We have prepared thousands of corporate tax returns and financial statements over the years and have been witness to a multitude of issues. Many of these issues are unique, depending on the individual circumstances of the client in question. However there are a significant number of issues that constantly appear that are very similar across the full client spectrum.
Over the next five weeks we are going to look at each of the top five common issues we see with the tax and accounting records of our clients and how to avoid them.
The top five are as follows:
1) Shareholder debit balance – shareholder loans from the company.
2) Payroll remittances missed
3) Vehicle expenses not recorded correctly
4) Management fees not handled properly
5) General tardiness
The consequences of these issues are quite large but they are easily avoided with a little bit of planning.
If you experienced any of the top five issues, you should contact Gilmour Knotts Chartered Accountants for assistance.
Our Tax Talk issue next week
What are the most common corporate income tax issues our clients face? Next week we have part 2 in a six part series which will focus on Shareholder Debit Balances.
Grant Gilmour B.SC. MBA, CPA, CA is the International Tax Partner of Gilmour Knotts Chartered Accountant. To connect with Grant visit: www.gilmour.ca
Next week we have part 2 in a six part series which will focus on Shareholder Debit Balances.