There is a maximum $2,500 penalty per year for not including the T1135 form with your tax return
New York, NY (PRWEB) March 30, 2013
Business Review today commends Mark Feldstein & Associates’ dedication to Canadian taxpayers through the voluntary disclosure program used to help Canadians avoid further penalties or possible jail time for not reporting previous foreign income. The 2013 Personal tax deadline April 30, and self-employed tax deadline is approaching June 15, 2013. Taxpayers can file for the voluntary disclosure program at any time throughout the year to rectify returns older than one year.
Each year, Mark Feldstein & Associates’ voluntary disclosure program helps Canadians avoid severe penalties for not reporting income that they were not even aware they had to report. “A popular voluntary disclosure request we get is for people who have not declared their foreign income,” says Mark Feldstein, owner. “There is a maximum $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 them from a possible $25,000 in penalties, plus interest.” The chartered accounting firm ensures taxpayers are aware they must pay taxes on income earned from bank balances, properties, stocks and investment accounts from countries outside of Canada.
Taxpayers already being investigated by the Canada Customs and Revenue Agency do not qualify for the program. Approval for the tax program requires a filing to be voluntary, complete, accurate, involve one or more penalty and be at least one year old. Qualified applicants can apply through a Mark Feldstein & Associates chartered accountant who will aid in the filing of the unreported, previous years’ taxes. Individuals can’t reapply under the voluntary disclosure program a second time unless there is an extraordinary circumstance beyond the individual’s control.
Mark Feldstein & Associates, 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.