390 Bay Street, Suite 1000, Toronto Ontario, M5H 2Y2 CANADA
390 Bay Street, Suite 1000, Toronto
Ontario, M5H 2Y2 CANADA
Ontario, M5H 2Y2 CANADA
U.S. President Donald Trump signed off on the Tax Cuts and Jobs Act, which marked the first significant overhaul of U.S. tax law since the Reagan era. Although the Act lowered the tax rate for most Americans, the new rules may have a negative effect on a number of Americans abroad and may also provide an incentive to those who want to renounce their U.S. citizenship.
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In 2009, the IRS launched the 2009 Offshore Voluntary Disclosure Initiative. It encouraged taxpayers with hidden offshore assets and income to come clean with the IRS. In exchange for voluntary disclosure, taxpayers were offered a fixed-penalty structure, rather than face substantial civil penalties and risk criminal prosecution.
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Cryptocurrencies are often regarded as being anonymous. That is incorrect. BTC
holdings are not directly associated with the user’s identity, but records of all BTC
transactions are part of a public ledger, and close analysis of BTC transactions may
reveal identities.
The U.S. Congress made the biggest change to the American tax system in 30 years last month, the reverberations of which are still being felt across the country. And although individual Canadians will not be affected at nearly the same level, there are still aspects of the plan people residing inside Canadian borders should be aware of.
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On Nov. 5, a treasure trove of documents related to offshore investment activities of the wealthy — the Paradise Papers – was made public. The International Consortium of Investigative Journalists, a global network of more than 200 investigative journalists in 70 countries who collaborate on in-depth investigative stories, was behind the releasing of these documents to a German newspaper.
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Proposed changes to private incorporation tax rules could have costly consequences for corporate clients, say lawyers who have reviewed potential shifts to the Income Tax Act.
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The firestorm from the July 18, 2017, federal tax proposals has been met with fury from the tax community and from small and medium enterprises. Some of the changes will dramatically change tax planning for private corporations, including many professional corporations...
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On July 27, key Republicans from the U.S. House, Senate and White House released a joint statement on tax reform, echoing President Donald Trump’s tax plan announced earlier this year. In the statement, they repeated Trump’s commitment to make taxes “simpler, fairer, and lower.”
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