Tax

David J. Rotfleisch's media roundup

Canadian tax lawyer David J. Rotfleisch is frequently called upon by the media to be a trusted source for their news stories, particularly for his focus on tax law matters for individuals and businesses. Read more

Tax court costs awards may prompt CRA to settle before trial

Parties who are successful against the Canada Revenue Agency (CRA) in tax court are entitled to the reimbursement of some costs, which may act as a strong incentive for the taxman to settle a case before trial, says Canadian tax lawyer David J. Rotfleisch . Read more

Taxpayers on the hook to review returns: Woodyard

The Canada Revenue Agency (CRA) is limited in terms of how far back it can look into back tax returns, but don’t assume that will protect you from being audited for past statements, says Toronto tax litigator Adrienne Woodyard. Read more

Are you fully compliant? Five reasons to go to a U.S. tax adviser

By Alexey Manasuev . You work hard for your money. Naturally, you want to keep as much of it as possible when you file your taxes. If you’re an individual filing a simple U.S. tax return , you can likely file your own taxes without much of a hassle. Read More at U.S. Tax IQ Blog Read more

Crucial for cryptocurrency holders to understand tax impact

With the Canada Revenue Agency (CRA) zeroing in on unreported cryptocurrency transactions over the last year, taxpayers who trade these assets should understand how they are viewed by the taxman, says Canadian tax lawyer David J. Rotfleisch. Read more

Find out if you qualify for the new FBAR filing extension

By Alexey Manasuev . U.S. citizens and Green card holders living in Canada or otherwise outside the United States may have FBAR filing obligations. If the aggregate maximum value or the balance of your foreign financial accounts exceeds US$10,000 during the calendar year, you are generally required to file FinCEN Form 114: Report of Foreign Bank and Financial Accounts (FBAR). Read more

Tax compliance crucial for online businesses selling into U.S.

For Canadian-based entrepreneurs who sell goods or services into the U.S. market, tax must be paid to an applicable tax authority on income earned online — and to avoid the risk of double taxation, you must comply with both U.S. and Canadian tax laws and have the proper business structure within which you are operating, says Oakville-based U.S. tax attorney (NY, DC) Alexey Manasuev. Read more

Actions against Swiss banks part of global tax evasion crackdown

Recent moves by European financial authorities to levy penalties against or request client information from Swiss banks is just the latest development in the international crackdown on cross-border tax evasion, Canadian tax lawyer David J. Rotfleisch tells AdvocateDaily.com. Read more

Preparation for an IRS audit starts at tax filing time

U.S. taxpayers living in Canada may be audited by the IRS at any time and for a number of reasons — but the best time to start preparing for the audit process is not when the notification arrives, but when the original tax return is filed, Oakville-based U.S. tax attorney (NY, DC) Alexey Manasuev tells AdvocateDaily.com. Read more

CRA wins appeal against couple who alleged 'malicious' tax evasion probe

VANCOUVER — The British Columbia Court of Appeal has set aside a $1.7-million damage award to a Vancouver Island couple who a lower court had said were ruined through the “malicious'' actions of the Canada Revenue Agency. Read more

Tax writeoff an option for defunct cryptocurrency exchange users

With recovery efforts proving to be challenging so far, Canadians holding cryptocurrency on an insolvent exchange may be in a position to claim a tax loss, Canadian tax lawyer David J. Rotfleisch tells AdvocateDaily.com. Read more

Qualified tax adviser a key partner for U.S. taxpayers in Canada

While U.S. taxpayers living in Canada might be tempted to hire any preparer to file their tax return south of the border, a qualified U.S. tax adviser can help them navigate this complex and constantly evolving landscape and ensure their personal and business objectives are met, Oakville-based U.S. tax attorney (NY, DC) Alexey Manasuev tells AdvocateDaily.com. Read more

CRA-IRS information sharing has 'no direct effect' for most taxpayers

Although most taxpayers will not be directly affected by the Canada Revenue Agency (CRA)’s move to share millions of banking records with the U.S. over the last five years, there is a risk of audit for those who may not have complied with American reporting requirements, Canadian tax lawyer David J. Rotfleisch tells AdvocateDaily.com. Read more

Paradise Papers audits show CRA cracking down on offshore tax evasion

Reports that the Canada Revenue Agency (CRA) is auditing a number of taxpayers named in the Paradise Papers tax leak confirm just how serious the taxman is about cracking down on offshore tax evasion, Canadian tax lawyer David J. Rotfleisch tells AdvocateDaily.com. Read more

Partnerships need to consider new U.S. tax representative role

With the recent introduction of new partnership audit rules that set out who can represent a business before the IRS on tax matters, now is the time for partnerships — both U.S. and foreign — to act proactively to ensure they comply with the strict requirements of the new role, U.S. tax attorney (NY, DC) Alexey Manasuev tells AdvocateDaily.com. Read more