United States: Foreign Reporting - Adding Another Layer Of Disclosure

27 March 2013 Article by Ian Halligan  The Department of the Treasury finalized the new Form 8938, “Statement of foreign financial assets” in late 2011. The form formalized the disclosures required by IRC Section 6038D for individual income tax returns for 2012 onward. This added another layer to the disclosure of foreign assets, which has been…

Protect Yourself from the Dirty Dozen Tax Scams

The IRS’s annual ‘Dirty Dozen’ list includes common tax scams that often peak during the tax filing season. The IRS recommends that taxpayers be aware so they can protect themselves against claims that sound too good to be true. Taxpayers who buy into illegal tax scams can end up facing significant penalties and interest and…

Two Education Credits Help Pay Higher Education Costs

The American Opportunity Credit and the Lifetime Learning Credit may help you pay for the costs of higher education. If you pay tuition and fees for yourself, your spouse or your dependent you may qualify for these credits. Here are some facts the IRS wants you to know about these important credits: The American Opportunity…

CAs and CMAs in Nova Scotia issue announcements

The Institute of Chartered Accountants of Nova Scotia (ICANS) and CMA Nova Scotia (CMA NS) issued announcements to their members that their respective Council and Board have voted in favour of pursuing a merger agreement and adopting the new CPA certification program. Both the ICANS and CMA Nova Scotia also updated their members on other…