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On the 25th of February, 2014 the U.S. House of Representatives began its discussions to vote for the passage of two bills: H.R. 2530 and H.R. 2531. These were amongst the various bills introduced in mid-2013 by Peter Roskam, Congressman, Representative of Illinois, and collectively called the “Taxpayers Bill of Rights.” They aim to protect...
The average fee for hiring a tax professional to prepare one’s taxes can range being fairly inexpensive to quite costly and time consuming depending upon the taxpayer’s tax situation. If a person’s tax situation involves no complications, it may not be necessary to consult a tax professional. However, trying to save a few dollars by...
The U.S. has seen numerous tax reforms in the last two years. Many new tax laws have been introduced and a few previous standing laws were modified. With these changes, both: small business owners and high income taxpayers could face a challenges this tax season. AG Tax professionals have prepared an overview of the few...
The Canada Revenue Agency (CRA) has made electronic filing of tax returns compulsory through NETFILE or EFILE as it ensures accuracy, faster refunds and security. In addition, it minimizes the CRA’s time and cost burden of handling and storing the paper returns (Read: Tax Filing Details for Canadians). Despite this, it is important that taxpayers...
Although April 30th of every year is the deadline for Canadians to file their tax returns (June 15th for Self-Employed taxpayers), the Canada Revenue Agency (CRA) encourages taxpayers to start working to file their tax returns earlier to prevent filing errors as a result of last-minute rushing. Additionally, the CRA also announced February 10, 2014 as...
Canada Revenue Agency (CRA) has denied almost every gifting tax shelter claimed in its audited tax returns due to inaccuracies in the claimed tax shelter. In fact, the CRA has decided to withhold owed taxes and refunds for all the tax returns that have claimed the gifting tax shelter and, having been granted to do...
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...
Often, when taxpayers receive mail from the Canada Revenue Agency (CRA), the first question that pops in anyone’s mind is “Why me?“(or they’ll simply avoid it) assuming it could lead to the ever-daunting audit. It is important for you, the taxpayer, to understand how the CRA approaches reassessment, and which actions tend to attract their...
It’s never too early to start tax planning for the New Year. Done properly, tax planning has the potential to minimize tax obligations. AG Tax professionals have prepared a list of certain tax strategies for consideration by a Canadian taxpayer. With the help of a tax specialist, taxpayers can develop their own personalized tax strategy....
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...
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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