Feigenbaum Law

Corporate Tax Planning

Corporate Tax Planning

U.S Senate Passes Overhaul of U.S Tax Code

In a pre-dawn vote 51-49 vote that took place on December 2, the U.S. Senate approved a massive tax overhaul in what is the biggest change to American tax laws in more than 30 years. The new reforms bring the Trump administration closer to its election promises of decreasing corporate taxes and easing tax burdens on the wealthy. President Trump addressed reporters shortly after the Senate vote, praising the body for passing “tremendous tax… Read More

Corporate Tax Planning

CRA Plans to Use PayPal to Find Businesses That Underreport Income

The Canada Revenue Agency (CRA) continues to crack down on businesses that are not reporting all their income and is seeking help from mobile payment companies, including PayPal. Earlier this month, PayPal received a Federal Court Order requiring the company to disclose information to the CRA about PayPal Business account holders who have sent or received a payment through their accounts between January 1, 2014 and November 10, 2017. PayPal has 45 days from… Read More

Corporate Tax Planning

The Tax Cuts and Jobs Act: What You Need to Know

After months of discussion, the Republicans in the House of Representatives released the Tax Cuts and Jobs Act on November 2, representing a first attempt at legislating some of the previously proposed reforms. While the Act will likely go through several changes before it becomes law, this marks a significant step forward in attempting to enact tax reform prior to the end of 2017. The Tax Cuts and Jobs Act The Act, authored by… Read More

Corporate Tax Planning

Canada’s Department of Finance Backtracks on Controversial Elements of Recent Tax Proposals

Earlier this year, we blogged about the federal government’s proposed tax changes. This week, the Department of Finance Canada clarified some aspects of the proposed measures, including providing more information about some of the most contentious elements of the tax-reform plan. The news came in the wake of significant public outcry and anger across the country, particularly from small business owners. The Modified Passive Income Proposal Finance Minister Bill Morneau clarified that… Read More

Corporate Tax Planning

Trump Administration’s Proposed Tax Plan Runs into Roadblock

Several weeks ago, we blogged about the Trump Administration’s proposed tax framework, affecting both personal and corporate taxes. The plan is intended to both simplify and lower tax rates, particularly for corporations, however, it looks like the proposal is shaping up to be an increasingly tough sell, with Republican party factions at odds with one another. Currently, the biggest hurdle is shaping up to be the ability to pay… Read More

Corporate Tax Planning

Ottawa Announces Tax Proposal on Marijuana Sales

With legal sales of marijuana in Canada being only months away, the federal government announced a plan this week to impose a 10% tax on marijuana sales to be evenly split with the provinces. The proposal was quickly criticized by a number of Premiers who want a bigger cut, arguing that provinces are bearing the majority of the costs of implementing legalization. Pending Legalization Effective July 1, 2018, Canada plans on legalizing marijuana by… Read More

Corporate Tax Planning

Trump Administration Releases New Tax Framework

On September 27, a group of top Trump Administration officials, in conjunction with key leaders from the House Ways and Means Committee and the Senate Finance Committee, released a 9-page framework outlining proposed changes to the U.S. tax code. The new guidelines are similar to an earlier 1-page plan released by the administration in April of this year and are consistent with the key themes and concepts outlined in… Read More

Corporate Tax Planning

New Draft Legislation May Impact Limited Partnerships in Canada

Earlier this month, Canada’s Department of Finance released draft legislation intended to amend the Excise Tax Act (ETA) and address newly defined “Investment Limited Partnerships”. These proposed amendments will impact mutual funds or investment plans that use limited partnerships in their structure (including private equity, venture capital, and hedge funds), and has the potential to significantly increase the amount of GST/HST paid by limited partnerships. The Draft Legislation The draft legislation essentially deems the general… Read More

Corporate Tax Planning

Policy Experts Express Concerns that U.S. Tax Reforms Could Affect Canadian Oil Sector

In a recent report, the director of the University of Calgary’s School of Public Policy has stated that Canada’s oil sector may be about to lose the tax competitive advantage that it currently enjoys. In the report, Jack Mintz, notes that both President Trump’s recent tax-reform proposals and those made by the Republican-controlled House of Representative last year, could make investments in the U.S oil industry much more attractive. These reforms, combined… Read More

Corporate Tax Planning

Recent High-Profile Tax Sale Highlights Importance of Keeping Registered Agent and Contact Info Updated

As recently reported by the San Francisco Chronicle, an unpaid tax bill can sometimes have unexpected consequences, involving more than just the IRS. What Happened? A young couple are now the owners of one of the most exclusive streets in San Francisco. The couple acquired Presidio Terrace, a private street in a gated community full of multi-million dollar homes, for $90,000 at a city-run auction. The sale was a result of what… Read More