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Being a business owner is not easy, especially if it is at a growing phase; and at this stage it is all the more difficult to concentrate on other aspects, such as: tax payments, miscellaneous expenses or county/local taxes. AG Tax has summarized a few of these issues based on some of our clients’ situations, 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...
Whether to levy or not to levy State Sales Tax on online sales has been in the talks for quite some time now. For instance in 2013, there was the famous Amazon and Overstock v/s the State of New York (NY) case regarding the “Amazon laws” (Read: Sales Tax for Internet Based Online Sales) where big online...
Many people are beginning to appreciate the power of expanding their business through the internet. It can easily expand a product’s potential buyers from thousands to millions by providing easy access to the global market, including the largest capital market, the United States of America. Many Canadian businesses have already taken advantage of such opportunities by...
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...
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...
It can be difficult to tell whether an activity is a business or hobby based on a tax return. Some taxpayers claim expenses to offset income earned, even if they are only operating the business as a hobby. Because of this, the IRS has developed a rule of thumb for analyzing business losses. This is...
Small business, startups and Canadian Controlled Private Corporations looking for funding should know about Canadian Funding Programs, such as: CICP, SRED and IRAP. These are government-provided funding programs for Canadian business owners. Canadian Funding Programs Canadian Innovation Commercialization Program (CICP) The Canadian Innovation Commercialization Program (CICP) is a significant initiative of the Government of Canada to...
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