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US Taxes Archives - AG Tax LLP

Tax year 2018 has been all about tax saving plans and new tax strategies due to tax reforms that kept moving back and forth from proposal to final stage. Now that most of the tax regulations have been finalized, here are some tax reforms that business owners should be aware of, and prepared for, so...

Making errors while filing tax return is common, especially if a taxpayer is filing last-minute. Although, not every tax error is harmful, some tax errors can have severe tax consequences in the form of penalties and interest. The following is an overview of some very common tax errors that U.S. taxpayers make and the applicable...

These days, natural disasters, from fire to hurricanes to floods, have become quite common, and the damages can be enormous. Recovering from these losses is not only painful but time-consuming. In the past, taxpayers could claim losses from fires, floods, accidents, thefts or vandalism on their tax return to the extent not covered by insurance. ...

During the excitement of having a baby, many parents, often forget certain critical issues, which should be taken care of before the baby arrives.  This helps to ease the implementation process when the time comes, and enables the parent to divert all the attention towards the newborn. The following is a checklist that should prove...

In the past, the U.S. Internal Revenue Service (IRS) could garnish wages, file liens or levy assets and accounts of tax defaulters. Now, the latest addition to this list is revocation of the taxpayer’s U.S. passport. In 2015, the U.S. government passed a law under the Fixing America’s Surface Transportation Act (FAST) Act, that allows...

As part of President Trump’s tax reform, changes have been made to the U.S. Child Tax Credit (CTC). Thankfully, these changes to the Child Tax Credit (CTC) are for the better. Many more families may benefit from these changes. The following article outlines how these rules have changed. U.S. Child Tax Credit The Child Tax...

The IRS is in the third year of its Individual taxpayer identification number (ITIN) renewal. In 2016, IRS announced renewals of ITINS with middle digits of 78 and 79, i.e. ITIN 9NN-78-NNNN, or ITIN 9NN-79-NNNN. While, in 2017 along with these renewals, ITINs with middle digits 70, 71, 72 or 80 were also called out...

U.S. taxpayers, who have still not reported their foreign assets and income to the U.S. Internal Revenue Service (IRS), should immediately consider consulting with their tax practitioner to discuss the possibilities of becoming compliant through the IRS Offshore Voluntary Disclosure Program (OVDP).    As taxpayers have had several years to become compliant, the IRS has announced...

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 2P4
OFFICEEdmonton
104–4220 98 St NW Edmonton AB, T6E 6A1
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 2P4
OFFICEEdmonton
104–4220 98 St NW Edmonton AB, T6E 6A1

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