Feigenbaum Law

corporate tax planning

Corporate taxes

Corporate Tax Planning

CRA Report: Canadian Companies Avoided Billions in Taxes

According to a report recently released by the Canada Revenue Agency (CRA), Canadian corporations avoided around $11 billion in corporate taxes in 2014 (between $2.7 billion and $3.5 billion for small companies, and between $6.7 billion and $7.9 billion for bigger companies). The report marks another measure in a series of actions taken by the CRA to look into tax avoidance by corporate and personal tax-payers in Canada, as we’ve previously written about. Read More

Cryptocurrency

Bitcoin

Canada Revenue Agency Auditing Cryptocurrency Investors

Last year, we wrote about how Bitcoin and other cryptocurrency is treated by the Canada Revenue Agency (CRA) for tax purposes and what impact an investment in crypto might have on a Canadian taxpayer’s taxes.   Now, crypto and the CRA are back in the news as the agency continues to finesse its approach to digital currency and adapt to rapidly changing realities. According to a cryptocurrency journalist writing for Forbes magazine,… Read More

Corporate taxes

Corporate Tax Planning

Federal Budget 2019: How Will it Affect Taxes?

The Liberal government’s 2019 budget was tabled on March 19, 2019. In short, the budget seeks to support and build Canada’s middle class through: Making homeownership more affordable for first-time buyers;Helping workers gain new skills;Preparing young Canadian for good jobs;Helping Canadians with the cost of prescription drugs;Supporting low-income Canadian seniors who choose to remain in the workforce;Giving all Canadians access to high-speed internet;Lowering the cost of energy;Advancing reconciliation with Indigenous Peoples; andLowering taxes. Read More

View of football field from above

Sports & Entertainment

Superbowl LIII Players Face Large Taxes on Winnings

Last week we blogged about the so-called “Jock Tax” which is levied on earnings made by professional athletes depending on which state they play in. As a result of this frequently applied levy, the big earnings made by players of both the Patriots and the Rams in this month’s Superbowl LIII are now subject to tax at various levels. Superbowl Bonuses For playing in this year’s Superbowl, every New England Patriots player will receive… Read More

Close up of men's hockey skates

Sports & Entertainment

Tax Considerations for Professional Athletes in the U.S.

Professional sports are a multi-billion-dollar industry, propelled by major leagues including the NFL, NBA, MLB, MLS, among others, and made popular by players earning millions of dollars a year. It is also an area of tax complexity for athletes for a wide range of reasons. What are the biggest areas of concern for players in the U.S.? The Tax Cuts and Jobs Act We’ve previously blogged about the Trump administration’s Tax Cuts and… Read More

Close up of palm fronds

Corporate Tax Planning

CRA Continuing Investigations into Canadians Linked to Panama Papers and Paradise Papers

We have previously blogged about the Canada Revenue Agency’s (CRA’s) increased crackdowns on the use of offshore tax shelters. Previously, the CRA was focused primarily on Canadian taxpayers who had been implicated in the Panama Papers leak, including search warrants executed as a result of the leak as well as the first Canadian investigated as a result of the now infamous leak of financial information. Now, Canadian news sources are reporting that the… Read More

Citizenship

Corporate Tax Planning

Tax Fairness for Americans Abroad Act: Potential Tax Relief for Canadian Residents with U.S. Citizenship

On December 21, 2018, North Carolina Republican Congressman George Harding tabled the Tax Fairness for Americans Abroad Act, a bill which, if passed, would exempt Americans living in Canada (and other countries abroad) from having to pay tax on income earned outside of the U.S. Citizenship-Based Taxation Holding said he introduced the proposed legislation because the U.S.’ current system imposes an unfair burden on taxpayer who have American citizenship but live outside… Read More

IRS Commissioner

Corporate Tax Planning

New IRS Commissioner Outlines Goals for his Term

Earlier this fall, the Senate confirmed President Trump’s pick to head the Internal Revenue Service (IRS). Charles Rettig previously practiced tax law in California for more than 36 years. During that time, he often represented taxpayers in disputes with the IRS and was a member of the IRS Advisory Council (IRSAC) for three years beginning in 2008, and served as IRSAC’s chair from 2010 to 2011. Rettig was confirmed as Commissioner of the… Read More

MLI

Corporate Tax Planning

Canada Takes Additional Steps on Implementing the MLI

Earlier this year, the federal government introduced Bill C-82 (An Act to implement a multilateral convention to implement tax treaty related measures to prevent base erosion and profit shifting). The Bill passed first reading in the House of Commons in June. If passed, it will bring into force the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Sharing (also known as the MLI). What is… Read More

Voluntary disclosure

Corporate Tax Planning

The End of IRS’ Voluntary Disclosure Program is Imminent

Earlier this year, the Internal Revenue Service (IRS) announced that it would begin to ramp down the 2014 Offshore Voluntary Disclosure Program (OVDP) and the program would be fully closed by September 28, 2018. The Offshore Voluntary Disclosure Program The OVDP initially launched in 2009, with a second program offered in 2011, and then 2012. The current program launched in 2014. These voluntary disclosure programs have enabled American taxpayers… Read More