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Having survived tax season, thousands of CPAs flock to beach resorts for 11 months of relaxation, cocktails and resting on their laurels. OK, not quite.
Nevertheless, that seems to be the general assumption. In reality, accountants have plenty to do throughout the year, whether it is tax time or not. Days are filled with audits for some organizations and financial planning for various individuals or companies. Bookkeeping is always ongoing, just as other year-round tasks are dealt with. So what does a CPA do after April? Read on to find out.
Pandemic restrictions are easing, however, after tasting life with less commuting time, many want to continue working at home, at least a few days a week!
This means businesses that agree to provide such flexibility :
- Create protocols around communication channels and expectations
- Deploy the Must-Have Technologies and security to support effective and safe remote collaboration
- Implement virtual communication best practices
- Strike the right balance of the kinds and amount of virtual communication to keep things real
- Share the keys to high-output remote teams with everyone
To download a free copy of "How to be a Better Virtual Communicator," click here to subscribe to our blog (you can unsubscribe anytime).
Many people assume that if they fail to include an information slip with their income tax return, the Canada Revenue Agency ("CRA") will simply adjust the return to report the income and adjust the income tax accordingly. This is half correct! The other half of the equation is a little-known penalty the CRA imposes for repeated failure to report income. This penalty arises when an income slip is not added to your tax return twice in a three-year period.
As an individual and/or business, it is always recommended to file your tax returns on time not only to keep your affairs well organized and up-to-date but also to stay on top of your financial affairs. If any taxes are owing, It also makes sense to file tax returns on time because of interest and penalties associated with late filing.
Normally if money is loaned to a spouse for acquiring an income-producing property, any income or gain of that would be attributed back to the person lending the money. However, if planned properly, it can result in tax savings for the family.
Small business owners and self-employed persons are people who follow their dreams! Whether you are an up-and-coming entrepreneur, semi-retired, or want to become your own boss, we all must play by rules.
As you start down the road, here are common mistakes people make. Here are some important tips you could use to run your business and comply with the Canada Revenue Agency (CRA) or the Internal Revenue Service (IRS) rules: