Canada Revenue Agency (CRA) has a number of dates and deadlines of importance to corporations. Failure to comply with these deadlines may raise a red flag with CRA, which in turn may trigger an audit.
“A sale isn’t a sale until you’ve collected payment – it’s just a loan,” a wise businessman once said.
If you’ve been in business for any length of time, you know how true this is. Many small businesses that were profitable on paper have gone bankrupt waiting for payment from their customers to arrive.
This makes accounts receivable (AR) collections one of the most important tasks for small business owners. Unfortunately, it’s also one of the most neglected. Here are 7 strategies you can implement to help boost your AR collections and improve your cash flow: Read More
Small businesses that have failed to timely file certain required retirement plan returns have until Tuesday, June 2 to take advantage of a special IRS penalty relief program.
Launched June 2, 2014, the one-year temporary pilot program is designed to help small businesses with retirement plans that may have been unaware of the reporting requirements that apply to these plans. Normally, plan administrators and sponsors of these plans who fail to file required annual returns, usually Form 5500-EZ, can face stiff penalties–up to $15,000 per return.
By filing late returns by June 2, eligible filers can avoid these penalties. So far, about 6,000 delinquent returns have been filed under this program. Read More