Now that the effects of last year’s tax reform bill are being felt, the proposals to reform the reform keep rolling in. Last month, Sen. Bob Casey (D-PA) put forth a bill to reinstate unreimbursed job expenses. This week, Rep. Richard Nolan (D-MN) introduced H. R. 5662, also known as the Volunteer Driver Tax Appreciation Act of 2018.

The purpose of the bill is to amend the Internal Revenue Code of 1986 to equalize the charitable mileage rate with the business travel rate. For 2018, the Internal Revenue Service (IRS) optional standard mileage rates for the use of a car, van, pickup or panel truck are 54.5 cents per mile for business miles driven but a mere 14 cents per mile driven in service of charitable organizations. Read More

The Canadian tax system is built on the concept of tax integration. Based on the view of principles of fairness and neutrality, tax integration aims to ensure that an individual is indifferent between earning income through a corporation or directly as the after tax results should be the same.

Currently corporate tax rates are lower than personal tax rates; however, when after tax profits earned in a corporation flow out to an individual the net result is comparable to the net result had the individual earned it directly. The difference occurs when a corporation’s after tax profits are saved inside the corporation as a passive investment to be flowed out to the individual at a later date. Read More

Clifford Benjamin, Tax Advisor

Whether you file as a corporation or sole proprietor here’s what business owners need to know about tax changes for 2017.

Standard Mileage Rates 
The standard mileage rates in 2017 are as follows: 53.5 cents per business mile driven, 17 cents per mile driven for medical or moving purposes, and 14 cents per mile driven in service of charitable organizations. Read More

The proposed small business tax rule changes are expected to be in place January 1, 2018 and will impact incorporated small businesses in Canada. These laws will hit those splitting income in families and saving assets inside corporations. To help our clients assess their exposure we have developed a Risk Assessment Tool (RAT). We hope you find the name amusing.

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The Canadian government is proposing tax changes to prevent private corporations from converting surplus income to a lower-taxed capital gain and stripping it from the corporation. This targets larger private corporations.

The Canadian tax system is built on the concept of tax integration. Based on the view of principles of fairness and neutrality, tax integration aims to ensure that an individual is indifferent between earning income through a corporation or directly as the after tax results should be the same.

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Ephraim Moss

While the past year did not produce any monumental changes to U.S. tax law, there are a number of noteworthy changes that expats should keep in mind as we enter 2017. We also share a few highlights from President-elect Trump’s current tax plan.

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MileIQ

The IRS Mileage Rate 2017 is important for those looking to take a driving-related deduction. The IRS hasn’t announced the mileage rate for 2017 yet, but it can have a major impact on your taxes. While the business mileage rate gets most of the attention, you can also write off miles for charity, medical or moving purposes.

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MileIQ

I hate to be the bearer of bad news but it looks like your Social Security taxes could be going up next year. This is according to a recent announcement by the Social Security Administration. Let’s walk through what the increase is, as well as how you can still find some tax relief.

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MileIQ

The IRS has announced some people may have their tax refunds delayed next year. These tax refund delays are due to fraud prevention measures. Your refund is particularly likely to be delayed if you receive the earned income tax credit or additional child tax credit.

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William Byrnes

Individual Taxpayer Identification Numbers (ITIN) are needed by taxpayers who have a tax return filing requirement but are not eligible for a Social Security Number (SSN). In recent years, an average of 4.6 million taxpayers filed returns that included an ITIN. During the calendar year (CY) 2015, the IRS received approximately 870,000 Forms W-7, Application for IRS Individual Taxpayer Identification Number. When taxpayers cannot obtain an ITIN, they may experience financial hardship, miss out on tax benefits, and face business limitations.

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Kat Jennings

Brad Rolph is a Partner at Grant Thornton LLP in Toronto. He is one of Canada’s leading transfer pricing experts and was the first economist hired by any of the Big Four accounting firms in Canada to practice exclusively in the area of transfer pricing.

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Hugo van Zyl

During February 2016 the beleaguered South African Minister of Finance, Minister Pravin Gordhan, made a serious attempt to balance government’s books.

Gordhan was called back after Minister Nene was removed from his position, by President Zuma early December 2015. The true reason for this politically motivated musical chairs, appointing three ministers in less than 4 days, remains a mystery. Point is Nene was removed and Gordhan had to step in and rescue the cash flow and ensure the country did not face junk status.

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