Canada: Good Documentation Is Critical To GST/HST Audit Success

Besides providing a major cash flow boost to the government of Canada, one of the most significant accomplishments of the goods and services tax and harmonized sales tax (GST/HST) was that the law imposed, on almost all businesses, a higher standard for record keeping. The operation of the GST/HST requires businesses to impose the tax and allows input credits throughout the production and distribution chain of a supply (goods or service). For this to […]

By |December 16th, 2014|

Important Changes To UK Taxation Of Residential Property: December 2014

The announcement by the Chancellor of the Exchequer in his Autumn Statement on 3 December 2014 of radical changes to the stamp duty land tax (SDLT) regime, coupled with forthcoming extension of capital gains tax (CGT) to disposals of residential property owned by non-residents, and an increase in the rates of the annual tax on enveloped dwellings (ATED), mean that those owning and thinking of purchasing UK residential property need to consider more carefully […]

By |December 16th, 2014|

United States: Payments Made To LLC Not Taxed As A Corporation Subject To Information Reporting

In an internal legal memorandum (ILM 201447025), the IRS concluded that payments made to a limited liability company (LLC) that is not taxed as a corporation are subject to the information reporting requirements under Section 6041.

Section 6041 requires that all persons engaged in a trade or business who in the course of that trade or business make payments of $600 or more to another person, must report the payments to the IRS and the […]

By |December 16th, 2014|