Finance Minister Chrystia Freeland presented the 2022 Federal Budget to a divided House of Commons on April 7, 2022. The Liberal and NDP parties have recently agreed to a confidence ...
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 ...
Preparing for the 2022 tax season
The Canadian government has moved quickly to offer economic relief and adjust tax regulations to benefit businesses and workers hit by economic challenges. To help you get up to speed, ...
10 questions you should ask before hiring an accountant for your healthcare practice
Running your own healthcare practice involves making many crucial decisions, including selecting the right accounting firm. An experienced accounting firm will give you the support and 1:1 attention you need, ...
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. ...
US Tax Update: Remote Sellers Sales Tax
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Regulatory support will always trail behind public acceptance and one prominent example of this is the US’s outdated Internal Revenue Code Section 280E as it relates to the cannabis industry.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 ...