Yikes! Again the difference between large and small business. Should the Canadian Government reach out to assist impacted small business?
New US tax laws make it ...impossible to renounce U.S. citizenship, turning U.S. citizenship into a sort of debtors prison... opines a tax lawyer. I know forming a business was being used as a tax shelter. I am all for people (and companies) paying all taxes owed and adjusting tax rates upwards as expenses increase NOT for changing tax laws and back taxing. Small business drives the economy.
I really think a tax overhaul should increase personal exemptions and align capital gains tax rates with earned income tax rates to make up shortfalls. And yes, this would really affect me as someone now living off capital gains.
https://www.cbc.ca/amp/1.4779747
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This is what happens when sweeping bills are rushed in without any real due process. "Intent" and "word of the law" rarely ever align, unless that intent is written INTO the word of the law. 2020 can't come fast enough, since they obviously have no plans to impeach the little oompah loompah.
ReplyDeleteTax retained earnings back to the 1980's!?
ReplyDeleteVery interesting as normal IRS audits are limited to the previous seven years.
I'll admit international taxation is something I have no idea about.
Gregg Taylor I found that interesting too. Who will have over 30 years of tax records? We destroy ours after 7. Always have. (I mean at the office. I probably have some of mine from the 90s at home. lol)
ReplyDeleteThe US and Eritrea are the only countries in the world that tax according to citizenship and not residency. Something's gotta give.
ReplyDeleteChris Pollard I just destroyed my tax returns from the 80s. Why yes, I have trouble getting rid of things. Gregg Taylor I only have a tangential knowledge because a guy at work had dual citizenship and had not been filing in the US then got transfered there.
ReplyDelete