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Archive for Corporate

Good Corporate U.S. Tax Planning Gone Awry?

Ron Marini

A new report released this week by Citizens for Tax Justice (CTJ), the Institute of Taxation and Economic Policy (ITEP) and the US Public Interest Research Group (PIRG) posits that Fortune 500 (US-based) companies have stashed away close to $2.5 trillion in offshore accounts in an effort to reduce their tax burdens.

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Corporations: Changes For 2016

Manasa Nadig

One of the most positive aspects of my job is to talk to people who come in with their start-up ideas. Whether those are tried & tested ideas or totally out of the box schemes, the excitement at starting something new is always palpable. It’s like planning a baby’s room or buying a new house.

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Canadian FAQ #201 – Types of Losses

Grant Gilmour

Tax Question:

Can I apply corporate losses against profits?

Facts:

When a corporation incurs a loss it can carry that loss back three years or forward a set number of years depending on the type of loss.

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Extended Filing Requirements For IRS Form 5472

On May 23, 2016, Internal Revenue Bulletin 2016-21 was released which proposes amendments to the regulations governing IRC 6038A.

The regulations are proposed to be applicable for taxable years ending on or after the date that is 12 months after the date these regulations are published as final regulations in the Federal Register.

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Tax-Free Sales Of Corporate Stock

One day, you had an idea for a business. Acting on your dreams, you formed a corporation and opened a business. As it turned out, your business was highly successful but now you would like to step back, sell your stock, and enjoy the fruits of your labors. But you hesitate because you really don’t want to pay such a huge tax bill.

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Income From Business Or Property

Larry Stolberg

The taxation of corporate income from the rental of storage facilities appear to be a common business under regular review just like the motel/hotel and rental management business.

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Selecting Your Exit Goals

Ronald Oddo

When a man does not know which harbor he is heading for, no wind is the right wind.” —Seneca

The starting point for any type of plan is defining its goals. In the case of planning a business exit that means knowing what it means to “exit your business in style.”

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EU Commission Ante’s Up Texas Hold’em Bet, $13 Billion Against Apple

William Byrnes

The European Commission has concluded that Ireland granted undue tax benefits of up to €13 billion to Apple. This is illegal under EU state aid rules, because it allowed Apple to pay substantially less tax than other businesses. Ireland must now recover the illegal aid.

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Canadian FAQ #200 – Corporate Tax Filing Deadlines

Grant Gilmour

Tax Question:

When is my deadline to file my corporate tax return, and if I miss the deadline, what are the consequences?

Facts:

All companies have six months from the end of their fiscal year to file their T2 corporate tax return.

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CRA Forms Overlooked By Canadians Investing In U.S. Real Estate

Larry Stolberg

The T1134 and T1135 are a sample of Canadian foreign information returns such as the U.S. 8938, 5471, or 8865.

A number of Canadians are investing in the U.S. real estate market with a U.S. limited partnership, whose limited partners are solely Canadian residents and the general partner is a U.S. C corporation, whose shareholders are also Canadian residents.

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How Many Times To Tax Business Income?

Annette Nellen

A recent post (8/26/16) on the Tax Justice website was titled – Why We Must Close The Pass-Through Loophole? That caught my attention as I was trying to think what the “loophole” might be? A loophole is a provision that can be used beyond its intended purpose because the rule is not written specifically enough. When a rule is being used as intended, it is not a loophole. For example, sometimes the mortgage interest deduction is called a loophole, but it is not. People deducting interest on the mortgages on their primary and vacation homes is using the rule as intended.

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And Now, The Great IRS-Facebook Face-Off!

I am not sure, if I were asked to, which one I would put my money on in this battle. While both are mammoth forces to be reckoned with, social media giant Facebook might be smarter. However, the IRS has been indomitable for decades.

According to the IRS, Facebook owes them billions – roughly $3 to $5 billion!

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