Open February to September, this service is one of the electronic filing options available to Canadians, to transmit their tax returns to the Canada Revenue Agency (CRA). Using software approved by the CRA, filers prepare their tax returns, and then upload them on the CRA's website using a code provided to them in their annual tax package. It is important to note that filers can not make changes to their personal information such as name, address, date of birth, or direct deposit information, when using Netfile. To make changes to your personal information using your return, you must file your return by the traditional paper method. Alternatively you can change your personal information by contacting the CRA directly.
A period in which a company's allowable tax deductions are greater than its taxable income, resulting in a negative taxable income. This generally occurs when a company has incurred more expenses than revenues during the period. The net operating loss for the company can generally be used to recover past tax payments or reduce future tax payments. The reasoning behind this is that because corporations are required to pay taxes when they earn money, they also deserve some form of tax relief when they lose money. If a company has a net operating loss, it can apply this tax relief in two ways: it can apply the net operating loss to its past tax payments and receive a tax credit; or it could apply the net operating loss to future income tax payments, reducing the need to make payments in future periods. The terms of the tax relief and how it can be applied varies by jurisdiction but usually the NOL can be applied to the past few years (two to three) and much more to the future (seven to 10) years.
A program offered by the IRS to taxpayers who are unable to pay their tax debt. Those who qualify are allowed to make an offer in compromise, which is an offer to pay a lesser amount than that which is owed. The offer in compromise program is intended to allow taxpayers with substantial back taxes to settle their tax debt and start over with a clean slate, so that they can remain current on their taxes in the future. Taxpayers can find out whether they are eligible for an offer in compromise by consulting the checklist on Form 656 of the offer in compromise IRS package. In order to qualify, taxpayers must fall into at least one of the following three categories: 1) Uncertain Liability - Is tax really owed?2) Uncertain Collectability - Taxpayer has no way to pay this debt.3) Economic Hardship - Taxpayer must prove that paying the debt would be unfair or create further hardship. According to the IRS, taxpayers should beware of promoter's claims that tax debts can be settled for "pennies on the dollar."
A Canada Revenue Service form that must be submitted by non-residents who have received rent from real property or timber royalties in Canada and who want to file an income tax return under subsection 216(4) of the Canadian Income Tax Act. The NR6 Form must be signed by both the Canadian non-resident and his or her agent, who has been collecting the income and remitting the related taxes on behalf of the non-resident. If the undertaking is approved, the non-resident will be required to submit his or her own income tax payments by the 15th day of the month following the month during which the rental payment was paid or credited to the agent on the non-resident's behalf. Also known "Undertaking to File an Income Tax Return by a Non-Resident Receiving Rent from Real Property or Receiving a Timber Royalty," this form must be filed on or before the first day of each tax year, which usually corresponds to the calendar year, or before the first rental payment is due. This form should be completed with a list containing the annual estimated gross income, total expenses and net income for each rental property, along with each property's address. The form should also contain a list of the expenses incurred in the property's day-to-day management. This information is used in calculating the tax due.
A letter or written notice from the Internal Revenue Service (IRS) informing the recipient that authorization has been given to liquidate his or her assets in order to cover the income taxes due. This is not something you want to receive. Seizure is where the IRS comes in and takes your car, house, shirts, socks and U2 posters.
A letter from the Internal Revenue Service that advises a taxpayer about delinquent taxes owed plus any penalties and interest. A notice of deficiency is sometimes also called a 90-day letter because it gives the taxpayer 90 days to dispute the tax assessment. If the taxpayer disagrees with the assessment, he or she can file an appeal with the U.S. Tax Court. Sometimes a taxpayer can resolve a dispute with the IRS without going to court by going through an appeal process. The Request for Appeals Review form asks the taxpayer to list each item of the IRS decision that is in dispute and why. Taxpayers can represent themselves during the appeals process or hire a certified public accountant, attorney or enrolled agent to represent them. The IRS does not allow taxpayers to disagree based on moral, religious, political, constitutional or conscientious objection grounds.
Dividends from a mutual fund or some other regulated investment company that are not taxed. Taxes are not paid out because the fund invests in municipal and other tax exempt investments. The mutual fund must invest over 50% of its capital into tax exempt investments for the dividends to be classified as nontaxable.
A type of dividend that is paid to shareholders of a corporation not as a result of earnings, but as a return of capital. Nontaxable distributions can also include stock received from a spinoff. Dividends paid to cash-value life insurance policyholders are also considered nontaxable returns of capital. Shareholders who receive nontaxable distributions must reduce the basis in their stock accordingly. Upon the sale of the stock, the resultant gain or loss will be calculated from the adjusted basis. Nontaxable distributions are generally reported in box 3 of the Form 1099-DIV.
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