Feigenbaum Law

Personal Tax Planning

Caribean Sunset

Personal Tax Planning

Canadian At Centre Of Alleged Tax Scheme

At Feigenbaum Law, we help clients establish personal and corporate tax strategies that are compliant with applicable laws and that take advantage of current and future opportunities to reduce tax burdens. This can be a nuanced practice, particularly when clients have businesses or personal interests in both the United States and Canada. It’s important for people looking to reduce their tax obligations to work with experienced and knowledgeable professionals to ensure everything is… Read More

A paper tax statement for 2019 representing tax deadlines in Canada

Corporate Tax Planning

Canada’s Election Brings Plenty of Tax Promises

Canada is about halfway through a Federal Election, just a couple of years after the Liberal party was elected with a minority government in 2019. The election, which is set to take place on September 20 is close, and each of the three major national parties is making plenty of promises related to tax and the economy. We wanted to take a few moments to provide our readers with a breakdown of what each party… Read More

Personal Tax Planning

Biden’s Tax Plan Inches Closer To Law

Back in April, we wrote about how both the United States and Canada were planning on raising tax revenue in large part by imposing higher taxes on people in the highest tax brackets. As Canada gets ready for an election, we are bound to see the major political parties sharing their suggestions for tax planning, though few new details are available at this time. Meanwhile, in the United States, the Biden administration is pursuing… Read More

Personal Tax Planning

Estate Argues In Favor Of Lower Fine Following Unreported Foreign Holdings

The American government makes efforts to ensure that taxpayers are not keeping money in offshore accounts without paying the necessary tax on those funds. While people may sometimes get away with hiding money, the matter can be exposed later on. In a recent case heard by the United States Court of Appeals for the Second Circuit, the estate of a deceased individual was ordered to pay over half of $8,000,000 that the… Read More

Personal Tax Planning

Expanded Child Tax Credit Gets Ready To Roll Out Across United States

The United States’ expanded child tax credit program is about to get underway, meaning many working American families can expect to see monthly payments arriving in their bank accounts. The 39 million or so American families who qualify will start receiving payments (largely without having to take action) by July 15. Expanded program follows stimulus package US President Joe Biden announced the expanded program as part of a $1.9 trillion stimulus package called the “American… Read More

Personal Tax Planning

Taxpayer Fights Penalty Imposed For False Statements

People typically don’t like paying tax, at least certainly not more than they are supposed to pay. It’s not uncommon for people to make claims of expenses or losses in order to reduce their tax burden. Of course, it’s also illegal to file tax returns that are not accurate. On occasion, people may hire third parties to prepare their taxes for them. What happens when a taxpayer hires a company who makes false statements on… Read More

Personal Tax Planning

House of Commons Re-Opens Probe Into Tax Sham

The Canadian government recently announced plans to pursue the collection of taxes from ultra-wealthy Canadians who may be hiding assets in shell companies located in the Isle of Man in order to avoid paying taxes or alternatively to shelter them from creditors, such as former spouses. A story recently published by the CBC states that a long-dormant parliamentary probe into the tax shelters, involving the accounting firm KPMG, is going to be… Read More

Corporate Tax Planning

United States and Canada Announce New Plans To Tax Wealth

It has been a big week for tax news on both sides of the United States and Canadian border. The Canadian government has tabled its proposed 2021 federal budget, while in the United States, President Joe Biden has signaled his desire to implement a higher tax on the wealthy in order to bring in more revenue. We wanted to take a moment this week to cover some of those changes. Tax implications of Canada’s federal… Read More

Personal Tax Planning

No Extension Planned For Canadian Tax Returns

Close to a month ago, we wrote about the United States Internal Revenue Service’s decision to extend the filing deadline for Americans. We told our readers at that time that we would let them know if a similar extension would be offered to Canadians. A story published today by the CBC states that the Canada Revenue Agency has announced it will not extend the tax filing date for Canadians. Accountants ask… Read More

Personal Tax Planning

IRS Announces Extension For Personal Tax Filing

With tax season fast-approaching in both Canada and the United States, people may be feeling more stress than they normally do this time of year. Both countries have provided people with various types of financial support since the start of the COVID-19 pandemic, and some of these measures may have an impact at tax time. For those living in the United States, the IRS has issued an extended deadline for individuals to file their taxes. Read More