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Last year, due to the Protecting Americans from Tax Hikes (PATH) Act of 2015, the Internal Revenue Service (IRS) updated the deadlines for some of the tax forms. This affected the filing and extension deadline for Forms W-2 for the 2016 tax reporting year. The new due dates apply to IRS Forms W-2, W-2AS, W-2CM,...
Tax scammers keep coming up with new and innovative ways to target taxpayers. They have them shell out money or divulge confidential information. By informing taxpayers about the various tax scams carried out it can help avoid falling for them. As tax professionals, our duty at A.G. Tax is to update taxpayers of the latest tax scams....
At AG Tax LLP, U.S. Canadian cross-border taxpayers frequently inquire about dual status tax filings. The following is a brief overview on dual status tax filing for a Canadian citizen or resident moving or travelling to the U.S. prepared by AG Tax cross-border tax analysts. It is important and highly recommended to discuss all residency...
The ease of movement between Canada and the United States leads to many Canadians owning properties in the U.S. and many U.S. citizens owning properties in Canada. Due to the popularity of Canadians owning rental properties in the U.S. to spend their winters, many tax articles tend to cover the taxation of U.S. property owned...
In September 2013, the U.S. Internal Revenue Service (IRS) released final regulations regarding the deduction and capitalization of expenditures related to tangible property, also known as the final “repair” regulations. These final regulations are a guide with the application of sections 162(a) and 263(a) of the Internal Revenue Code on the amounts paid to acquire,...
For most U.S. taxpayers the automatic six-month extension to file tax returns expires on October 15, 2013 (other than the military and individuals serving in combat zones, or people from regions affected by storms, flooding and landslides). The Internal Revenue Service (IRS) urges taxpayers who requested for the automatic extension to re-check their returns for certain...
AG Tax receives many questions from investors regarding potential purchases of US real property (rental properties or business purchases for example). The Foreign Investment in Real Property Tax Act (FIRPTA) (see our FIRPTA summary here) is one of the many factors that should be considered if you own or are planning to own US real...
Many U.S. taxpayers are not fully aware of the foreign account and asset reporting required by the IRS. Two most commonly discussed are the Foreign Bank Account Reporting (FBAR) and Foreign Account Tax Compliance Act (FATCA). We would like to take some time to go over several of the specifics regarding these requirements. The Foreign...
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