Since the Tax-Free Savings Account (TFSA) was introduced in 2009, it has been used by Canadians to earn investment income on a tax-free basis. Many U.S. citizens, however, have shied ...
New digital leadership strategies for building corporate culture with a hybrid workforce
Many employees were in survival mode for the last two years as remote work became the norm. Now that workplaces are preparing for a hybrid model, it’s time to acknowledge ...
Hello IRS, anybody home? The IRS continues to dig out from under reams of paper
If you feel like the IRS is not heeding your call, you are not alone. As the IRS continues to dig itself out of its pandemic-induced backlog, taxpayer service has ...
Proposed legislation introduced to reform cannabis taxation in the US
On July 14, 2021, Senate Majority Leader Chuck Schumer released a discussion draft of a detailed cannabis reform bill which, if enacted, would restore the deductibility of all expenses related ...
The Biden Tax Plan: Where it stands
There has been a lot of talk in the recent news about the Biden tax plan moving forward in Congress. However, there is no need for panic (yet!), as the ...
US Court of Appeals Applies a Multi-Million Dollar Penalty on a Trust Distribution
In a recent case, the US Court of Appeals has upheld a significant penalty against the owner and beneficiary of a foreign trust distribution who did not file timely returns. ...
IRS Announces Extension for US Federal Income Tax Filings for Individuals
All US individuals with April 15, 2021 tax deadlines have had their US federal income tax deadlines for tax filings and extension payments extended from April 15, 2021 to May ...
Got foreign affiliates? Here’s what you need to know about the new T1134 form
International tax is complicated at the best of times, but CRA’s new T1134 form really kicks it up a notch. Thankfully, the team at Zeifmans has plenty of experience in ...
US Tax Bulletin: Summary of Biden’s potential proposed tax increases
During his presidential campaign, President-elect Joe Biden had proposed a number of tax changes which could impact US expatriates’ resident in Canada. With the recent Georgia Senate win, Biden’s Democratic ...