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There may come a time when a Canadian business owner no longer wishes to continue their business, and would like to liquidate or wind up the company. Often people assume that by simply stopping the business activities and services, a business is closed, but that’s not the case. By liquidating a company, the individual is...
Almost everybody has a hobby. While someone may love baking and trying new recipes for fun, another may be obtaining baking orders from neighbours, colleagues, and/or friends to generate additional income. What could be better than doing what you love, and earning from it as well? Although enticing, when this income becomes regular, or is...
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,...
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...
Not many taxpayers would be aware that they have the right to seek information from the Canada Revenue Agency (CRA) regarding their tax audit, or about details of an assessment done by the Canada Revenue Agency to understand if the Canada Revenue Agency made a mistake, or if a filed return was indeed wrong. Knowing...
Virtual stores are the latest trend, as they are an easy way to do business without the need to have a physical shop. With a virtual store one can reach out to a vast audience beyond where the store is located. However, while planning to operate an e-commerce business and sell online, one needs to...
As experienced tax preparers, we often notice that some taxpayers have a hard time gathering and arranging the necessary documents, such as: invoices, receipts, bills, etc., and sometimes even missing items such as copies of previous years’ tax returns, regardless of whether they are individual or corporate tax filers. This often complicates the tax filing process and...
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...
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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