Marie-France Dompierre of Davies Ward Phillips & Vineberg LLP discusses how Canada taxes professional athletes who aren’t Canadian residents. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor in chief of Tax Notes Today International. This week: athlete taxes, eh? With the Stanley Cup
Taxes
Share to Facebook Share to Twitter Share to Linkedin Planning to buy an electric vehicle? Your net cost could depend on how successful the lobbyists of General Motors GM , Toyota, Ford and Chrysler parent company Stellantis are and whether West Virginia Senator Joe Manchin is ready to strike a deal with his fellow Democrats.
The employee retention credit (ERC) started out slow but keeps going strong, even to the present day. When it was first enacted on March 27, 2020 as part of the CARES Act, it received little fanfare because taxpayers that received a forgivable loan under the paycheck protection program (PPP) were prohibited from claiming the ERC.
I think we’re going to see a new era in how we manage this type of thing. My hope is people are going to give more thought to the importance of carrying inventory and safety stock so that we can survive some of these disruptions, especially around critical commodities. — Professor Willy Shih, April 23
If you are eligible for trader tax status (TTS), consider setting up a trading business to maximize tax benefits. Some traders benefit from an LLC; others don’t need one. Deduct trading business expenses. Elect Section 475 MTM for exemption from wash sales and the capital loss limitation. Be eligible for a 20% qualified business income