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ARTICLE · 10 AUGUST 2012

Hot Times For Summer Tax Action - The Top Five

Moodys Private Client Law
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Our firm's tax groupies often ask us what is happening in the tax world. Given that we are in the heart of the summer, we thought it would be a good time to list the top five tax matters / issues that we are waiting for.

CanadaTax
Kim Moody
Kim Moody
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Our firm's tax groupies often ask us what is happening in the tax world. Given that we are in the heart of the summer, we thought it would be a good time to list the top five tax matters / issues that we are waiting for. Ok... ok... tax groupies might be a bit of a stretch, but we can only hope.

1. Direction from the Internal Revenue Service ("IRS") regarding simplified "catch-up" procedures for "low risk" US persons who are not compliant

On June 26, 2012 the IRS announced new procedures that will enable non-resident US taxpayers who demonstrate "low compliance risk" to bring unfiled tax returns and related tax reporting obligations current and avoid potentially ruinous penalties. The new procedures will become effective September 1, 2012 and further details will be announced in advance of that date. All of this was discussed in our June 28, 2012 blog.

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