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How U.S. Businesses Can Deduct Outrageous Marketing “Loss Leaders” Expenses on Their Taxes: Lessons from a $3.2 Million Bluefin Tuna Purchase
Extraordinary promotional expenditures often attract scrutiny from the Internal Revenue Service (IRS), particularly when the amount paid for a single item appears disconnected from its intrinsic value. While U.S. tax…
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What American Taxpayers Need to Know About IRS Employee Misconduct, Confidentiality Breaches, and Governance Accountability
The Internal Revenue Service administers the United States federal tax system and is entrusted with extensive powers to collect revenue, conduct audits, issue tax assessments, and enforce compliance. Central to…
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When CRA Employees Misbehave and Make Mistakes Against Canadian Taxpayers
What the CRA’s 2024–2025 Report Reveals About Accountability, Privacy, and Public Trust The Canada Revenue Agency occupies a central role in administering Canada’s tax system, collecting public revenue, and safeguarding…
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CRA Introduces Software-Specific Controls for EFILE Accounts, a Safety Feature, Starting in 2026
Beginning in February 2026, the Canada Revenue Agency will introduce a new control mechanism within the EFILE and ReFILE systems that directly affects how electronic tax returns are transmitted. Under…
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Importing or Exporting More Than $10,000 in Cash? U.S. Reporting Laws, Federal Penalties, and Disclosure Considerations
U.S. Cross-Border Cash Reporting Rules: Key Compliance Issues for Individuals and Businesses Transporting cash into or out of the United States is legal, but it is subject to strict federal…
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How to Properly Claim Employment Insurance Repayments and Protect Your Tax Relief: Lessons from Dandees v. The King (2025 TCC 171)
Overview — EI Repayments, Tax Brackets, and the Limits of Timing Relief In Dandees v. The King, 2025 TCC 171, the Tax Court of Canada addressed a common but often…
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How to Ensure Compliance With Spot Exchange Rate Requirements Under U.S. Federal Tax Law
Foreign Currency Translation Rules, IRS Audit Risk, and Underreporting Prevention Foreign currency transactions are a routine and unavoidable feature of U.S. tax compliance for multinational corporations, cross-border businesses, investors, and…
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IRS Voluntary Disclosure Program 2026 Changes: Seeking Public Input on Tax Compliance for US Taxpayers and US Crypto Investors
Introduction to IRS Voluntary Disclosure Program Revamp and Public Comment Opportunities for Tax Compliance The Internal Revenue Service (IRS) is currently seeking public input on proposed enhancements to its Voluntary…
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U.S. Multinational Corporations Achieve Critical Exemption in OECD Global Minimum Tax
In the dynamic realm of international tax reform, U.S. multinational corporations have successfully negotiated a critical exemption within the OECD global minimum tax framework. This pivotal adjustment to the global…
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Everything You Need to Know About Cryptocurrency Taxation in Canada: Capital Gains on Crypto and Business Income Strategies
In the rapidly evolving landscape of digital assets, understanding cryptocurrency taxation in Canada is crucial for entrepreneurs, professionals, investors, accountants, and crypto enthusiasts aiming to navigate CRA crypto tax rules…
