When dealing with the Internal Revenue Service during the initial stages of a tax case, whether it involves an audit, collection issue, request for penalty relief, or a proposed plan of resolution such as an Offer In Compromise, taxpayers as well as tax professionals often overlook the right to resolution through the use of the …
Goodbye Parlays, Hello Single Event Betting: Ontario Roles
Since single-event sports betting officially came into law in Canada with the passage of Bill C-218 on August 27th, 2021, Canadians and industry participants alike have been patiently waiting to see what shape the regulatory landscape will take. On September 9th, 2021, the Alcohol and Gaming Commission of Ontario (AGCO) released its final sport and event …
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Bill C-208: Intergenerational Business Transfers
On June 29, 2021, Bill C-208 was granted Royal Assent and became law in Canada. Bill C-208 amended the Income Tax Act (Canada) (the “Act”) to provide tax relief to families wishing to transfer shares of small business corporations, family farms, or fishing corporations to the next generation: their children and grandchildren. Ordinarily, the Act provides that …
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The SALT Cap and State Taxation of Pass-Through Entities
Among the many significant changes in the 2017 Tax Cut and Jobs Act (TCJA), individual taxpayers’ deductions for state and local taxes (SALT deductions) on federal Form 1040 Schedule A were capped at $10,000 ($5,000 for married taxpayers filing separately). The “SALT cap” results in reduced itemized tax deductions for individual taxpayers, particularly impacting homeowners …
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Coronavirus Tax Relief: Treatment of Amounts Paid to Section 170(C) Organizations Under Employer Leave-Based Donation Programs to Aid Victims of the COVID-19 Pandemic
The Department of the Treasury and the Internal Revenue Service have extended the treatment provided in Notice 2020-46 to leave-based donation programs and cash payments in connection with such programs that are made to section 170(c) organizations after December 31, 2020 and before January 1, 2022. See Notice 2021-42. Under Notice 2020-46, as modified by Notice 2021-42, …
Selling The Family Home During Divorce: Questions To Ask If The Decision Is Right For You
Excerpt from Divorce in Arizona by Marlene Pontrelli and Robert Schwartz One of the first issues that often arises during a divorce is what to do with the family home. Selling your home is a big decision. To help you decide what is right for you, ask yourself these questions: What will be the impact …
Tax Credits Available for Employers Granting Paid Leave Related to COVID-19 Vaccinations
The American Rescue Plan Act of 2021 (ARP) allows certain businesses (generally, employers with fewer than 500 employees and non-federal governmental employers) to claim refundable tax credits as a reimbursement for the cost of providing paid sick and family leave from April 1, 2021 through September 30, 2021 to their employees due to COVID-19, including …
Attorney General of Quebec v. Canadian Wireless Telecommunications Association (Procureur General Du Quebec v. Association Canadienne Des Telecommunications Sans Fil)
Overview The Canadian Criminal Code (the “Code”) [1] sets out the parameters of legal gaming in Canada pursuant to section 91 (27) of the Constitution Act, 1867,[2] which gives the federal government jurisdiction over criminal penalties and sanctions such as those applicable to gambling. The Code prohibits gambling except where permitted by explicit statutory exemptions, one of which provides …
The Perfect Divorce: Lessons Learned From Bill and Melinda Gates
The announcement by Bill and Melinda Gates that they were ending their 27 year marriage shocked many. However, what was even more shocking was how amicable it appeared. We hear horror stories about how contentious, emotional, and difficult divorces can be. In some cases, the mere thought of engaging in any financial and emotional warfare …
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Release of the 2021 Canadian Budget
On April 19, 2021, Canada’s Deputy Prime Minister and Minister of Finance, Chrystia Freeland, released the first official budget in the past two years, titled, Federal Budget 2021: A Recovery Plan for Jobs, Growth, and Resilience (the “Budget”). The Budget proposed over $100 billion in spending, and, among the more significant measures, the Budget proposes to extend …