Please find following a summary of the legislation, courtesy of an anonymous friend. Will post details of how to apply as soon as it is available. In the meantime, please ensure your business is able to apply by starting a ‘My Account’ and a ‘My Business Account’ with CRA. I hope you and your family…
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COVID-19 Update
The personal tax filing deadline has been extended to June 1, 2020. The tax payment deadline has been extended to August 31, 2020. This is the tax payment deadline for all personal and corporate income taxes. My current understanding is this does not apply to payroll source deductions and GST payments. This Friday, March 20,…
Corona virus precautions
Due to the risks associated with the corona virus, COVID19, we have taken the precaution to limit personal contact as much as possible. While the office will be open regular hours, I will be working from home, and will be in the office on Mondays and Fridays for client appointments. I encourage you to use…
IRS Eliminates Form 3520 Reporting for Canadian RESPs RDSPs and Certain Other Foreign Trusts
Received this notice from ‘THE BRUNTON, STRACHAN & KHAN CPA FIRM, CHARTERED, 4710 NW BOCA RATON BLVD., SUITE #101, BOCA RATON, FL 33431’U.S. citizens and residents1 are generally required to file IRS Form 3520 to report their ownership of, or transactions with, foreign trusts2. The potential penalty for noncompliance is the greater of US $10,000, 35% of the amount contributed to, or distributed from,…
Ten things you need to know about passport restrictions on delinquent taxpayers
http://www.accountingtoday.com/opinion/ten-things-you-need-to-know-about-passport-restrictions-on-delinquent-taxpayers In late 2015, Congress passed the Fixing America’s Surface Transportation Act, a law that, among other things, helps the IRS collect larger tax debts. Included in the FAST Act is Section 7345 of the Internal Revenue Code, which requires the IRS to provide information to the U.S. State Department about people who owe “seriously…
Last day of tax season
This is the last day of my 35th tax season. Thankful to the Lord for sustaining me not only this tax season, but in all the 35.