The IRS has established a special section focused on steps to help taxpayers, businesses and others affected by the coronavirus. On March 18, 2020, the U.S. Treasury Department and Internal Revenue Service (IRS) issued guidance allowing all...
Read MoreCanada’s COVID-19 Economic Response Plan
On March 18, 2020, the Prime Minister announced a new set of economic measures to help stabilize the economy due to the COVID-19 outbreak. The new measures include: Individual and Trust Return 1. CRA will defer its filing due date for...
Read MoreCanadian: do I need to register for PST?
If you sell goods or provide services in Canada, you are required to collect sales tax from your customers on many of the items they purchase. Depending on the province or territory in which you operate your business, you need to collect either...
Read MoreCanadian: business-use-of-home expenses
If you are running a business in Canada, you can deduct expenses for the business use of a work space in your home, as long as you meet one of the following conditions: it is your principal place of business you use the space only to earn your...
Read MoreAnnual returns for Alberta corporations
After incorporation, in order to keep your corporation active, you must complete an annual return each year and file your return by the last day of the month following the anniversary of the registration month. For example: If your corporation...
Read MoreUS Tax: Changes for 2019 tax return-2020 filing season
2018 was tough for taxpayers as new Tax Cuts & Jobs Act took effect that dramatically changed how people had to file their tax returns. The old 1040A and 1040EZ forms went away and everyone was required to use the same main 1040 form. Even...
Read MoreQuick Method of Accounting for GST/HST
The quick method is another accounting option available to help small businesses calculate their net tax for GST/HST purposes. This method reduces paperwork and makes it easier to calculate GST/HST remittances and file GST/HST returns, because it...
Read MoreDo Canadian businesses charge GST/HST on foreign income or out-of-province income?
Canadian GST/HST is applied on the final sale of a product or service in Canada, which is called Sales Tax. Generally speaking, if you provide taxable goods and services in Canada and your total taxable revenues exceed $30,000 in any single...
Read MoreCanadians: tax changes for 2020
There are some tax changes which be taking effect on January 1, 2020 you need to know. Rates and Limits As expected, several tax rates and limits are changing in 2020. Federal and provincial income tax brackets are increasing to keep up with...
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