Legal Blog And Client Alerts

One positive to come out of the COVID-19 pandemic has been an explosion in the number of entrepreneurs starting their own small businesses. Many did it out of necessity after losing their job, but many others saw the pandemic as a wake-up call to follow their dreams. Whatever the motivation, a record 5.4 million new business applications were filed in the United States in 2021.

When the United States-Canadian border was closed to all non-essential business on March 21, 2020, few people imagined a scenario where the closure would last longer than a few months.

With the U.S. Canadian border closed, e-commerce is more important than ever. Are you prepared for the potential pitfalls of selling across the border? 

Foreign Bank and Financial Account Reports (FBARs) are information returns required to be filed by any U. S. citizen wherever located and by an individual, person, business, etc. that files U. S. income tax returns and has a financial interest in or signature authority over non-U. S. financial accounts (including bank accounts, brokerage accounts, mutual funds and trusts) where the aggregate value of the accounts exceeds $10,000 U. S. at any time during the calendar year.

For at least the reasonably foreseeable future, the “American Taxpayers Relief Act of 2012” (the “2012 Act”) ended the eleven-year saga in which the U.S. estate tax provisions changed almost annually, often dramatically.