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Construction Activities: Reporting Obligations for Subcontractors

A July 17, 2017 Technical Interpretation examined the conditions which would require the filing of a T5018, Statement of Contract Payments. Where a person or partnership primarily derives their business income from construction activities for a reporting period, a T5018 should be filed for any subcontractor payment or credit made relating to goods or services received in the course of construction activities. The reporting period may be a calendar or fiscal year but cannot be…

Post published:August 21, 2018
Post category:Business – Taxes Contractor Corporate Taxes Individual – Taxes IRS Personal Taxes Tax Planning

US Citizens: Risks of Tax Non-Compliance

Commencing January 1, 2016, the US State Department was able to deny or revoke passports to US citizens having a “seriously delinquent tax debt” or no Social Security Number associated with their passport. A “seriously delinquent tax debt” is one where the taxpayer owed more than $51,000, after January 1, 2018 (indexed going forward), in tax, interest and penalties. An Alert on the IRS website recently noted that commencing January 2018 the IRS will begin…

Post published:June 26, 2018
Post category:Individual – Taxes IRS Personal Taxes Tax Planning

The IRS is Targeting Smaller Entities Operating a Business in the USA

Operating a Business in the United States: The IRS is Targeting Smaller Foreign Entities

The IRS has recently noted that they are rolling out campaigns to focus on entities below the "big fish" that have historically been targeted.

Post published:November 20, 2017
Post category:Business – Taxes IRS

Tax Articles