Tax

Experienced tax lawyer integral at outset of audit process

A recent Federal Court of Appeal (FCA) decision and the subsequent Canada Revenue Agency (CRA) response illustrates why an experienced tax lawyer should be retained early in the audit process, says Canadian tax lawyer David J. Rotfleisch. Read more

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

CRA data mining sweep ‘ingenious and eminently logical’

Contractors who are part of the cash economy and have registered with North America’s largest home improvement retailer can expect to be audited by the Canada Revenue Agency (CRA), Canadian tax lawyer David J. Rotfleisch tells The Lawyer’s Daily. Read more

Woodyard to host webcast on how to survive tax audits

Toronto tax litigator Adrienne Woodyard will host a webcast discussing strategies for surviving a tax audit. Read more

Full disclosure crucial when filing VDP amid program tightening

With the taxman recently taking a wider stance in aggressively pursuing past non-compliers, taxpayers making an application under the Voluntary Disclosures Program (VDP) should be sure to divulge all relevant information to their lawyer to avoid being reassessed beyond the scope of the program, says Canadian tax lawyer David J. Rotfleisch. Read more

Results of CRA’s OTIP program ‘drop in the bucket’: Rotfleisch

While the first payments have reportedly been made to eligible whistleblowers under an income tax program aimed at catching Canadian taxpayers with unreported offshore income, the amount collected by the initiative so far has been disappointing, says Canadian tax lawyer David J. Rotfleisch. Read more

Tax planning essential for Canadian owners of U.S. property

For Canadians who own real property in the United States, staying proactive, complying with U.S. tax rules and regulations and staying on top of pre- and post-sale planning are essential to ensure they don’t lose money on an otherwise potentially profitable investment, says Oakville-based U.S. tax attorney (NY, DC) Alexey Manasuev. 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