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NEWS & UPDATES

Paid tax professionals aren’t permitted to endorse or otherwise negotiate a refund check issued to a taxpayer. This is true, even if the taxpayer requests their refund be directed into the paid tax professional’s bank account or in his/her name. Failure to comply could result in an Internal Revenue Code, Section 6695(f) penalty of $510 for each tax return...

March 22, 2018

The following penalties apply to the person required to file Form 1042-S. The penalties apply to both paper filers and electronic filers. Late filing of correct Form 1042-S. A penalty may be imposed for failure to file each correct and complete Form 1042-S when due (including extensions). The penalty, based on when you file a correct Form 1042-S, is: $50...

So, you or your non-US company received W-9 from your bank. If Canadian the notice says it needs info under Income Tax Act Part XVIII to release your info to CRA so that if CRA chooses, it can squeal on you to IRS, as FATCA designed.

Should CRA release said banking info it receives to IRS, since IRS designed FATCA to catch US taxpayer omission of foreign a...

March 14, 2018

The Internal Revenue Service today announced (IR-2018-52, March 13, 2018) it will begin to ramp down the 2014 Offshore Voluntary Disclosure Program (OVDP) and close the program on Sept. 28, 2018. By alerting taxpayers now, the IRS intends that any U.S. taxpayers with undisclosed foreign financial assets have time to use the OVDP before the program closes....

The Internal Revenue Service this week released an updated withholding calculator and a new version of Form W-4. The calculator and new W-4 can be used to ensure 2018 individual tax withholding amounts are accurate in light of the recent tax law changes.

The Tax Cuts and Jobs Act made changes to the tax law, including increasing the standard deduction, rem...

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