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Every year, the Internal Revenue Services (IRS) brings about changes to various tax forms as well as new forms in order to improve the reporting process, and make it more systematic to reduce errors. For the 2015 tax year the IRS implemented changes to forms such as the W-2 and 1099, and introduced a few...
In many cases, people use their homes as offices during the start-up phase of their business to manage their expenses, and at times simply because of the convenience as he/she may have children or dependents that they need to look after While working. Some individuals may also be renting out a portion of their home...
In one of our earlier articles: Beware that your Non-U.S. Financial Institutions May Be Sharing Your Financial Account Information with the Internal Revenue Service, we discussed Inter-Governmental Agreements (IGAs) that the U.S. government had entered into with the tax authorities and financial institutions of other countries to successfully implement compliance with the FATCA regulation imposed on...
U.S. taxpayers are subject to taxes on their worldwide income, even income that is not reported on a tax slip (e.g. cash tips). Similarly, income from the rental of vacation homes may need to be reported as well. The tax rules may be further complicated in the case of non-resident U.S. vacation property owners. Therefore,...
The US Internal Revenue Service (IRS) allows certain discretionary business expenses to qualify as ‘tax deductions’. Some expenses are incurred to meet and please clients or attract their business, but due to the nature of these expenses, many taxpayers are uncertain whether such an expense, from a tax perspective, is deductible or not. Unfortunately, due...
So your US business is successfully off the ground, and you are now faced with the dreaded task of dealing with US corporate tax filings. Fortunately, there are cross border tax advisors (such as AG Tax) with many years of experience that can help reduce the stress of complying with the Internal Revenue Code and other US...
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...
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...
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