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Filing tax returns can be a daunting task, and once the taxpayer has filed for the current tax year, they need to start anticipating and preparing for the following tax year. It’s a never-ending cycle; and as this year comes to an end, here is an estimation of the tax brackets for 2016 based on...
Ever since the government passed the Affordable Care Act (ACA) or “Obamacare”, one keeps hearing about different proposed health plans and penalties for non-compliance. Until the ‘Cadillac Tax’ became the point of discussion, it was all about “individual mandate/shared responsibility”. It is believed that the “Cadillac tax” could impact at least one in four US...
As business owners, sometimes we tend to hire employees on a part-time basis for short-term projects, or at times outsource the work to another individual or company, depending upon whichever choice is more cost effective. However, such decisions also have a tax impact, and the US Internal Revenue Service (IRS) requires certain conditions to be...
The Patient Protection and Affordable Care Act (PPACA), also known as the Affordable Care Act (ACA) or ObamaCare was passed in 2010 and brought a multitude of changes to the Healthcare system, such as the minimum health care mandate. Not only does the Act bring in changes to the existing healthcare system, but it also has...
Recently, the Internal Revenue Service (IRS) issued proposed regulations which would guide U.S. taxpayers who receive gifts or inheritances from specific expatriated individuals (i.e. from certain individuals that gave up their U.S. citizenship). These proposed rules apply to the IRC §877A and §2801, which impose a tax on certain expatriates (expats). Although passed in 2008,...
Not being aware of deadlines or changes in deadlines when it comes to filing tax returns and related forms (along with their respective payments) can further increase tax expense due to penalties and interest payable in case of late filing or late payment. Additionally, preparing for your taxes early not only keeps you ahead, but...
In 2012, the Internal Revenue Service (IRS) established an Identity Theft Clearinghouse (ITC), which along with the Criminal Investigation (CI) Field Offices has received over 7,600 individual identity theft leads to date, involving approximately 1.47 million returns with over $6.8 billion in refunds claimed. The department carried out 1,063 identity theft related investigations in 2014,...
Recently there has been quite a commotion surrounding IRS Form 3115 ‘Application for Change in Accounting Method’, pertaining to the most recent tangible property repair regulations. Given the complexity of the numerous rules to complete the form, many taxpayers are confused whether they should file Form 3115, which is required for reporting any change in...
Being a U.S. person (subject to U.S. taxes) living abroad can at times be the beginning of a U.S. tax nightmare. This can appear to be quite unfair, especially when one has had a Canadian residence established outside of the U.S. for quite some time. If you are an American citizen or green card holder, it is...
With the availability of the internet and e-commerce, it has become far easier for individuals to start their own business. Starting a business is a big decision. Along with dealing with competition and day-to-day management, every business must comply with various tax laws and reporting requirements. One has to be up-to-date with their tax returns 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