IRS Statement on Court Ruling Related to Return Preparers

Update Feb. 21, 2014 On Feb. 11, 2014, the U.S. Court of Appeals for the District of Columbia Circuit upheld the decision of the lower court in the case of Loving vs. IRS, finding insufficient statutory support for the IRS’ regulation of federal tax return preparers. Taxpayer reliance on paid tax return preparers and effective tax…

Report of Foreign Bank and Financial Accounts (FBAR)

If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding certain thresholds, the Bank Secrecy Act may require you to report the account yearly to the Internal Revenue Service by filing electronically a…

Beware of telephone and email scams

Ottawa, Ontario, March 7, 2014… The Canada Revenue Agency (CRA) warns all taxpayers to beware of telephone calls or emails that claim to be from the CRA but are not. These are phishing and other fraudulent scams that could result in identity and financial theft. People should be especially aware of phishing scams asking for information…

Are you self-employed?

Did you know? As a self-employed individual, you and your spouse or common-law partner have until midnight on Monday, June 16, 2014, because June 15, 2014 falls on a Sunday, to file your 2013 income tax and benefit return. But don’t forget—you must pay any balance owing for 2013 on or before April 30, 2014, regardless of your filing…

Does someone else deal with your income tax matters? Authorize your representative.

Did you know? If you want someone such as your spouse or common-law partner, a family member, a friend, or an accountant to deal with the Canada Revenue Agency (CRA) on your behalf for your income taxes, you or your legal representative must authorize this person to be your representative. Important facts To authorize your…

Top things families should know about taxes

Top things families should know about taxes Share this page Did you know? There are lots of benefits, credits, and deductions to help families with their expenses throughout the year and reduce the amount they owe at tax time. Important facts The following tips may help you or your family: • Working income tax benefit (WITB) –…