TaxConnections

 
 

Access Leading Tax Experts And Technology
In Our Global Digital Marketplace

Please enter your input in search

Tag Archive for balance sheet

Tax Rules For Bad Debts On A Balance Sheet

Grant Gilmour, balance sheets, canada, tax

How do income tax rules treat bad debts?

Facts:

There are two provisions in the Income Tax Act (ITA) for bad debts.

Read more

Canadian Tax FAQ – Shareholder Loans On A Balance Sheet

Grant Gilmour

What are Shareholder Loans on a Balance Sheet? The Shareholder Loans category may appear as a short term or long term liability on a Balance Sheet. Shareholder Loan is a loan by a corporation to one of its shareholders.

Read more

Canadian Tax FAQ – Capital Leases On A Balance Sheet

Grant Gilmour

What are Capital Leases on a Balance Sheet? The Capital Leases category appears as a long term liability on a Balance Sheet. A Capital Lease is a contract that allows the lessee to use the asset for a specific period of time. The corresponding asset is listed as a Capital Asset on the Balance Sheet.

Read more

Long-Term Debt On A Balance Sheet

Grant Gilmour

What is Long-Term Debt on a Balance Sheet?

The Long-Term Debt category appears as a long-term liability on a Balance Sheet. The balance represents the total outstanding balances of all bank loans, mortgages and financial contracts.

Read more

Canadian Tax Help – Deferred Revenue On Balance Sheet

Grant Gilmour

What is Deferred Revenue on a Balance Sheet?

The Deferred Revenue section appears under current liabilities on a Balance Sheet. Deferred Revenue represents revenue that is usually received in advance for future goods and services.

Read more

Accounts Payable On A Balance Sheet – Canada Tax

What are Accounts Payable on a Balance Sheet?

The Accounts Payable category appears under Current Liabilities on a Balance Sheet, as it is expected that these amounts owing will be paid within one year. It represents funds that a company has an obligation to pay vendors or creditors for goods and services received.

Read more

Canadian FAQ #209 – Capital Assets On A Balance Sheet

Grant Gilmour

What are Capital Assets on a Balance Sheet? The Capital Assets category appears under Long Term Assets on a Balance Sheet. It is also referred to as Property, Plant and Equipment. This section is comprised of various property such as buildings, machinery, computers, vehicles and other equipment.

Read more

Canadian Tax Help – Accounts Receivable On A Balance Sheet

Grant Gilmour

This post deal with “Accounts Receivable” on a Balance Sheet. The Accounts Receivable category appears under Current Assets on a Balance Sheet as it is expected that amounts outstanding will be collected within one year. It represents funds that a company has a right to receive because it has provided customers with goods and services.

Read more

The Internal Revenue Code Versus The IRS Form: Noncovered Expatriate Status And Form 8854

John Richardson

 For Whom The IRS Form Tolls

I would not want the job that the IRS has to create forms given there are many “information reporting requirements” in the Internal Revenue Code. The IRS has the job (sometimes mandatory “shall” and sometimes permissive “may”) of having to create forms that reflect the intent of the Internal Revenue Code. The forms will not necessarily reflect how the IRS interprets the text and intent of the Code. Once created, the “forms” become a practical substitute for the Code. If you look through your tax return you will find “form” after “form” after “form” how the various provisions of the Internal Revenue Code are “given meaning” (if the meaning can be determined).

Read more

Canada Pension Plan (And Other “Foreign Social Security”), The “Net Worth” Test, Form 8854 And Form 8938

John Richardson

Q. How does the inability of the state of Rhode Island to pay its employee pensions help us understand the “net worth” of a U.S. citizen wanting to renounce U.S. citizenship?

A. The answer (like most wisdom in the modern world) is explained in the following tweet.

Read more

Canadian FAQ #204 – Balance Sheet Series

Grant Gilmour

Tax Question:

What are the most common groupings of Asset and Liabilities on a Balance Sheet?

Read more