What is the cost of asking tax questions? How can I avoid huge fees when I have a “simple” or “quick” question?
One of the things that often creates unnecessary friction between clients and advisors is the cost versus value of advice asked for and received.
This is Part 2 – a continuation of the post about “tax residency under the Common Reporting Standard.”
That post ended with:
Breaking tax residency to Canada can be difficult and does NOT automatically happen if one moves from Canada. See this sobering discussion in one of my earlier posts about ceasing to be a tax resident of Canada. (In addition, breaking tax residency in Canada can result in being subjected to Canada’s departure tax. I have long maintained that paying Canada’s departure tax is clear evidence of having ceased to be a tax resident of Canada.)
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.
What controls should be put in place to protect the company’s assets from fraud?
Company assets such as inventory, equipment and vehicles are highly susceptible to fraud and need to be protected. Internal controls should be put in place to protect these assets.
Before a “Green Card” holder uses the “Treaty Tiebreaker” provision of a U.S. Tax Treaty, he/she must consider what is the effect of using the “Treaty Tiebreaker” on:
A. His/her immigration status under Title 8 (will he/she risk losing the Green Card?)
B. His/her status under Title 26 (will he expatriate himself under Internal Revenue Code S. 7701(b)) and subject himself to the S. 877A “Exit Tax” provisions?
Now, on to the post
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.
What is a schedule 91 as part of a T2 corporate tax return?
Schedule 91 is for non-resident corporations that carried on business in Canada or disposal of taxable Canadian property in Canada that was treaty-protected any time in the year.
Before a green card holder uses the Treaty Tiebreaker provision of a U.S. Tax Treaty, he/she must consider what is the effect of using the Treaty Tiebreaker on:
A. His/her immigration status under Title 8 (will he/she risk losing the Green Card?)
B. His/her status under Title 26 (will he expatriate himself under Internal Revenue Code S. 7701(b)) and subject himself to the S. 877A Exit Tax provisions?
(This blog is continued from a longer set of posts which you can find here: Part 1: Introducing FATCA – What Does It Mean In Your Life? and Part 2: FATCA: How Does The Meadows Bill Interact?)
I was asked to answer the question:
“What exactly would it mean to repeal FATCA?”
The short answer to the question is:
“We make FATCA go away by reversing all the changes to the Internal Revenue Code that collectively comprise FATCA.”
(This is a continuation of a previous post by John Richardson titled, “Introducing FATCA – What Does It Mean In Your Life?” It gives a great summary of FATCA and leads directly into this article.)
First, About the FATCA legislation …
2012 – The world according to FATCA – For the compliance industry: “The Gift That Just Keeps on Giving.”
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.
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.
Disproportionate Distributions Won’t Automatically Terminate S Status
Michigan & Wisconsin And Sales Tax – SaaS, Software & Other
California Senate Passes Bill Allowing Undocumented Immigrants To Get Homebuying Loans (23-11 Vote)
How To Open A U.S. LLC For Non-US Residents
New California State Exercising Right To Become The 51st State
Recent Comments