Bloomberg Law reports that state revenue agencies are finally getting serious about requiring out-of-state retailers to collect tax on e-commerce transactions, frustrated that less than half of such sellers are ...
Bid to repeal Section 280E up in smoke: How the recent ruling affects American cannabis
Regulatory support will always trail behind public acceptance and one prominent example of this is the US’s outdated Internal Revenue Code Section 280E as it relates to the cannabis industry. In a long well-publicized battle, Oakland-based Harborside Inc. (listed on the Canadian Securities Exchange and operator ...
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 ...
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 ...
WEBINAR | Biden’s Tax Plans: Potential Changes on the Horizon – Impact on Canadians
With the US election day a week away, Zeifmans’ US Tax Partner, Stanley Abraham addresses the potential impact to Canadians if Joe Biden becomes the 46th US elected President. Over ...
Treasury Department and IRS announce extension for US federal income tax filing
All US individuals and corporations with April 15, 2020 tax deadlines have had their US federal income tax deadlines for filing and payments extended from April 15, 2020 to July ...
IRS provides guidance eliminating tax filings for Canadians holding RESPs
On March 2, 2020, the IRS released Revenue Procedure 2020-17 which has broad implications to US citizens in Canada who maintain Registered Education Savings Plans (“RESPs”) and possibly, Tax-free savings ...
Strategies for managing US interest expenses disallowance rules in real estate partnerships and LLC’s
As part of the US’s 2017 Tax Reform Package, rules were passed to preclude certain US partnerships from deducting all or a portion of their US interest expenses. Below we ...
Increased compliance burden for US expatriates who own CFCs
The IRS has released new forms required for US citizens who own foreign (e.g. Canadian) corporations which are treated as Controlled Foreign Corporations (CFCs) for US tax purposes. The penalties ...