WHEN THE IRD WANTS MORE INFO!

This year (2016) we’ve seen a dramatic increase in requests for information from IRD, generally, letters where they want a more detailed breakdown of expenses. We’ve also seen some more “direct” methods employed. What is this all about? FOCUS ON PROPERTY ​This year, as in previous years, IRD is continuing to focus on property. Why?…

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WHAT IS A “LAWYER’S SETTLEMENT STATEMENT”?

Sometimes we ask you for a Lawyer’s Settlement Statement.  What is it? Here is a sample one for your reference: Please note: if viewing this on a mobile platform, the document plug-in may not work. In this case, please click the link below. lawyers_settlement_statement.pdf Download File

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WHO NEEDS A FINANCIAL ADVISOR?

You need a lawyer, right?  And an accountant.  But… do you need a financial advisor?  Like many people (most, in fact) you probably feel that a financial advisor is a bit of an optional extra.  We strongly feel that this is not sound thinking. Why?  Well, you surround yourself with experts in their fields, experts in…

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WHAT IS A LOOK-THROUGH COMPANY? (LTC)

That’s a good question. What is a Look Through Company or LTC? Basically, it’s the replacement for the old LAQC (Loss Attributing Qualifying Company).  At tax time, you look through the company to the shareholders, and distribute the income (or losses) to them. How is it different from a normal company then?A “normal” limited liability company can pay dividends…

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WHAT HAPPENS IF I MAKE A LOSS?

That’s a good question, and it depends a lot on what entity incurs the loss.  Let’s break down the various types and what effect they have. LOOK-THROUGH COMPANY (LTC) If you are a shareholder in a Look-Through Company (LTC) and that company makes a loss, then you get to carry that loss through to your…

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