Legal Articles, Corporate Tax

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NEW LAW: B.C.’S LAND OWNER TRANSPARENCY ACT EFFECTIVE NOVEMBER 30TH

As of November 30, 2020, the Land Owner Transparency Act (“Act/LOTA”) will be in effect. The Act was created by the BC government as a measure to assist with tax evasion, fraud, and money laundering. The LOTA will be the first of its kind in Canada. Failure to comply under the Act can result in your interest not being registered and may result in fines.

The Ups and Downs of the Program for Voluntarily Reclassifying Your Workers

Whether a worker is properly classified as an employee or as an independent contractor depends upon the facts and circumstances. Generally, the determination is made under common law tests considering the right to control and direct the individual performing services. However, in some factual situations, the determination of the proper worker classification status may not be clear.

The IRS Says I Owe More Tax and We Couldn’t Reach an Agreement. Now What?

When a taxpayer receives a notice from the IRS proposing an additional assessment of tax, the taxpayer can often work administratively with the IRS to resolve the dispute. However, many times, the taxpayer and IRS are not able to come to an agreement. In those instances, there are four different forums which can be utilized to litigate a Federal civil tax case: the United States Tax Court, United States District Courts, the United States Court of Federal Claims, and United States Bankruptcy Courts.

QBI Guidance Issued; Safe Harbor Provided for Real Estate Enterprises

As we detailed in Section 199A: New 20% Pass-Through Deduction1, the Tax Cuts and Jobs Act of 2017 created new Internal Revenue Code §199A-providing a significant tax break to flow-through entities and structures. Subject to certain limitations, many eligible taxpayers (excluding C corporations) may deduct up to 20% of the “qualified business income” (QBI). Significantly, even qualified real estate businesses may benefit from the deduction.2

IRS Reminds You to Report Virtual Currency Transactions

On March 23, 2018, the IRS issued IR-2018-71, reminding taxpayers that they must report income from virtual currency transactions on their income tax returns. The IRS defined virtual currency as “a digital representation of value that functions in the same manner as a country’s traditional currency.” The IRS emphasized that, as with any other property transactions, virtual currency transactions are taxable.

No Evidentiary Burden for IRS Applicable to Accrued Interest and Penalties

Taxpayers who are delinquent with their IRS taxes all too often find themselves facing rapidly accruing interest and penalties, which snowball into dismally high amounts. As the case discussed below indicates, when delinquent taxpayers and the IRS have repeatedly failed to resolve a matter, the IRS can file an action to reduce liabilities to judgment. And, assuming the action is filed within the statute of limitations (SOL) applicable to all tax years at issue, the IRS can easily win on motion for summary judgment to collect the accrued interest and penalties without submitting any evidence in its motion regarding these amounts. Cases like this should be read to prompt delinquent taxpayers to engage the services of a tax professional who can help them find a resolution with the IRS as soon as possible.

How Cost Segregation Can Help You Manage Cash Flow

How Cost Segregation Can Help You Manage Cash Flow

Tax Tips for the Self-Employed

Tax Tips for the Self-Employed

Does My Settlement Impact My Taxes?

During settlement, the client may still have a few questions. One of the most common questions that I am asked is, “How will this impact my taxes?” This is a great question and one I’m glad to answer.

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