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Tag Archive for tax

Can Tax Really Be Avoided?

What do they mean when they say avoid tax? Can it really be avoided or is tax just a zero sum game like accounting?

The Income Tax Act has options for calculating and paying income tax. Tax is not a zero sum game. There are options to what rates are used. There are options to what number is used to calculate the tax. These options can reduce your taxes paid.

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2017 Federal Budget Bill #2 Receives Royal Assent

This bill implements certain measures announced in the 2017 federal budget. Bill C-63 also includes catch-up measures previously included in September 16, 2016 draft legislation, measures related to the principal residence exemption, and some specified cooperative income measures. Bill C-63 also contains some GST/HST measures related to pension plans and drop shipments, and other indirect tax measures that were previously released in draft legislation on September 8, 2017 (see TaxNewsFlash-Canada No. 2017-50). Read more

Tax Debate Touches Every Individual, Business

Erica Stark, Tax Advisor

Small business taxation, corporate tax rates, and changes to popular deductions are just some of the many complex changes to the Tax Code being debated in Congress. At the time this article was posted, the Senate is expected to approve, along party-lines, a sweeping overhaul of the Tax Code written by Senate Republicans. The House has already approved its tax bill, also along party-lines. If the Senate passes a tax bill, House and Senate conferees will seek to resolve differences between the two bills. Conferees will likely aim to reach an agreement quickly to send a bill to the White House before year-end. Read more

New Update: Trump Tax Proposals

Lisa Nason, Tax Advisor

Both the House and Senate have passed their versions of President Trump’s tax bill, and there are many similarities, including the limiting of itemized deductions to mortgage interest, charitable contributions, and property taxes (up to $10,000), and the doubling of the estate, gift, and generation-skipping transfer tax exemptions from $5.6 million to $112 million in 2018. These versions also differ in a number of ways. These differences will have to be resolved through a legislative conference committee. Some differences should be easy to reconcile, but resolving others is expected to take time and effort. Read more

ITIN For Bank Account Or PayPal

IRS will not issue an ITIN in order to allow a non-resident alien to open a USA bank account, it will only issue an ITIN for an existing open account that makes payments subject to withholding tax. The old conundrum is that most USA banks will not open an account without an ITIN. IRS will not issue an ITIN in order to allow a non-resident alien to open a USA bank account, it will only issue an ITIN for an existing open account that makes payments subject to withholding tax.

IRS will not issue an ITIN in order to allow a non-resident alien to open a USA bank account, it will only issue an ITIN for an existing open account that makes payments subject to withholding tax. The old conundrum is that most USA banks will not open an account without an ITIN. IRS will not issue an ITIN in order to allow a non-resident alien to open a USA bank account, it will only issue an ITIN for an existing open account that makes payments subject to withholding tax.

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Expat Tax: Your Renunciation And When Your CLN Is Issued

John Richardson

Two questions that I frequently receive from people who have renounced U.S. citizenship are:

I. An immigration question: What if I attempt to travel to the United States during the period of time between my actual renunciation of U.S. citizenship and actually receiving my CLN (which is my proof of having renounced U.S. citizenship)? Read more

Learn About Captive Insurance – Webinar Tomorrow, May 4

Hale Stewart

It’s no secret that the U.S. economy is increasingly based on intellectual capital. This means the cost of defending one’s IP rights should be at the forefront of any business with intangible assets.

According to the 2015 Economic Survey conducted for the American Intellectual Property Association, the median cost of litigation is high.

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Tax Complexity And Filing Status

Annette Nellen

It doesn’t seem that one’s filing status should be confusing. You’re single or you’re married. But, many people qualify for head-of-household status. That one is confusing because of its multi-faceted definition.

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Italy Institutes New Register For Trusts

Marco Rossi,

Under new anti-money laundering legislation due to become effective in Italy in 2017, all foreign trusts with tax effects in Italy shall have to be filed and registered on the Italian Register of Enterprises. They include trusts with Italian settlor, Italian beneficiaries, Italian assets, Italian source income or treated as Italian resident trust under Italian tax law.

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How TaxConnections Beat Facebook And LinkedIn

As the CEO of TaxConnections who has worked tirelessly to build a site for the global tax community, I want to share facts published by Amazon on March 13, 2017. Amazon/Alexa Analytics prove we are surpassing every site including LinkedIn and Facebook on Pageviews and Time on Site (minutes).

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Proposed Republican Health Care Fix Missing From Current Bill

Annette Nellen

The House Republican plan to repeal and replace the Affordable Care Act (aka Obamacare) that was released on March 6 omits something that the House Republican health reform blueprint of June 2016 said would be included. The missing item is a big one, that if modified, would make the tax law more equitable, reduce health care spending, raise revenue (that could be used to help those without insurance), and help a lot of people know what their health insurance costs.

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