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U.S. Tax Tips

Mar 19, 2021

Forms, Forms and More Forms

In this U.S. Tax Tip we are going to look at expanded Form 8858. Form 8858 has grown, over the years, into a comprehensive and complex filing. This U.S. Tax Tip is not meant to be a comprehensive review of Form 8858 nor an in-depth analysis of relevant U.S tax law. A treatise could be written with respect to each. Rather, in light of the expanded January 1, 2018 filing requirement and the lack of specific IRS guidance we wish to highlight some issues that our readers may not be aware of. Unfortunately, as is typical, neither Congress, the United States Treasury nor the Internal Revenue Service consider the impact of these rules (and the associated compliance costs) on U.S. persons who live abroad. A lot of information is required to accurately complete the form and significant penalties may apply for non-compliance.

Mar 18, 2021

IRS Extends Personal Filing Deadline

On March 17, 2021, the U.S. Internal Revenue Service (“IRS”) issued IR-2021-59 whereby the U.S. Treasury Department and the Internal Revenue Service announced that they have automatically extended the individual federal income tax filing deadline to May 17th, 2021 from the original due date of April 15, 2021.

Feb 05, 2021

What a Start for 2021!

Welcome to the New Year and our first Cadesky U.S. Tax Tip for 2021.  Everyone here at Cadesky U.S. Tax hopes that you, and your loved ones, managed to keep safe (as much as possible!). It has certainly been an interesting start for 2021!

On January 5, 2021 the State of Georgia held runoff elections for their two Senate seats.  Republican David Purdue and Democrat Raphael Warnock, led the respective popular vote held on November 5, 2020.

Tax Tips

Apr 19, 2021

Meeting the April 30 Tax Deadline

As you may know, we have supported a request to the CRA to extend the April 30 deadline to June 15. But if the deadline is NOT extended, here are some practical tips to reduce the burden of a COVID tax season.

Oct 09, 2020

New Trust Reporting Requirements Starting 2021

As part of the Canadian government’s efforts to combat money laundering, aggressive tax avoidance and tax evasion activities relating to trusts, enhanced income tax reporting requirements for certain trusts will be required for the 2021 and subsequent taxation years.  The new rules also contain harsh penalties for knowingly fail to comply with the new trust reporting requirements or non-compliance due to gross negligence…

Jul 29, 2020

CRA Extensions v1.1

On July 27, 2020, the Canada Revenue Agency (the “CRA”) announced a further extension to the tax payment and filing due dates for certain taxes from September 1, 2020 to September 30, 2020. The extension applies to current year individual, corporate, and trust tax returns, as well as instalment payments. Interest will not be charged on these amounts if payments are made by the extended deadline of September 30, 2020. Whether or not full payment is required in order to receive this relief is unclear.

Transfer Pricing Newsletter

Sep 27, 2017

Eaton A.P.A. cancellations were an abuse of I.R.S. discretion

This article appears in Insights vol. 4, Issue 9.  Insights… Read more »

May 29, 2017

Amazon makes the CUT – an important taxpayer win, a reminder to consider transactional evidence

This article also appears in the May issue of Insights,… Read more »

Dec 15, 2016

Is the CRA skipping dinner in the hope of getting its deserts? Digesting the “new” Canadian transfer pricing documentation standard

The CRA was recently asked “Will the CRA’s expectations of… Read more »