Tax

Sales tax ruling means new compliance burden for online retailers

A recent U.S. Supreme Court ruling that South Dakota can impose sales tax on online purchases even if a business isn't physically based in the state, will bring new compliance requirements for some Canadian online retailers, U.S. tax accountant Brandon Vucen tells AdvocateDaily.com . Read more

Threats of arrest make CRA scam calls easy to identify

A phone scam claiming to represent the Canada Revenue Agency (CRA) is making the rounds and has already duped a number of taxpayers across the country, but as Canadian tax lawyer David J. Rotfleisch tells AdvocateDaily.com , the real taxman will not call and threaten to arrest anyone for unpaid taxes. Read more

Top 10 tips for estate executors: Dahary

The position of estate executor is fraught with pitfalls, particularly for a person doing the job for the first time, says Avi Dahary , founder of AccounTrust. Read more

CRA argument in case would have changed tax filing for PCs

Had the Tax Court of Canada accepted the Canada Revenue Agency’s (CRA) arguments in a recent case involving s.160 of the Income Tax Act , it would have turned the manner in which legal professional corporations and their owners file “upside down,” Toronto tax litigator Adrienne Woodyard tells Law Times . Read more

The IRS is ending OVDP in Sept. 2018 — here are four alternatives

By Alexey Manasuev . In March 2018, the IRS made an announcement of titanic proportions. It will be ending the Offshore Voluntary Disclosure Program (OVDP) effective from September 2018. This announcement pertaining to the IRS ending OVDP, a program that was first introduced in 2009 and has undergone several subsequent revisions, has taxpayers scrambling to disclose their unreported overseas financial accounts and assets, given the extremely short deadline. The program was launched in a bid to put a damper on the rampant tax evasion activities connected with non-U.S. assets held by U.S. taxpayers. Read more

Co-operation, cryptocurrency focus of new tax enforcement group

News that Canada has joined a new multinational group aimed at combating international tax evasion is a “long overdue” development that will allow law enforcement to fully exchange information as well as focus on digital currency transactions, Canadian tax lawyer David J. Rotfleisch tells AdvocateDaily.com. Read more

Outsource estates financials, advises accountant

Unbiased estate and trust accounting for large estates, or those being disputed, should be handled by independent accountants rather than within law firms that don’t have an estate accounting and tax unit, says Avi Dahary , founder of AccounTrust. Read more

Transition tax places 'further burden' on U.S. taxpayers

The 2017 U.S. tax reform imposed a one-time transition tax on earnings of certain foreign corporations — and, for affected U.S. individuals who own shares in these entities, it is critical to determine whether the new tax applies, and comply on a timely basis, U.S. tax accountant Brandon Vucen tells AdvocateDaily.com. Read more

CRA 'striking gold' in some housing rebate claim cases

News that the Canada Revenue Agency (CRA) has recently imposed millions of dollars in penalties as a result of unpaid taxes in the country's largest real estate sectors comes as no surprise, given the taxman's ongoing focus on new housing rebate claims, Canadian tax lawyer David J. Rotfleisch tells AdvocateDaily.com. Read more

Public database not useful for corporate transparency: Rotfleisch

Although several ‘tax haven’ countries are moving forward with public databases for corporate ownership, a similar structure would likely prove to be ineffective in Canada, given the differences in transparency that already exist between the jurisdictions, Canadian tax lawyer David J. Rotfleisch tells AdvocateDaily.com. Read more

Ruling confirms ITC claims possible after business wind-up

A recent Federal Court of Appeal (FCA) ruling provides “surer footing” to argue that a corporate registrant that incurs expenses after the windup of its business but before — or during — the winding down of the corporation itself should not be denied input tax credits (ITCs), Toronto tax litigator Adrienne Woodyard tells The Lawyer’s Daily . Read more

Taxpayers likely face less favourable options after U.S. OVDP closes

The U.S. Internal Revenue Service (IRS) is closing a program later this year that allowed certain taxpayers to come forward to report undisclosed offshore income — which will likely leave those who wish to become compliant with less advantageous options, Oakville-based U.S. tax attorney Alexey Manasuev tells AdvocateDaily.com. Read more

FATCA: U.S citizens living in Canada – financial asset reporting

By Alexey Manasuev . Part III: Asset value threshold for FATCA reporting Read more

Failure to tell CRA about sale of home may bring penalties

The Canada Revenue Agency (CRA) may be lenient with taxpayers when it comes to the new requirement to report the sale of their principal residence on a 2017 tax return — but expect no breaks for the 2018 tax year, Canadian tax lawyer David J. Rotfleisch tells AdvocateDaily.com . Read more

Address tax concerns early when owning, investing in U.S. real property

Thousands of Canadians own and invest in U.S. real property, but the issues one couple recently faced when selling their vacation home serve as a cautionary tale on the importance of structuring your investment properly and speaking to a qualified U.S. tax advisor, says Oakville-based U.S. tax attorney Alexey Manasuev. Read more