Tax Professionals Beware of Big Penalties
aliko-aapayrollservices.com - Small businessess from 1 to 80 employees outsource your payroll management to us and let us worry about your payroll processing.
RSS Follow Become a Fan

Delivered by FeedBurner


Recent Posts

Tax changes to expect when you’re expecting
2016 Tax Tips for 2015 Filing Year
From Proprietorship to Corporation - When is the Best Time to Incorporate?
Tax Specialists Brief your Clients About CRA Fraud And E-Mail Scams
Bank of Canada cuts rates again

Most Popular Posts

Help your teenager build credit responsibly
Being an Executor of an Estate
Anti-Aging
Student Line of Credit
Principal Residence Exemption

Categories

aliko nutrition store- isotonix
aliko payroll services
canada revenue news and videos
canadian news
CPP ,OAS RRIF ANNUITY
Cross border Tax
Disability awareness and Benefits for disabled
estate planning
FINANCIAL LITERACY
HEALTH & NUTRITION
Home Car Insurance
Income Splitting Strategies in Retirement
INVESTING
kids and money -set your children up for financial success
life insurance
on line safety tips
online safety tips
PAYROLL
Real Estate - Investments / Retirement
RETIRE HAPPY BLOG
Retirement planning
SAVE YOUR MONEY
Save your money
SERVICE CANADA NEWS
small business planning
Tax Information for Students
tax news
tax planning
tax tips.ca
Tech news
TFSA

Archives

January 2016
July 2015
May 2015
April 2015
February 2015
December 2014
November 2014
September 2014
August 2014
July 2014
June 2014
May 2014
April 2014
March 2014
February 2014
January 2014
December 2013
November 2013
October 2013
September 2013
August 2013
July 2013
June 2013

powered by

MY BLOG

Tax Professionals Beware of Big Penalties

Tax Professionals Beware of Big Penalties
 
Tax Professionals Beware of Big Penalties
Posted: March 20, 2014
The tax professional is becoming a central focal point for information-gathering on behalf of the Government, and in the process can be at significant financial risk. Fees charged to clients may have to reflect this new reality as CRA continues to unveil new and more detailed forms – with big penalties for missing information.
 
 
New filing requirements for the revised T1135–Foreign Income Verification Reporting and the proposed Registered Tax Preparer Program (RTPP) have recently been discussed. The SR&D Tax Credit has a similar bent.
The new Form T661 is required to be filed for SR&D claims for SR&D applications effective January 1, 2014. It places more emphasis on the accuracy of form completion by the tax preparer.
Of note is the new Part 9 of the form. Preparers are now required to answer the question, “Was a claim preparer engaged in any aspect of the preparation of the SR&D claim?”
If the answer is “yes” the following information must be completed and submitted with the claim:
·         Name of claim preparer (company or individual)
·         Their Business Number
·         The Billing Arrangement
o    Contingency, hourly, daily, flat fee or any other type of arrangement
o    The billing rate, as applicable (percentage, hourly/daily rate/flat fee)
Tax preparers will be subject to a new penalty of $1,000 for failure to complete and submit information requested in the T661 information or in any case where information is missing, incomplete or inaccurate. 
Contingency payments may also indicate a hallmark for the Reportable Transactions Form RC312.
 
 
 
 
 
 
 
 
 

0 Comments to Tax Professionals Beware of Big Penalties :

Comments RSS

Add a Comment

Your Name:
Email Address: (Required)
Website:
Comment:
Make your text bigger, bold, italic and more with HTML tags. We'll show you how.
Post Comment