Deborah Hayden, CPA, CITP, SHRM-SCP, CFE, CRISC

CRA Audit activity is in rise and they have much more areas to review. With so many new rules in place , we have to ensure thinking about every aspect of a cross check that we have not missed a point where CRA may potentially audit a topic. For a simple residential house, now we have to think about UHT, trust, residential flipping rules, bare trust reporting, foreign reporting, rental income , deemed disposition, principal residence designation, GST rebate and all that even there is no tax owing. Penalties are large and applying all rules integrated can save not only thousands in penalties but an unnecessarily inconvenience. A good accountant is invaluable not as cost but a value to avoid potential costs. #accountants #taxes #cdntax #cra #cpa

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Accountants recommend widening the tax base for state revenue boost. Read more on the link.

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The first 2023 tax year deadline is almost down and the end is in sight! While many 🇨🇦 accounting pros are wrapping up personal income tax preparation work today, we know lots of you still have a few more deadlines to make 💼 We've got you - we're here to cheer you on every step of the way! 🎉 🙌 #KeepCalmAndTaxOn

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If you have a financial audit or review coming up, we can help you get ready. Avoid extra time and cost from your CPA firm and make sure your books are ready. We can review trial balance and accounting records, adjust journal entries, prepare auditor schedules, and more. #audit #business #finance

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ERC Audits. So far, I've only seen a handful of my clients audited for their ERC claim. But the pattern has been consistent. The agent usually comes in strong and denies the claim because the employer wasn't fully shut down. Or in some cases, the employer was suspended but the agent doesn't acknowledge the shut down. Next, we spend weeks or even months educating the agent based on the statutory language as well as the IRS Notice langauge. I've yet to speak to an IRS field agent who is comfortable with Notice 2021-20. After weeks/months of education, the agent agrees the claim is in fact valid. However, most of my audits are still open. We provided our rebuttal of a preliminary denial and after over 6 months, we are still waiting to hear back from the agent. Commissioner Werfel's statement that 95% of ERC claims are fraudulent could be based on the limited understanding of the field agents. Every claim apparently looks like fraud to a field agent. Employers need to challenge these decisions to ensure they preserve their rights. In a recent audit, the ERC claimant was a restaurant that was fully shut down early in 2020 and then allowed to open on a limited basis. The agent denied the claim outright initially and then after a few weeks, agreed that the claim was valid. It's a process. As a caveat, I have reviewed a few claims from less scrupulous so-called providers and they were not done well. If you're a business looking for professional tax support, make sure you hire a tax professional. I was looking at one popular ERC vendor recently and all of the executive leadership had real estate experience but no tax experience. Choose carefully. Do your homework.

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What are the top habits of companies with highly effective account reconciliation processes? Join Derek Henry, CPA, CFE and me to find out and earn #freeCPE at the same time. We've combined our passion for quality & efficiency to introduce ways you and your accounting team can get the most out of your reconciliations. Use the link or QR code in the post below to sign up. See you on June 26! #CPE #accountreconciliations #reconciliationstrong #qualityreconciliation #trueaccountingstories

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WHY IS ACCOUNTING IMPORTANT? Accounting plays a vital role in running a business because it helps you track income and expenditures, ensure statutory compliance, and provide investors, management, and government with quantitative financial information which can be used in making business decisions. There are three key financial statements generated by your records. *The income statement provides you with information about the profit and loss *The balance sheet gives you a clear picture on the financial position of your business on a particular date. *The cash flow statement is a bridge between the income statement and balance sheet and reports the cash generated and spent during a specific period of time. It is critical you keep your financial records clean and up to date if you want to keep your business afloat. Here are just a few of the reasons why it is important for your business, big or small! -IT HELPS IN EVALUATING THE PERFORMANCE OF BUSINESS Your financial records reflect the results of operations as well as the financial position of your small business or corporation. In other words, they help you understand what’s going on with your business financially. Not only will clean and up to date records help you keep track of expenses, gross margin, and possible debt, but it will help you compare your current data with the previous accounting records and allocate your budget appropriately. Read full article 👇🏽: https://lnkd.in/eakzEYC #elizabethrobertsaccounting #financialaccounting #accountingservices #accountingtips #taxtips #taxplanning #taxprofessional

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IRS warns of new tax scams spread by social media https://buff.ly/3KppNOF #theft #identityscam #taxreturns #IRS #IRSfraud #irs #taxplanning #irstips #irsbusinesssolutions #accounting #smallbusiness #cpafirm #falseadvice #overblownclaims #refunds #taxscam #socialmedia

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Is your accounting firm struggling to find and keep top talent? You're not alone. Our latest poll revealed that 70% of accounting professionals say finding skilled candidates and retaining them are their biggest hiring challenges. This begs the question: What are your proven strategies for building and maintaining a skilled accounting team?

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Before you start studying for the CPA Exam, create a strategy for how you are going to attack the content. Breaking study materials up into sections and schedules will help keep you on track to success! #CPA #Accounting #Students #MOCPA #TipoftheWeek

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How can your NFP stay ahead of the audit curve? Partner Thomas Kelly, CPA’s next installment in our "Is Your NFP Prepared for Its Financial Statement Audit?" series covers exactly what you need to be ready for your audit. Listen now! Learn more about our not-for-profit organization accounting and consulting: https://bit.ly/3vDTRT0 #PKFOD #KnowGreaterValue #nonprofits #accounting

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via cpatrendlines.com: Why Would Anyone Become a CPA?: The competition between CPAs and non-CPAs is about to get more aggressive. With Steven Sacks Go PRO for members-only access to more Steven Sacks. http://dlvr.it/T6nhdC #Talent #Management #Staffing

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#eBook: CPAs/Accountants: Do you feel bogged down by the grind of traditional accounting? Do you dream of working with high-value accounts and being a virtual CFO?    If it's a yes to either or both questions, we have just the resource you need. Here’s a carefully crafted eBook for CPA firms looking to outsource and build a steady revenue stream for their firm: https://lnkd.in/dUTYHmNw     #outsourcedaccounting #accountingfirms #bookkeepingservices #cpa #accountingservices #accountants 

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📜 Understanding the QBI Deduction: A Key Part of the Tax Cuts and Jobs Act Introduced under the Tax Cuts and Jobs Act, the Section 199A QBI deduction allows eligible business owners to deduct 20% of their business income. ✅ Eligible income: Sole proprietorships, S corporations, partnerships. Maximize your tax savings with this powerful deduction! 💼📉 #TaxTips #QBI #BusinessIncome

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You don’t have to navigate #TaxSeason alone. Cetera’s expert financial specialists are here to support tax preparers, CPAs and enrolled agents as they grow their tax and wealth management business. Learn more about Cetera’s solutions for tax professionals here: https://lnkd.in/eeWnZRks #TaxAdvisors

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