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Insight on what’s happening in the world of tax, law and accounting so you can stay ahead.

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Alexander Marino is quoted in an article titled “Trump bump: U.S. citizenship renunciation inquiries surge in Canada, lawyers say” on CBC News, January 28, 2025.

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Alexander Marino is quoted in an article titled “‘Scary’: Why US expats are tossing their citizenships – and it’s not just Trump” in The Sydney Morning Herald, November 1, 2024

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Kenneth Keung is quoted in the Investment Executive article titled “Quirk in capital gains tax rules raises risks for incorporated clients,” published on July 24, 2024.

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Kenneth Keung is quoted in the Investment Executive article titled “How should trusts flow out capital gains to beneficiaries in 2024?”, July 5, 2024.

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Kim G C Moody, Kenneth Keung, and Christopher Ellett are quoted in the Investment Executive article titled “When is the latest clients can sell assets prior to June 25?”, published on May 17, 2024.

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The Department of Finance releases new income tax proposals in respect of deductible expenditures

On March 16, 2011, the Department of Finance released draft income tax legislation for comment.  The Department of Finance is looking for comments from the public by April 15, 2011.

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“Management fees”: The ugly

You know the cliché… there are always two sides to every story.  Well, the story painted in the recently released Tax Court of Canada case Mark A. Sochatsky v. Her Majesty the Queen 2011 TCC 41 is certainly an ugly story.

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Opportunity to get current with IRS without penalties?

As Kim recently posted, the IRS has set up a new special voluntary disclosure program for US taxpayers who have unreported income from offshore assets.  Interestingly, the IRS has indicated that, as part of the program, taxpayers may file delinquent Report of Foreign Bank and Financial Accounts (“FBAR”) forms.

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CRA audit of high-net-worth individuals and new US voluntary disclosure program

In 2008, the Organisation for Economic Cooperation and Development (“OECD”) released a discussion paper regarding their project on high-net-worth individuals.  The discussion paper was intended for public comment. Tax advisors who read the discussion paper and who work with private clients were certainly concerned about some of the comments made.  In September 2009, the OECD released a publication entitled “Engaging with High-Net-Worth Individuals on Tax Compliance”.  The publication explored “….the significant challenges to tax administration [when dealing with high-net-worth individuals] due to the complexity of their affairs, their revenue contribution, the opportunity for aggressive tax planning and the impact of their compliance behavior on the integrity of the tax system”.  Given the OECD’s activity in recent years regarding high-net-worth individuals, tax advisors (like our firm) were not surprised to see certain countries start to engage more with that group. 

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Moodys Mobile iPhone/iPad app released!

We are excited to announce that Moodys LLP Tax Advisors has developed an innovative way to keep you up-to-date with the most recent tax developments. Yesterday, we unveiled our iPhone/iPad application for you to download for free on the Apple App Store.

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Succession planning for the private client

The news yesterday that Steve Jobs was taking a medical leave from Apple and the coincidental news received by our firm that a good  friend and colleague was diagnosed with cancer lead me to think that, of course, life is very fragile and certainly a gift.  It also reminded me that succession planning is very critical when dealing with the affairs of a private client. 

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***CLICK FOR ALL NEWS***

Alexander Marino is quoted in an article titled “Trump bump: U.S. citizenship renunciation inquiries surge in Canada, lawyers say” on CBC News, January 28, 2025.

***CLICK FOR ALL NEWS***

Alexander Marino is quoted in an article titled “‘Scary’: Why US expats are tossing their citizenships – and it’s not just Trump” in The Sydney Morning Herald, November 1, 2024

***CLICK FOR ALL NEWS***

Kenneth Keung is quoted in the Investment Executive article titled “Quirk in capital gains tax rules raises risks for incorporated clients,” published on July 24, 2024.

***CLICK FOR ALL NEWS***

Kenneth Keung is quoted in the Investment Executive article titled “How should trusts flow out capital gains to beneficiaries in 2024?”, July 5, 2024.

***CLICK FOR ALL NEWS***

Kim G C Moody, Kenneth Keung, and Christopher Ellett are quoted in the Investment Executive article titled “When is the latest clients can sell assets prior to June 25?”, published on May 17, 2024.