Amendments to Swiss Tax Agreement

June 29, 2012 by  | Leave a Comment Filed under: Taxes 

The UK-Switzerland Tax Agreement was signed on 6 October 2011. The legislation to put it into effect is in the 2012 Finance Bill; which should get Royal Assent (and become law) in July this year, and come into force in January 2013. On 20 March 2012 the UK and Switzerland signed a (read on...)

Why the Revenue Code Will Never Be Simplified

May 16, 2012 by  | Leave a Comment Filed under: Taxes 

As of this writing, the U.S. Revenue Code has a total of somewhere in the neighborhood of 72,500 pages and counting. This is truly an incredible figure when you think about it. The instruction manual that is supposed to assist the citizens of the United States with “putting together” (read on...)

Taxable Income – A Legal Definition

April 21, 2012 by  | Leave a Comment Filed under: Taxes 

Let my intentions be clear. I offer no advice but only express an opinion related to information which I recently discovered. This discovery resulted from considering the issue and evaluating the question posed in the first paragraph below. It’s up to you to verify the information and draw (read on...)

There’s Gold in Your Past Years’ Tax Returns

April 10, 2012 by  | Leave a Comment Filed under: Taxes 

Like many Canadians, you probably have not taken advantage of all tax refunds and credits to which you are entitled. There are a spate of programs offered by Canada Revenue Agency to which you are entitled. Most Canadians are also unaware that under the Taxpayer relief provisions, taxpayers can (read on...)

Tax Write-Offs You Didn’t Know About

March 31, 2012 by  | Leave a Comment Filed under: Taxes 

Filing your taxes is normally put off till the last moment possible. People don’t like filing their taxes most of the time because they might have to owe the government money. There are a lot of people who do get money back after filing their taxes, but some could get a lot more. Knowing (read on...)

What Are My Options When I Can’t Pay My Taxes?

March 29, 2012 by  | Leave a Comment Filed under: Taxes 

When you don’t pay your taxes by April 15th you will receive a letter from the IRS asking you to pay your taxes. You will receive a “Notice of Taxes Due and Demand for Payment.” This notice will tell you exactly how much you owe as taxes and what the interest and penalties are (read on...)

Get Prepared for Tax Season

March 5, 2012 by  | Leave a Comment Filed under: Taxes 

When it comes to your personal finances, you need to remember that at some point in time, you will have to file your taxes. Tax season is already here and there are some things you need to do to prepare. However, you should constantly be getting ready for tax season and not waiting till the last (read on...)

PFICs (Passive Foreign Investment Companies) – A Quick Q and A

February 16, 2012 by  | Leave a Comment Filed under: Taxes 

(or “Just when you thought you were safe because your foreign corporation isn’t a CFC…”) Background – There seems (understandably) to be a fair amount of confusion on how to treat PFICs, whether directly owned by US taxpayers or by entities (e.g., partnerships) in (read on...)

Overseas Property Blitz

December 3, 2011 by  | Leave a Comment Filed under: Taxes 

The taxman’s newly formed specialist HMRC tax compliance unit – the”Affluence team” – has commenced its first major project: targeting wealthy Brits who own land and property abroad. It is rumoured that HMRC are saying it suspects about 350,000 UK tax residents, with (read on...)

All About Using Tax Accountants

November 11, 2011 by  | Leave a Comment Filed under: Taxes 

Tax accountants can be ideal for various types of circumstances. This is whether or not you’re dealing with a place of business, or if you’re trying to get your own personal finances under control. In fact, these types of professionals often have the experience and knowledge to help (read on...)