Have you suddenly become the unhappy target of an audit for allegedly under-reporting income to the IRS? Maybe you did under-report. Maybe you didn’t. Whether you did or not, your tax returns have waved some red flags at the IRS and you are now in their line of sight.
Tag Archive for tax help
The Canada Revenue Agency (CRA) has issued me a business number. Now what do I do?
In Canada, once a company is assigned a business number then it needs to request which type of program account it needs to be setup. There are five types of accounts:
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.
How the gains from the sale of a primary residence are taxed has changed in recent years. If you have recently sold your home, or are considering doing so, you may want to be aware of some of these tax rules.
What are Prepaids on a Balance Sheet? The Prepaids category appears under Current Assets on a Balance Sheet. Prepaids represent expenses that are paid in advance for a future period.
The Inventory category appears under Current Assets on a Balance Sheet. It is a common category used for companies from the manufacturing and distribution sector. Inventory is comprised of raw materials, work in progress (WIP), and finished goods.
The WCB manages workplace insurance for employers and workers. In Canada, each province and territory has its own WCB that is a statutory corporation created by the provincial government.
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.
What are the most common groupings of Asset and Liabilities on a Balance Sheet?
TaxConnections is excited to announce we will be releasing Taxexpedia, an updated version of Ask Tax Questions, to the world of Tax CEOs, CFOs, and VPs during the 4th quarter of 2016. We will be helping management of organizations, large and small, connect with tax experts who can assist them with a wide range of tax problems.
We have good news for anyone conducting business in South Africa. One of our super smart tax experts, Dr. Daniel Erasmus recently acquired the Africa Tax, Law and Finance Hub and is offering complimentary access to the site for a limited time only.
We highly recommend you go view our tax professionals video section and scroll down to meet him in the video presentation he has on TaxConnections. If you have any business operations in South Africa, Dr. Erasmus is extraordinarily knowledgeable on the subject. Read more
When you leave your tax preparer’s office each year, there are two very important questions you should probably be asking yourself.
How secure is your personal information after you leave it with your tax preparer? Probably not very secure! Do they leave your paperwork lying about the place, accessible to all, after they have completed your taxes? Are their computers adequately protected by firewalls and effective anti-virus software? Is there adequate background checks done on their employees, who obviously will have unlimited access to your sensitive personal information? The honest truth is that you really don’t know.
Also, you should be concerned about hackers. These criminals have been successful in hacking into supposedly very secure government computer systems; the Office of Personnel Management, and even the IRS itself come to mind immediately. These people know that they will have access to a treasure trove of personal information if they were to hack into the computers of H&R Block, Liberty Tax, or any CPA or other tax preparation office. So what is to stop them from hacking into your tax preparer’s computer, which obviously will be a lot less protected than the government’s computers? Read more