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Archive for Tax Mistakes

5 Common Tax Mistakes US Expats Make

How is May treating you all so far? Are you sorting out all the papers and receipts to file your annual US expat taxes? If you haven’t started yet, hurry up. This year’s US expat deadline to file your federal tax return is June 15th and it is just around the corner!

What Are The Most Common Tax Mistakes By Americans Overseas?

Wednesday is a day of our weekly tax infographic and today we want to share the top 5 tax mistakes by Americans living abroad. You might be surprised to learn what your fellow US expats don’t do or do wrong when it comes to fulfilling US tax obligations: Read more

Last Minute Tax Tips Before Deadline

Procrastination of tax returns is not a unique phenomenon. In fact, a lot of tax payers file their tax returns in the last two weeks before the deadline. Filing tax returns earlier than the deadlines is better as you are not rushed and chances of making mistakes is also lower. However, if you are racing against the deadline clock for your returns, here are some tips to help you get through.

Organize Read more

5 Common Tax Mistakes All Small Businesses Should Avoid

Tax season is the collective groan heard around the world. We get it. No one enjoys filing their taxes, even when they turn preparation over to a skilled professional. If you’re doing your taxes right, managing your small business taxes should be a year-round process.

Keeping up to date in real-time makes the effort come tax season exponentially easier. But if you’re not staying on top of things, you could make these five common tax mistakes for small businesses. Read more

Client Financial Mistakes to Detect and Avoid

Kazim Qasim, Tax Advisor

Clients (and accountants) are human whether we like it or not. And as we know, humans make mistakes. Identifying and fixing financial mistakes is a large part of the effort expended by clients and accountants. An analysis of these efforts make up the crux of this article.

According to the AICPA’s Journal of Accountancy, clients can face various financial and business predicaments: over-extension, employee problems, customer losses, and even bankruptcy. They also may lack proper management training, and they may procrastinate or overreact when problems surface. That’s when they call their CPAs in a panic. Sadly, clients may see their fortunes diminish if they do not take a more proactive approach to managing their personal or business finances. Read more

Common And Costly Bookkeeping Mistakes

Grant Gilmour

Tax Question

 

What are common and costly mistakes made in corporate bookkeeping during the year and how can these be avoided?

Read more

Canadian Court Case Showcases CRA Incompetence

Larry Stolberg

The Canadian Income Tax Act provides a time period in which one may appeal a Notice of Assessment (NOA) or Reassessment. It is not unusual for a taxpayer not to have received the NOA. Although the taxpayer should advise Canada Revenue Agency of any change in addresses or to correct an incorrect address on file, this case was decided on the premise of the lack of communication to the taxpayer of CRA’s assessment of tax payable for a taxation year.

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Biggest Mistakes Made by Tax-Exempt Organizations when Filing Tax Returns

John Stancil

Even though non-profit organizations can be tax-exempt, they are still required to file a return with the IRS. Many individuals, including those associated with non-profit organizations, do not understand the tax obligations of a non-profit organization.

I have compiled a top ten list of mistakes made in regard to taxes for these organizations.

• Not understanding the difference in non-profit and tax-exempt. An organization is a non-profit when it registers with the state as a non-profit organization. This state registration does not confer on it tax-exempt status. The organization must file a Form 1023 with the IRS to apply for, and receive tax-exempt status.

• Not filing a return. Because the organization is tax-exempt, some have a belief that the organization is not required to file a tax return. All tax exempt organizations, with the exception of churches, must file a Form 990 annually with the IRS. Read more

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