TAG Tax


Now that the new federal Liberal government’s first budget has been introduced, we can focus our attention on those measures that actually have been put forward rather than on those that everyone speculated might be put forward.

This is particularly the case with entrepreneurs, where it was feared that the small business deduction would be eliminated for many businesses engaged in providing services. The good news is that the small business deduction has not been eliminated for these businesses, but the bad news is that it has been significantly limited.

Read more: Small Business Deduction Survives Budget: Ottawa Proposes Major New Limitations


Contact: Johanna C.C. Caithness; Fillmore Riley LLP (Manitoba, Canada) 

Over the past number of years, it has become increasingly common for Canadians to purchase U.S. vacation home properties. Although purchases of U.S. property by Canadians might be less likely in the foreseeable future due to the nosedive of the Canadian dollar, it is important for existing Canadian owners to be aware of the implications of U.S. property ownership, particularly on death. This article is only a very general overview of some of the rules that affect Canadians owning U.S. vacation property. Note that this article does not deal with rental income, attribution or U.S. tax filing issues.

Read more: The tax implications of a Canadian owning property in the United States


Contact: H. Lee Schwartzberg, Jr.; Schnader Harrison Segal & Lewis LLP (Delaware & Pennsylvania, USA) 

With the April 15 deadline for calendar year Pennsylvania Corporate Tax Report (RCT-101) filers right around the corner, it is worth remembering that the Pennsylvania Capital Stock/Foreign Franchise Tax (“CS/FFT”) has finally been allowed to expire for tax years beginning after December 31, 2015.

Read more: The Pennsylvania Capital Stock Tax is no More––Now What?


Contact: Boodle Hatfield (London, England)

As reported in our last edition, some fundamental changes to the taxation of 'non-doms' (UK residents who are domiciled abroad) are due to take effect from April 2017. A Consultation was issued at the end of September on the details of two of the three proposals. We await HMRC's response and detailed draft legislation. Meanwhile, however, some limited draft legislation has been published on the IHT changes.

Read more: 'Non-dom' reforms


BY: ROBERT B. HAMLETT, JR.

On December 18, 2015, the President signed into law the Protecting Americans from Tax Hikes Act of 2015, HR 2029, PL 114-113 (the “PATH Act”), which extends or makes permanent over fifty (50) expiring tax provisions relating to businesses and individuals. 

This Alert provides an overview of several important tax provisions affecting businesses and individuals contained in the PATH Act.  Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.  Prior results do not guarantee a similar outcome.  You should consult your own tax advisor regarding the United States federal, state, local, non-U.S. and other tax consequences of the provisions of the PATH Act.

Click here to continue reading.