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    Month: April 2023

    CHAR500 Web Filing Requirement

    As discussed in our post on September 8, 2022, effective for forms filed on or after September 19, 2022, exempt organizations that file the CHAR500, Annual Filing for Charitable Organizations, must file the form electronically using the Charities Bureau’s new online web filing system. For a calendar-year organization filing its CHAR500 for the year ended on December 31, 2022, the upcoming due ...

    Documenting Extensions

    As practitioners prepare extensions for clients, it is important to warn clients that estimates are used when preparing those extensions.  Practitioners should warn clients in writing that differences between actual amounts and estimates could cause the client to owe additional taxes, including penalties and interest, when their returns are finalized. ...

    New EV Regulations Issued

    On Friday, March 31, 2023, the US Treasury Department issued guidance (Proposed Regulation REG-120080-22) for manufacturers of electric vehicles (EVs) to determine if their vehicles will meet the new requirements for critical minerals used in the manufacturer of the batteries used to power those vehicles. Effective on or after April 18, 2023, for buyers of EVs to obtain the new credit, the manuf...