Sun, fun - and the IRS

Article Abstract:

An increasing number of Canadians are buying vacation homes in the US without sufficient knowledge about the tax consequences of vacation home ownership in the country. Vacation homes bought for rental purposes is subject to a 30% US tax without any deduction. Tax collection is done by requiring the tenant to withhold the 30% from the rent and remit the amount to the IRS. In this case, the Canadian landlord is no longer required to file a US personal income tax return for that year.

Tax Law, Single Family Housing Construction, Single-family housing construction, Vacation Housing, United States, Real estate industry, Vacation homes, Resorts, Canadians, Canadians in the United States

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Best laid plans

Article Abstract:

A court ruling on The Queen v. Neuman (96 DTC 6464) raises questions on the possible criminal provisions of commonly practices income splitting and estate freezing techniques used for the benefit of taxpayers. Estate freezing and income splitting are commonly practiced tax plans so as to lower tax rates being payed by the taxpayer. The ruling however, may result in the abandonment of these practices as they may carry criminal provisions.

Taxes NEC, Cases, Taxpayer compliance, Neuman, Melville

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Tax talk

Article Abstract:

The Accounting Standards Board is gathering responses to its recently published exposure draft (ED) on income taxes. The ED was developed from recommendations in FAS 109 and alternative accounting treatments. The ED aims to recognize in the balance sheet the future income tax consequences of realizing an asset or settling a liability for its carrying amount and the presentation of the related income tax expense for the period.

Corporate Income Taxes, Standards, Laws, regulations and rules, Accounting Standards Board, Income tax

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