Mark Feldstein & Associates: Deadline Approaching for Taxpayers to Report 2012 Income

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Taxpayers Filing Their 2012 Income Taxes Must File Before April 30, 2013 or June 15, 2013 or Face Penalties

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There is a $2,500 penalty per year for not including the T1135 form with your tax return. Our program has saved clients as much as $25,000 in penalties, plus interest.

Business Review today announced taxpayers have two weeks left to file their 2012 income taxes before facing the possibility of incurring penalties for not filing their personal tax returns on time. The personal tax deadline is April 30, 2013 and the self-employed tax deadline is June 15, 2013. Failure to file before the deadlines may result in a lack of the firm’s availability and an increase in penalties for taxpayers per year and per missing or incomplete reporting forms.

During tax season, Mark Feldstein & Associates help many Canadians avoid severe penalties for those who fail to include proper forms such as the T1135 (Foreign Income Verification Statement) with their tax returns. Canadians who do not report foreign income or assets including bank balances, properties, stocks and/or investment accounts from outside Canada face a $2,500 penalty per each year they failed to submit this form, yet many Canadians are not aware they must file the T1135 form. “A popular request our Toronto accountants get is for people who have not declared their foreign income or even foreign investments without any income being earned,” says Mark Feldstein, owner. “There is a $2,500 penalty per year for not including the T1135 form with your tax return. We have had clients who never knew it existed, and our program has saved some as much as $25,000 in penalties, plus interest.” If taxpayers have failed to file their T1135 form for more than one year, Mark Feldstein & Associates has a voluntary disclosure or tax amnesty program they can apply for to assist in waiving penalties.

Taxpayers who have neglected to include this form in tax returns older than one year can file for the voluntary disclosure program, however; taxpayers already being investigated by the Canada Customs and Revenue Agency do not qualify for voluntary disclosure. Qualified applicants can apply through a Mark Feldstein & Associates chartered accountant, but individuals can’t reapply under the voluntary disclosure program a second time unless there is an extraordinary circumstance beyond the individual’s control.

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Mark Feldstein & Associates, Toronto based Chartered Accountants, provide a wide range of professional services to businesses and individuals. To ensure clients receive the best advice in each area, Mark Feldstein & Associates hire only seasoned specialists who, in turn, devote a good portion of their time to upgrading their skills through in-depth professional development. Mark Feldstein has been practicing public accounting since 1982. He has experience in a wide variety of industries, including retail, manufacturing, importing and exporting, wholesale distribution, technology, restaurants, law firms, engineering firms, architecture firms, education, IT consultants, wealth preservation planning, forensic investigations, internet service providers and construction.

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