Tag Archive for tax help

Why You Shouldn’t Drop Your Prices On Services

Practice Ignition

Accountants and Bookkeepers commonly fall into the trap of dropping their fees at the negotiation table. At Practice Ignition, we want you to avoid this. Instead, we recommend harnessing fixed fee billing to set up a baseline set of services with key add-ons available to your clients. Read more

The Tax Questions U.S. Expats Most Often Ask

Do I still have to file and pay U.S. taxes if I live abroad?

This is the most common tax question that U.S. expats ask. Unfortunately, the U.S. tax system is based on citizenship rather than residence, so it doesn’t discriminate where in the world you live.

As a result, expats have to file and pay U.S. taxes on their worldwide income if they earn over $10,000 (or just $400 of self-employment income).

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Lessons For U.S. Taxpayers Hiding Assets Offshore

Ron Marini

Argentine soccer superstar Lionel Messi was sentinced to 21 months in jail after he was found guilty of tax fraud for using offshore companies to avoid paying Spanish taxes on advertising contracts. Read more

Canadian Tax Help – Tax Treatment of Reserves

Grant Gilmour

What is the tax treatment of reserves?

A common reserve to record on financial statements is an allowance for customer receivables that are considered to be bad debts. For tax purposes there are many additional types of reserves that may be claimed in calculating taxable income.

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Hale Stewart’s Webinar On Tax Treaties – May 23, 2017

Hale Stewart

Today, more and more companies’ and individuals’ tax matters cross borders. These multi-jurisdictional transactions and structures are typically governed by tax treaties. Although there are three basic model treaties (the OECDs, the US’ and the UNs), each uses many of the same concepts.

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Canadian Tax Help – Protecting Your Company: Key Reports

Grant Gilmour, Canada, CPA

What reports should you be reviewing regularly to identify irregularities?

Whether you work in the company daily or manage from afar, there are key reports you should be reviewing regularly to stay informed and detect possible fraud.

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Protecting Your Company: Bank Reconciliations

Grant Gilmour

How does preparing bank reconciliations help to detect and prevent possible fraud?

A bank reconciliation explains the difference between the balance in the bank account per the accounting records and the balance actually in the bank at any given time. The bank reconciliation should be prepared and reviewed monthly to analyze the differences and help detect errors or fraud. This internal control will also help deter fraud.

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More Art, Less Science: Managing A Tax Dispute

Monika Miles

On March 23, 2017, the IRS Large Business and International (LB&I) division announced the initial identification and selection of 13 “campaigns” to combat perceived tax compliance issues, with more campaigns to be identified and launched in coming months.

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Protecting Your Company: Segregation Of Duties

Grant Gilmour, canada, tax help

What duties should be segregated to help prevent fraud?Segregation of duties means that key duties are divided among two or more people so that no one person has control of company assets.

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When Flagged For An IRS Audit, Choose The Fast Track

Barry Fowler

If you’ve never been audited, you may not know that when the IRS audits you, it could take up to a year or more to complete the audit.

If you have been audited you know that audits are time consuming and fraught with endless worries.

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Canadian Tax Help – Corporate Departure Taxes

Grant Gilmour

Are there any consequences when a corporation leaves Canada and takes up residence in a new country?

Generally, a corporation is a resident of Canada if its central management and control is exercised from Canada. When this stops occurring, the corporation is considered to be a non-resident of Canada, regardless if initially incorporated in Canada or not. This can result in taxes owing.

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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.

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