by AT | Jan 29, 2021 | Personal Clients - Updates in Canada
The Canada Revenue Agency (CRA) understands that the COVID-19 pandemic has affected the usual ways Canadians manage their taxes. The CRA is here to answer questions you may have regarding your tax affairs, and to help you successfully file your income tax and benefit...
by AT | Jan 28, 2021 | Business Clients - Updates in US
IRS Notice 2021-13 provides partnership with relief from certain penalties due to the inclusion of incorrect information in reporting their partner’s beginning capital account balances on the 2020 Schedule K-1 as outline in the 2020 instructions for Form 1065,...
by AT | Jan 27, 2021 | Personal Clients - Updates in US
The earned income tax credit can give qualifying workers with low-to-moderate income a substantial financial boost. In 2019, the average amount of this credit was $2,476. It not only reduces the amount of tax someone owes but may give them a refund even if they...
by AT | Jan 26, 2021 | Personal Clients - Updates in US
IRS Notice 2021-08 provides a waiver of the addition to tax under section 6654 for underpayment of estimated income tax by individual taxpayers, where the underpayment is attributable to the amendments to section 461(I)(1)(B) made by the CARES Act. Source:...
by AT | Jan 25, 2021 | Business Clients - Updates in Canada, Personal Clients - Updates in Canada
To protect Canadians’ jobs and support businesses throughout the pandemic, the Government of Canada introduced the Canada Emergency Wage Subsidy (CEWS). The wage subsidy has protected more than 4 million jobs across the country, giving millions of Canadian families...
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