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
Tag Archive for tax help
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
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.
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.
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.
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.
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.
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.
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.
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.
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.