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The IRS has made recent changes to the ‘Innocent Spouse Relief’ program (for more details see our previous article). Given the reforms that are taking place, the professional accountants at AG Tax think that a general understanding of the Innocent Spouse Tax Relief program would be helpful for those who are applying for the first...
On August 12th 2013, the US Internal Revenue Service issued ‘REG-132251-11’. This proposed rule would extend the amount of time from two to ten years within which a taxpayers can apply for the “Innocent Spouse” relief program. This rule also proposes to stop collection of taxes in certain situations, especially when an application is being...
Education is important but expensive. In order to support those striving to obtain higher education, the US Congress has enacted certain tax benefits that can help you offset some of the costs of college. At AG Tax our professional accountants are often asked what credits and deductions are available to the taxpayer in regards to...
For all those who have received a tax bill from the Canada Revenue Agency (CRA) and do not have immediate cash to pay it off, here are a few payment options that you may consider based on your tax situation. You may consult your AG Tax advisor for more details, and to help you arrive...
In the last few years many Canadians have purchased vacation homes in the US considering it to be a good investment (and are continuing to do so). One thing that every potential buyer of US real estate should remember is that this investment could turn into an expense if not properly planned for. AG Tax...
Many Canadians have been investing in the U.S. real estate market or starting work in the U.S. Similar to Canada, you will need to have a tax ID with the Internal Revenue Service (IRS). This ID number is referred to as a U.S. Individual Taxpayer Identification Number (ITIN). We would like to take some time...
The Construction or Installation Projects Exception To The Permanent Establishment Article of the Canada-U.S. Tax Treaty Generally maintaining a fixed place of business in Canada is one thing that creates an income taxable connection to Canada. However, there is an exception contained in Article V of the Canada –U.S. Tax Treaty. In Paragraph 3, the...
Working with a tax accountant is a smart way to ensure that your business performance and personal financial planning are adequately monitored and controlled. In times of increasing economic stress, it becomes more important to ensure that plans are followed and corrective actions, if needed, are implemented as quickly as possible. The following lists outline...
Canadian companies looking to expand their business are increasingly looking south of the Border for new markets. The population of the US recently passed 314 million while the population of Canada remains around 34 million. The Gross Domestic Product of the two countries is similarly scaled. The US GDP is around $15 trillion while the...
The US real estate market has been at all-time lows for some time now. Many Canadians have been looking at this as a time to begin investing for income and/or planning for retirement. What to Know When Investing in US Real Estate Seminar: August 31st, 2012 Date & Time: August 31st at 9am-12. Location: Northview...
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