IRS Simplifies Procedures for Favorable Tax Treatment on Canadian Retirement Plans and Annual Reporting Requirements

IR-2014-97, Oct. 7, 2014 WASHINGTON ― The Internal Revenue Service today made it easier for taxpayers who hold interests in either of two popular Canadian retirement plans to get favorable U.S. tax treatment and took additional steps to simplify procedures for U.S. taxpayers with these plans. As part of this, the IRS provided retroactive relief…

Problems With New IRS Procedures For Canadian Retirement Plans

Last Updated: October 15 2014 Article by Roy Berg Moodys Gartner Tax Law LLP Do you haveMutual Contactswith the Author  On October 7, 2014 the IRS released Revenue Procedure 2014-55, which purports to make US tax filing easier for US citizens or residents who own Canadian Registered Retirement Savings Plans (“RRSPs”) or Registered Retirement Income Funds (“RRIFs”).…

Deadlines

The February 15th deadline for payroll remittances is now come and gone.  These are the deadlines now quickly coming up: February deadlines: February 28 – 1. corporations with November year ends to pay their corporate taxes, and August year ends to file their corporate tax returns. 2. T4 summaries and slips and T5 summaries and slips…