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Tag Archive for tax help

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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International FAQ #29 – Foreign Accrual Property Income

Grant Gilmour

What is Foreign Accrual Property Income (FAPI) and what affect does it have on my corporate taxes?

If you are a Canadian resident and own a foreign corporation that earns passive income, the income needs to be reported on your Canadian tax return even if you never received the funds. However, if the foreign corporation has a loss, the loss is not allowed to offset any other income you have for the year. Instead, the loss can be carried back three years against previous FAPI or forward 20 years against future FAPI.

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What To Tell Clients About Tax Reform (Video)

Annette Nellen

The AICPA Tax Division has a nice tax reform resources website that includes comment letters and testimony from the AICPA and short update videos. I’ve got one there dated February 27 on what to tell your clients about tax reform. I hope you’ll check it out and that it helps give you some ideas of information to share with your clients to help them understand tax reform and the possible effects on them.

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TaxConnections Virtual Offices Will Change Your Professional Life

Kat Jennings

Every day we bring the future to the tax profession today! TaxConnections is dedicated to improving the lives of tax professionals, tax lawyers, tax accountants, tax consultants, financial tax planners, and the extraordinary professionals who support them. While the tax season is underway, we have been busy helping our community save two valuable resources – time and money.

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