The Tax Preparation Blog

Posts Tagged ‘bookmarks’

Question: If I am a licensed tax preparer in Calfiornia, can I move to Canada and be able to get licensed in Canada?

I have a Ctec license in Calfiornia to do US federal and California tax returns. Can I get licensed in Canada to prepare tax returns for US federal returns? If not, how can I get licensed in a 60 hour online course for Canada? Where would I start to get qualified for Canada without having to do the whole 4 year college program?
Is tax preparation gov’t run? I do not mean the taxation ministry but the ones who prepare your tax returns that you send to the gov’t.
I live in an area where many Canadains and American live and work and have to file both US and Canadian taxes. I want to be able to prepare US taxes and Canadian taxes while I live in Canada. I know you have to be licensed.
In the US you have to be licensed and bonded to prepare (sign) tax returns, audit or represent someone in tax court.

Answer: You do not need a specifc license to prepare a Canadian tax return for a Canadian taxpayer, although many professional tax accountants (CA,CGA & CMA) prepare such returns. There are also many american CPAs here doing US tax returns. You may find jobs from such firms in Toronto or Vancouver, where there are lots of americans living.

Koppers Holdings Inc. Reports Fourth Quarter 2010 Results

PITTSBURGH, PA–(Marketwire – 02/16/11) – Koppers Holdings Inc. (NYSE: KOP – News ) today announced results for its fiscal 2010 fourth quarter. Consolidated sales for the fourth quarter of 2010 were 14%, or $37.5 million higher than sales in the prior year quarter. Sales for Carbon Materials and Chemicals (CM&C) increased by 11%, or $19.8 million over the prior year quarter, while sales for …

The Arrivals pt.24 (Freedom Unplugged)

Question: Relocation assistance – ordinary income or adjustment to basis?

I received relocation assistance from my employer in 2009. Included in the package was reimbursement on the loss in value of my home that I sold in my original location as well as broker fees, etc. This reimbursement will be included on my W2.

When reporting these items on my 2009 tax return, is it more appropriate to report this as ordinary income (since it is on my W2) or exclude it from ordinary income and bake it into the gain/loss on home sale calculation (adjustment to basis in home, etc.)? If you can provide an example directly from the IRS literature that addresses this, that’s an automatic best answer.

Answer: You may want to check this page at the bottom. They have some info on moving and deductions. Hope this helps!

First Thoughts: Obama’s opening bid

Presidential budgets are more political documents than anything else, and this budget is by someone who wants to win re-election in 2012. Now we wait for the GOP’s counter-offer.

Calculating Income Tax

- Glatfelter Reports Fourth-Quarter and Full-Year Results -

Glatfelter today reported its financial results for the quarter and year ended December 31, 2010, including adjusted earnings of $0.31 per diluted share in the fourth quarter of 2010, compared to $0.33 per diluted share a year ago.

Calendar

Submissions for “Community Calendar” are required two weeks preceding the date of publication. Send to: Mary Ann Bottari, Pioneer Press, 3701 W. Lake Ave., Glenview IL 60026; mbottari@pioneerlocal.com. Information may be faxed to (847) 486-7495.

Body 2.0 – Creating a World that can Feed Itself

Question: Submitting my very first tax claim?

I will be filing my first tax return. I am on Post Graduate work permit at the moment and here is my recent history in Canada

1. Sept 2006 Enrolled for a masters degree
2. Graduated Dec 2007
3. Started Job March 2008
4. Filing taxes

I received my first T4 slip in January for the year 2008. I signed up at Quicktax online and was filling out…. It asked me to whether I wanted to create a student profile. I did and there is a huge tax refund due to my tution fee which is around $30,000. I only received a 2202A form for Jan 2008 – Dec 2008, when I was enrolled in only one course. I did not receive anything for 2006 or 2007 probably because I was not working had no record at CRA.

Can I still ask for the tax refund for my previous years?

Answer: Regardless of whether you have ever filed a tax return, you should have received a T2202A slip for your tuition fees paid in 2006 and 2007. Speak to the someone at the university about getting copies of these, as they will be very valuable to you now that you are earning income.

Once you get the slips, you will need to file tax returns for 2006 and 2007 to report the tuition fees and related education and textbook credits. Assuming that you had no income in these years, you will not be penalized for late filing. The tuition and related credits will then be available for you to claim as tax credits on your 2008 return. Any amounts that you are not able to use in a given year can be carried forward to future years.

Have a look at the CRA pamplet P105 – Students and Income Tax for more information.

http://www.cra-arc.gc.ca/E/pub/tg/p105/README.html

Bank on dividend compounding

Advice for the income investor.

Foreclosures in Canada – CanadaForeclosureList.ca