On April 2nd, the IRS and US Treasury issued more guidance on the US Transition Tax enacted by the Tax Cuts and Jobs Act (“TCJA”) in December 2017. As the US moves to a territorial tax system for profits earned outside the US, this provision assesses a tax rate on accumulated earnings and profits in specific non-US corporations owned by certain US corporations and US individuals. Our previous blog entries explaining the tax and IRS/US Treasury updates can be found… Read More
On March 13th, the Internal Revenue Service provided further guidance on how US taxpayers should report activity subject to the US Transition Tax on their 2017 US income tax returns. Our previous blog describing the tax and its impact to US taxpayers can be found HERE. This IRS guidance references earlier IRS updates and provides instruction on how to complete US federal income tax returns, file elections and make US federal income tax payments. Full details of the IRS’s guidance… Read More
Quite the week for tax professionals in Canada and the US. On Wednesday, Finance Minister Bill Morneau provided guidance on how Canada’s income splitting rules will apply to private corporations. You can read more about it here Detailed Comments: www.fin.gc.ca/n17/17-124-eng.asp Guidance : https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/federal-government-budgets/income-sprinkling.html On Friday, the House and Senate reached a compromise on their different US tax bills. Details were released Friday and many anticipate the single document being signed into law next week. Mary Duffy at Andersen Tax… Read More
Lunch and Learn Seminar June 8, 2017 Join Steven Flynn and Jay Park for an overview of current US tax reforms and what they mean for Canadians with property and business interests in the US. Details are below (click the poster to download). Lunch is included. Space is limited to please RSVP to Nicole Elzinga by email or call 604.242.1414 by June 1, 2017 to reserve your spot. Save Save Save Save Save Save Save
Steven Flynn, a partner with W.L. Dueck & Co. LLP, was interviewed by Business in Vancouver and discussed how potential US tax reforms may impact Canadian businesses.