by Roberto Belingueres | Mar 16, 2021 | Accounting, Articles & Publications, Audit, Taxes
10 red flags that could lead to a CRA audit Audits can stem from things you do — or don’t do — when filing your tax return. Typically, the tax agency will send out about 30,000 letters a year letting Canadians know they’re being audited. While that’s just a...
by Roberto Belingueres | Feb 24, 2021 | Articles & Publications, Audit
The new U.S. Corporate Transparency Act (CTA), which passed in late 2020 as part of the National Defense Authorization Act, makes seemingly significant changes to the information required when incorporating a company in the U.S. While the legislation is a significant...
by Roberto Belingueres | Jan 5, 2021 | Audit
“Audit” can be a very scary word to any business owner, especially a small business owner. This is because when the CRA audits your business tax returns, you have to collect all of your past financial documents and explain, in detail, the intricacies of your business....
by Roberto Belingueres | Jan 5, 2021 | Audit
Due to the COVID-19 pandemic, this year has posed significant challenges for all of us, this includes auditors and the clients they serve. As a result, auditing faces new unforeseen challenges: Internal Control Risks As many businesses have moved to virtual work, they...
by Roberto Belingueres | Jan 5, 2021 | Audit
When you need a business loan, creditors will ask to see your Audited Financial Statement, this is so they can assess the risk of them losing their money on your business opportunity. It is important that Audited Financial Statement is prepared correctly as it...
by Roberto Belingueres | Jan 5, 2021 | Audit
Small businesses regularly amass expenses connected to employee travel, meals, customer relations, and other necessary items. The Canada Revenue Agency (CRA) provides an extensive list of acceptable business expenses. According to the law, businesses are required to...
