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Rental real estate owners are often faced with the dilemma of whether to keep their rental properties or to dispose of them due to the expenses incurred in maintaining and managing them. Since the losses qualify as passive activity losses, they can be claimed only against a passive activity income. Recently at AG Tax we...
The Foreign Account Tax Compliance Act (FATCA) was enacted by the United States (U.S.) Congress in March 2010 to prevent U.S. persons/taxpayers from evading taxes by using foreign accounts. Under FATCA regulation individuals are required to provide full details of their foreign accounts/investments, but now even foreign financial institutions (FFIs) are required to provide details...
If you have recently received a letter from the Internal Revenue Service (IRS) that references ‘Letter 5071C’ on the top right corner of the page, you should respond to it as soon as possible. The reason for responding as soon as possible is because this letter is issued only when the IRS puts the processing...
[image url=”http://www.agtax.ca/wp-content/uploads/2013/01/us-canada-tax-basics1.jpg” alignment=”center” margin_left=”0″ margin_right=”0″ margin_top=”0″ margin_bottom=”0″ width=”200″ height=”167″] With the Affordable Care Act (Obamacare) now in place, U.S. taxpayers should be aware of the minimum health insurance requirements. From 2014 onwards, the U.S. Internal Revenue Service (IRS) will require all taxpayers to disclose about their health insurance coverage and exemptions, if any, in their...
On November 14, 2013, Rep. Jim McDermott introduced a new bill entitled the “Internet Gambling Regulation and Tax Enforcement Act of 2013 (H.R.3491)”. If passed, this bill will amend the Internal Revenue Code of 1986 and regulate taxes on internet gambling, especially the highly trending online poker games. The Internet Gambling Regulation and Tax Enforcement...
In the U.S., gifts between spouses, who are both U.S. citizens, are non-taxable. However, when one of the spouses is a non-resident alien, the tax rules can vary and the situation can become complex. As the U.S. gift tax rules can be confusing, the tax professionals at AG Tax have prepared a general overview of...
Over the last few years, the tax specialists at AGT LLP have engaged with many U.S. Citizens who are living in Canada that are considering renouncing their citizenship. While the renunciation process was already complex, recent developments in the U.S. Congress hint that the process of renouncing ones U.S. citizenship will be even more difficult...
Continuing low real estate prices in the United States have provided the opportunity for large numbers of Canadians to purchase U.S. property. Many investment savvy Canadian’s will search out US tax and legal advice before committing to investing in US real estate, but often times the advice they are provided with does not take into...
There appears to be a widespread misunderstanding of Internal Revenue Service (IRS) treatment of Canadian RRSPs and RRIFs for tax purposes. This article will attempt to explain the reasons why RRSP holdings may have unwittingly put many unsuspecting US taxpayers into a non-compliant situation. US Tax Policy In simple terms US tax policy is predicated...
In a previous segment we dealt with the problems that a Canadian resident might face when purchasing a US residential property. There are many reasons why an individual might purchase such a property varying from a desire to own a vacation property in the Sun Belt to taking advantage of a perceived investment opportunity. In...
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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
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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
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