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The Foreign Account Tax Compliance Act (FATCA) was enacted by the United States (U.S.) Congress in March 2010 to prevent U.S. persons/taxpayers from evading taxes by using foreign accounts. Under FATCA regulation individuals are required to provide full details of their foreign accounts/investments, but now even foreign financial institutions (FFIs) are required to provide details...
It is a rare moment when the U.S. Internal Revenue Service (IRS) calls out for taxpayers to collect money rather than pay. The IRS has approximately $760 million worth of refunds to be distributed amongst at least 918,600 taxpayers from different states who did not file their tax returns for the year 2010. AG Tax...
For 2013, the U.S. Department of Health and Human Services (HHS) estimated that the basic cost of raising a child in the U.S. was $4,020 yearly, which can be quite taxing for single parents and individuals with low income, particularly in cases where families have more than one child. The U.S Internal Revenue Service (IRS)...
In December 2013, the U.S. Internal Revenue Service (IRS) announced that filing a federal income tax return should happen on a yearly basis, even if no taxable income exists, to avoid issues in the future. AG Tax professionals have prepared a list of situations, using the IRS’s guideline, which will help you determine whether you...
U.S. taxpayers can reduce their tax burdens through charitable contributions. As the year-end approaches, our team of AG Tax professionals has prepared a brief summary on types of charitable contributions that are accepted by the U.S. Internal Revenue Service (IRS), as well as additional information that can help you minimize your taxes through charitable contributions....
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...
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...
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...
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...
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