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We posted an article earlier this year regarding the requirements for individuals who have to disclose their RRSP or RRIF accounts to the IRS to elect the deferral of any accrued income. One of the covered topics was the late filing of disclosure Form 8891. The IRS has just released a Private Letter Ruling (PLR, a...
Your joint venture may not be a separate business entity, but will be considered as one for federal tax purposes. In February 2013, the Internal Revenue Service (IRS) issued Private Letter Ruling (PLR) 201305006 in response to a petition filed by a taxpayer, requesting clarification on the classification of a joint venture as a separate...
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...
The IRS has announced a delay of approximately one to two weeks to the start of the 2014 tax filing season, in order to allow adequate time to fully test the tax-processing systems following the 16-day US Government shutdown. The IRS will make a final decision on the start of the 2014 filing season in...
Inflation causes a rise in the price levels of goods and services over a period of time and lowers taxpayers’ purchasing power per unit of money. The IRS acknowledges the effect of yearly inflation, and implements mandatory upward inflation-adjustments each year. CCH has recently released estimated ranges for each 2014 tax bracket together with certain...
Two years ago, the IRS provided general rules for using a federal per diem rate to substantiate the amount of ordinary and necessary expenses for lodging, meals, and incidental costs paid or incurred for business-related travel. In September 2013, the Internal Revenue Service (IRS) issued a new notice on the special per-diem rates to be...
If U.S. citizens or residents own Canadian Registered Retirement Savings Plans (‘RRSPs’) or Registered Retirement Income Fund (‘RRIFs’), the accrued earnings in the accounts are taxable in the U.S. unless a Form 8891 is filed. This form allows for an election pursuant to the Canada-US Income Tax Treaty to defer U.S. income tax on income...
The Canada Revenue Agency (CRA) has many tools at its disposal to track the investment of Canadian taxpayers in foreign entities. On December 31, 2012, a new Form T1134 (Information Return Relating to Controlled and Not-controlled Foreign Affiliates) was released, replacing forms T1134A and T1134B. In the following paragraphs, AG Tax will give a brief...
Being a foreigner and complying with the tax rules of another country can be time-consuming and stressful, but it is necessary in order to avoid fines and penalties. AG Tax professionals have put together a general overview of several U.S. tax obligations one should be aware of as a foreign national residing in or doing...
In the continuous battle with international tax evasion, the Canadian government recently proposed changes to the filing of Foreign Income Verification Statement (Form T1135) as a part of the 2013 federal budget. These changes will improve foreign property reporting, and serve to align Canadian reporting on foreign property with increasingly sophisticated global property reporting requirements....
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