Irene Bilaj, CPA, CA

18 Flips | 1 Magazine | 2 Following | 1 Follower | @ireneb3 | I am a self-empowered and client services- focused Canadian Chartered Accountant and Certified Public Accountant providing value-added tax services to individuals and businesses.

How A Car-Crazy Entrepreneur Turned A Lifelong Passion Into A Lifetime Career

Elo has loved cars since he was a child and uses his mechanical and design skills to create unique vehicles. His customisations are second to none and clients from across the world seek him out to revitalise their classic vehicles and turn them into 21st-century statement cars. He also owns the …

Horse Breeder/Lawyer Wins In Tax Court. Was It Worth It?

Horse cases are usually about Section 183 (hobby loss). Although the heading notes of the case indicate that Stefan Tolin may have been facing a hobby loss challenge, apparently he managed to convince the IRS that he really was trying to make money by finding the appropriate sexual partners for …

Tallying Quebec’s self-inflicted mining wounds

A few years ago, Quebec was the belle of the ball for prospective mining investors. Now, it seems, its Parti Québécoisgovernment's policy positions are well on their way to making the province a wallflower.<p>A new global survey of mining companies, from Canadian economic think tank the Fraser …

Banks show restraint on mortgage rates one year after Flaherty's warning

A year after being admonished for cutting mortgage rates too aggressively, banks are demonstrating a new, self-imposed restraint.<p>In March, 2013, Bank of Montreal dropped its five-year mortgage rate to 2.99 per cent, spurring Manulife Bank to follow suit as the all-important spring housing season …

Italy cancels 'Google tax' on web companies

ROME (Reuters) - Italy has dropped a planned internet tax sometimes dubbed the “Google tax”, in one of the first measures enacted by the new government of Matteo Renzi, an official said on Friday.<p>Italy's Prime Minister Matteo Renzi talks with State Secretary to the Prime Minister Graziano Delrio …

Linking ‘tax fairness’ to family stability, Kenney comes out in support of income splitting

Jason Kenney, one of the Conservative government's most senior ministers, has launched a full-throated defence of the Tory Party's controversial income-splitting campaign pledge, linking a policy that would ease taxes on households with stay-at-home spouses with the notion of a "stable family."<p>The …

Britain preparing to end plans to tax Bitcoin trading - FT

(Reuters) - Britain’s revenue collector is preparing to abort its plans to tax Bitcoin trading only days after the currency’s leading exchange, Mt Gox, collapsed after losing almost $500 million (298 million pounds) of customer deposits to hackers, the Financial Times reported.<p>The name is engraved …

Obama's budget would shift tax benefits from wealthy to poor

WASHINGTON – President Obama will propose a series of changes to the tax code in a budget plan Tuesday that would shift benefits from top earners to middle- and lower-income Americans, the White House said.<p>In his 2015 budget plan, Obama will propose expanding or making permanent tax credits aimed …

The White House

Scariest Tax Form? Skip It, And IRS Can Audit Forever

Tax lawyers and accountants spend some of their time monitoring exposure, and so should you. Sometimes that means watching the calendar until you are clear of audit. Unless you skip filing taxes entirely, you might assume your risk of audit eventually dissipates.<p>The IRS normally gets three years to …

Swiss Bank Secrecy Succumbs To U.S. Tax Enforcers

It is becoming increasingly dangerous to maintain secret offshore accounts. The Department of Justice and the Internal Revenue Service have been engaged in an aggressive program to identify unreported offshore accounts. Kathy Keneally, Assistant Attorney General for Tax recently told tax lawyers at …

Yahoo shifts Europe tax base to Ireland from Switzerland

LONDON/ROME (Reuters) - Yahoo! Inc is shifting its main European tax base to Ireland from Switzerland, a Reuters examination of company statements and accounts shows, as pressure mounts on the Alpine nation to abolish some corporate tax incentives.<p>The Yahoo logo is shown at the company's …

Income Tax

Divorce Causes Tax Audits

Divorce is an experience everyone dreads and hopes to forget. The worst way to be reminded of something you want to forget is a “tax audit.” The IRS turns the divorce into a recurring nightmare. Divorce is a common part of our lives and it’s something that we all need to know more about. This …

Ottawa to give IRS information on Americans living in Canada

Ottawa will start routinely sharing vast amounts of financial data about Americans living in Canada with U.S. tax authorities.<p>Canada and the United States signed an agreement Wednesday that paves the way for full implementation of a controversial U.S. crackdown on offshore tax evasion in …

Why customer service at the IRS is bad -- and could get worse

If you have a question about your taxes, here’s a tip: Be prepared to be very patient.<p>The Internal Revenue Service answered a smaller share of taxpayer calls and kept taxpayers on hold longer last year than in other recent years, a new report finds. What’s more, budget cuts could make it hard for …