Strategic Thinking, Current Issue, succession planning, Evelyn Jacks, business succession, Jenifer Bartman, Defusing the Family Business Time Bomb
Business owners may believe they “have it all figured out” in planning for the future sale of their business, which can bring a false sense of security at the worst possible time. It’s a topic addressed by authors Evelyn Jacks and Jenifer Bartman in their new book Defusing the Family Business Time Bomb.
Strategic Thinking, tax credits, Medical expenses, Moving Expenses, claiming expenses, tax deductions, income tax filing, personal income tax, travel expenses, meal expenses, deducting expenses
On February 12, the simplified method rates for calculating deductible auto and meal expenses for various important provisions on the 2018 tax return were finally released by the CRA. It’s an important missing piece for tax professionals and taxpayers alike, that in prior years was generally released in January.
Strategic Thinking, Evelyn Jacks, tax tips, rrsp, spousal RRSP, Registered Retirement Savings Plan
Here’s a unique way to share some love with your sweetheart: make a spousal RRSP contribution by March 1. It’s a gift that’s a win-win to help secure your financial future together. Even better, it’s you, the contributor, who gets the RRSP deduction. Whether you have a spouse or common-law partner, here are six basic tips to know:
Strategic Thinking, Cross Border Tax, Foreign Tax Credit, IRS, U.S. tax, snowbird, student, 1040NR, IRS shutdown, Foreign Investment in Real Property Tax Act, FIRPTA, U.S. buiness
The Internal Revenue Service (IRS) is operating again after a lengthy shutdown of the U.S. federal government that began in December 2018. A tentative deal was negotiated* late on Tuesday to avert yet another one. Still, Canadians with cross-border tax obligations should understand the specific implications of government shutdowns - like that of the IRS - and the backlogs they cause, and plan accordingly with their tax filing specialists.
Strategic Thinking, Evelyn Jacks, thought leadership, business development, leadership, Executive Business Growth Specialist, team culture
For many organizations – especially those in the tax and financial services – now is the time to build team culture in advance of a busy season of client interaction. Success of the team depends on so many factors including the right skills, processes and evaluation. For leaders of the team, there are five essential steps to building team culture in good times and bad.
Strategic Thinking, Evelyn Jacks, trust rules, Trust and Estate Planning, trust filing, filing trust returns
The CRA has been provided funding of $79 million over a five-year period, and $15 million on an ongoing basis, to support the development of an electronic platform for processing T3 returns. The goal: to address the government’s concerns about “significant gaps” in trust filing. By the year 2021, there will be new requirements for filing trust returns, and advisors in tax and financial services will need to come up to speed on this issue.