Entries by Elena Hanson CPA
IRS Sending Warning Letters to More Than 10,000 Cryptocurrency Holders
The Internal Revenue Service has begun sending letters to more than 10,000 cryptocurrency holders, warning they may have broken federal tax laws. The agency wasn’t specific about the possible violations it was reviewing, but those who hold digital currencies could be subject to a variety of taxes, especially on capital gains. “Taxpayers should take these […]
The CRA sent more than 700,000 documents to the IRS in 2017
The Canada Revenue Agency (CRA) sent more than 700,000 records to the U.S. Internal Revenue Service (IRS) in 2017 as part of a tax-information sharing deal between the two countries, said a CRA official during a roundtable discussion at the annual national conference of the Canadian arm of the Society of Trust and Estate Practitioners […]
CRA does little to protect us from identity theft
This article was originally published on June 7 2019 by The Lawyer’s Daily (www.thelawyersdaily.ca), part of LexisNexis Canada Inc. Identity theft was an issue long before the Social Insurance Number (SIN) existed, but it keeps evolving. It is common today because high-tech hackers work around the clock to find new ways to access our personally […]
IRS moves its systems ahead 60 years
This article was originally published on May 31 2019 by The Lawyer’s Daily (www.thelawyersdaily.ca), part of LexisNexis Canada Inc. The Internal Revenue Service (IRS) in the U.S. is bringing its IT systems into the 21st century, which is good news for American taxpayers and Canadians who must file U.S. returns. It is also good news […]
Changes Made to the High Tax-Exception for Exclusion from Subpart F Income
What is Subpart F Income? Generally, the taxation of earnings and profits in the U.S. of a controlled foreign corporation (“CFC”) are deferred until repatriation through the distribution of dividends. A CFC is a foreign corporation that is owned more than 50 per cent of vote or value by a U.S. person or persons (i.e. […]
TAXPAYERS BEWARE – GREATER COMPLEXITY IN OBTAINING EIN IS COMING YOUR WAY
Three things to know about updates to the EIN application form In an effort to improve security and transparency around the Employer Identification Number (EIN) application process, the Internal Revenue Service has published updated instructions to Form SS-4, Application for Employer Identification Numbers. An EIN is an identification number assigned to sole proprietors, corporations, partnerships, […]
California Legislature Approves Marketplace Bill
Non proprietary. This article was originally published by Paul Jones on April 10 2019 on Taxnotes.com The California State Legislature has passed a remote seller and marketplace facilitator bill with a $500,000 sales threshold. The Senate passed A.B. 147 with amendments on a 36–0 voteApril 4, and the Assembly concurred with the Senate changes on a 67–0 vote April 8. The bill now goes […]
The State of California and Canadian RRSPs – The Tax Facts
So, you’re a Canadian who decides to move to the Sunshine State. At this point in the season – that season being “not winter, but also not spring” – it’s something I think about every day. However, if you’re a Canadian who: 1) Flew south for more than just the winter; 2) Is a resident […]