lowers taxpayers’ purchasing power per unit of money. The IRS acknowledges the effect of yearly inflation, and implements mandatory upward inflation-adjustments each year. CCH has recently released estimated ranges for each 2014 tax bracket together with certain...
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...
Small business owners (SBOs) in Canada have the option to pay themselves from their business through either salary or dividends. It can be difficult to determine whether to be compensated by wages or dividends, as there are pros and cons to each. AG Tax has prepared a brief summary on these two payment methods, which...
How to source income between the U.S. and different countries can be complicated and time consuming for taxpayers who are not familiar with tax regulations and treaties. In general, for U.S. tax purposes, U.S citizens and resident aliens (details) are subject to tax on their worldwide sources of income, while non-resident aliens are subject to...
Two years ago, the IRS provided general rules for using a federal per diem rate to substantiate the amount of ordinary and necessary expenses for lodging, meals, and incidental costs paid or incurred for business-related travel. In September 2013, the Internal Revenue Service (IRS) issued a new notice on the special per-diem rates to be...
If a U.S. person does business in Canada, there are many different tax implications that should be addressed to ensure proper compliance with Canadian reporting requirements enforced by the Canada Revenue Agency (CRA). Withholdings are generally required at source on any income earned by a non-resident in Canada. The CRA has its own prescribed withholding...
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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.ABOUTAG 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