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NEWS & UPDATES

In a US property sale subject to FIRPTA, it’s obvious that the seller’s (aka transferor) TIN is important – after all it’s the seller’s tax burden and the seller who will seek any applicable refund of the withholding. Thus, Forms 8288 and 8288-A report seller TIN and an ITIN application for seller can accompany those filings when seller doesn’t possess TI...

It seems like more and more taxpayer refunds from US property sales are held up at IRS. Some of the delays can be prevented by an understanding of the IRS process because IRS employs a finite process and when that process isn’t followed, no refund ensues.

For example, if seller does everything correctly but buyer’s title company doesn’t properly complete t...

If you received incorrect written advice from the IRS, you may qualify for a statutory exception. If you feel you were assessed a penalty as the result of erroneous written advice you received from IRS, the following items may be needed when requesting penalty relief:

  • Your written request for advice.

  • The erroneous written advice you relied on that...

After a preparer and taxpayer work long and hard together to finalize a tax filing, it’s those simple easy things that can ruin the whole process and result in tax authority rejection of the filing - even due to an item as simple as taxpayer’s name.

One would think that this wouldn’t be an issue as surely a taxpayer’s name would be the most given fact in t...

Will IRS accept 8879 or 8878 e-file consent form digitally signed by taxpayer?

IRS says:

Taxpayers have the option of using electronic signatures for Forms 8878 and 8879 if the SOFTWARE provides the electronic signature capability.

If taxpayers use an electronic signature, the software and the Electronic Return Originator (ERO) must meet certain requirements...

Nearly 2 million Individual Taxpayer Identification Numbers (ITINs) are set to expire at the end of 2019. Affected taxpayers can ask our office to help submit their renewal applications early to avoid refund delays next year.

Renewing before the end of the year will avoid unnecessary delays related to refunds.

Under the Protecting Americans from Tax Hikes (...

If tax avoidance and dishonesty aren’t strong enough to sway you away (IRS has alerted U.S. realtors, tax practitioners, attorneys, and real estate and title companies to this tax avoidance scheme), here’s five reasons why doing so is akin to putting a large dunce hat on your own head as it’s just an illogical action.

First - note that QuitClaims in of the...

SS-4 EIN application responsible party is now required by IRS to possess and report an ITIN. Alas, such return-filing-exception-reason isn’t currently offered as an option by IRS to apply for ITIN. See below my question and IRS ITIN department reply on how to apply and resolve this conundrum.

My question: What reason (a-h) and exception should be reported...

If all of your earnings are from treaty zero-rated withholding such as royalties from US publishers:

  • You should claim a zero rate by providing W-8BEN to all (say, publisher) payers to prevent withholding from occurring at the get-go.

  • Meanwhile to get back the money they withheld by claiming it back as refund by filing a tax return.

  • Check that...

Did you receive a 1099-B from a US investment and report the capital gain on both your 1040 and T1 Canadian tax return? Brokers report only the "out of pocket" cost on the face of a 1099-B, but in its statements provide adjusted basis as supplemental information. Save yourself from paying tax not owed by reading the brokers supplemental information provid...

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