Feigenbaum Law

tax reform

NAFTA

Corporate Tax Planning

Canadian Government Speaks to Washington About Thousands of Canadians Affected by U.S. Tax Reforms

CBC News reports that the Canadian government is in discussions with Washington about the impact of the Republican’s Tax Cuts and Jobs Act. Retroactive Repatriation Tax Part of the U.S’ $1.5 trillion tax overhaul package was a one-time retroactive Transition Tax, also known as the Repatriation Tax. This provision was intended to discourage U.S. multinational companies, such as Microsoft and Apple, from leaving their money in foreign subsidiaries. However, this provision is… Read More

#metoo- the capital building

Personal Tax Planning

Democratic States Sue Federal Government Over Tax Reforms

Last month, New York, New Jersey, Maryland, and Connecticut sued the federal government, claiming that the Republican tax reforms brought in under President Trump unfairly single out high-tax Democratic states. The lawsuit, filed in the Southern District of New York, seeks to block the cap on deductions for state and local taxes and names the Internal Revenue Service and the U.S. Treasury Department as defendants. It seeks a court judgment ruling the… Read More

Tax fraud

Corporate Tax Planning

IRS Announces $291 Million Plan for Implementing Tax Reform

Earlier this year, Congress earmarked $320 million of the Internal Revenue Service’s (IRS) total $11.4 billion budget for implementing the reforms resulting from one of the largest overhauls of the U.S. tax code in many years. A recently disclosed document reveals that the IRS will spend almost $300 million to carry out necessary changes. Some Context In March 2018, Treasury Secretary Steve Mnuchin had… Read More

Appeal

Corporate Tax Planning

IRS Notably Silent on New Tax Regulations

We’ve previously discussed one of the largest overhauls of the U.S. tax code, which are set to have an impact on Americans and Canadians living on both sides of the border. Since then, both the Internal Revenue Service and the Treasury Department have been notably quiet about regulations that the government plans to issue stemming from the legislative changes. The reluctance to provide information comes at a time when tax lawyers and… Read More

Pass-through

Personal Tax Planning

Tax Season Begins in the U.S.: Consult with a Tax Professional

Filing season for the 2017 tax year began this week, with an April 17 deadline. The IRS set this week as the start time for filing to ensure the security of key tax processing systems in the wake of the Equifax breach, and to provide sufficient time to assess any potential impact of the changes to tax legislation. The IRS anticipates that it will receive more than 150 million individual tax returns… Read More

MLI

NAFTA

Business Groups Warn that U.S. Tax Reform May Have More Impact on Canada than End of NAFTA

Canadian business associations have warned that the recently announced tax changes in the U.S. may end up negatively impacting the Canadian economy more than the possible termination of NAFTA. Much attention has been focused on the Republican’s decision to decrease corporate taxes to levels comparable to Canada’s. The Business Council of Canada John Manley, the President of the Business Council of Canada has said that he believes that the fallout of the tax changes… Read More

#metoo- the capital building

Corporate Tax Planning

Landmark Tax Reform in the U.S: The Tax Cuts and Jobs Act

The Republican’s Tax Cuts and Jobs Act (TCJA) was enacted into law last week, with timing intended to comply with the President’s promise to have a tax bill signed before Christmas of this year. The TCJA is a $1.5 trillion overhaul that will introduce the first widespread changes to the U.S. tax code in more than 30 years. After first receiving Senate approval with a 51 to 48 vote, the TCJA was passed by… Read More

U.S Tax Code

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

Tax

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

MLI

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