The Tax Preparation Blog

Posts Tagged ‘business’

Question: accounting: change in tariff how to recognize?

Hihi, im stuck on a assignment question, it asks for me to prepare a memo to the CFO regarding issues that will affect the companys liquidity (under IFRS)

this issue is that, currently the company is being charged 20% anti-dumping fee to the US, and canada has been negotiating to reduce/cancel this imposed tax, and the appeal is going smoothly, currently, US is allowing the company to export as long as it has money saved up (in case the appeal does not go through)

how should the money saved up be recognized? and it has to be under IFRS

Answer: The money set aside would be “Restricted Cash”. It would be shown on the balance sheet under either current assets or long-term assets, depending on the length of time it is expected to be held.

Govt to notify converged accounting norms for IFRS by December

Corporate Affairs Secretary said the accounting standards are almost ready and all issues, including the tax implications for the convergence, will also be resolved.

IFRS Services for Public Enterprises

Question: National City Bank has not paid the water company my mom’s payments for 2 years?

National city was bought by pnc and pnc won’t show any statements before 10/09 online.When we try to login the national city website it redirects to pnc bank. The water department claims it hasn’t gotten a payment for two years. They in response to not having a payment was to put a hold against my mother’s property taxes for sewer payments. Meanwhile for the last 2 years national city bank has been taking payments made on their bill pay website..
My mother has spoken to pnc 3 times since this January. Each time she talks to them they tell
her it’s ok they will clear it up for her by emailing the bill pay department which would update her payments into the new system. It has been 4 months and we hav nothing to prove to the water company that we are paid up for the last 2 years until pnc reacts. What do we do to speed this up.?
he said she has been disconnected while holding for them some times also.

Answer: This is just one more reason why I don’t like so-called “online banking”. I prefer a physical statement that is mailed to me on a monthly basis, that I can put away and keep in my file cabinet.

Water bill not paid? No problem, let me just refer to my paper statements here and see what the issue might be.

The lesson here is, don’t trust technology completely. When I lost electricity for several days this past winter, I wanted to call my neighbors that were vacationing in Florida, just to let them know the status of their property (a tree had fallen on their roof). Guess what? It’s impossible to look-up cell phone numbers AND the only place I had their mobile number stored was in my Yahoo contacts list. No power. No computer. No internet. No access to phone numbers. Now I keep a physical list of all the important phone numbers near the phone.

FX Networks chairman dismisses ‘tax exile’ label

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How to Login and Change Password Online Payroll Service

Question: Where is the best place online to do taxes for college students?

i am considering doing taxes online this year because i am only a waitress…. and i attend a community college. Any good sites?

Answer: Go to the IRS website at www.irs.gov, and click on the Free File link. It’ll let you choose your provider. I have been using H&R Block through this link for the last 6 years. As long as you link to the provider through the IRS site, it is completely free.

Hall County property tax bills due Dec. 1

Hall County property tax bills Bills should be paid in person or postmarked by Dec. 1.

Online Jobs- GDI -Paypal- Bonuses- Tax Breaks for Homebased Business

Question: Tax deed sale in FL for empty lot?

I’m looking to bid on a lot in FL (no house on it just empty lot) and I have some Questions. The owner lives in California. Where do I go to find out if it has liens from the IRS or from a Mortgage company? I looked up online & the back taxes were only $1300, can this be right? A guy is letting his property be auctioned off for 1300$? I’m getting really confused reading stuff & I’m not sure what I’m doing.

Answer: If your bidding on a property that is being sold for back taxes by the tax office or county you need to read all the facts that pertain to the sale. Usually you don’t have to worry about any other liens. In many states the owner has one year to buy the property back. I’m sure the office in charge of the sale will provide you with all the facts of the sale. They may not provide you with all the facts pertaining to the property such as building restrictions etc. If you don’t understand them seek advise from someone who does. Many times there is a reason why the property is being sold for back taxes other than just owner neglect. Remeber it is an auction and will go to the highest bidder.

Scranton grapples with multimillion dollar tax-deliquency dilemma

Officially distressed since 1992 and saddled with a projected budget hole of about $5 million next year, the city of Scranton has failed to collect about $11 million in delinquent property taxes, some of which have gone unpaid for as long as 64 years.

Tax Deed Sales

Question: How do lenders calculate how much the self employed can borrow for their mortgage?

ie… P.A.Y.E can borrow around 4x their gross pay.

Ok! I’ll elaborate.!!!!!!!!!

Do lenders use a self employed persons net income (ie.. after tax) or their gross income (ie.. before tax).

And forget Self Cert! Lets assume we are talking about a person who can prove what they earn and has a good credit history.
And prefrebly from the UK so to avoid any American jargon!

Thanks

Answer: Hi there,

Self Employed Mortgages differ from lender to lender. Many companies will use your net income as the basis for your mortgage calculation, however they will take your accounts and also use irregular income and add that to it (i.e projections and forecasts for this years income will often be taken into account.)

I have a self employed mortgage and although I was turned down by C&G when I applied direct, I found a mortgage broker who got me a great deal with nationwide, and they used a 4x basis to calculate.

In my opinion (from experience) you are best approaching a ‘whole of market’ financial adviser who can let you know the best products available to suit your position.

Hope this helps

Caroline

Daw: Why tips don’t count towards a pension

Many waiters may prefer cash, but some reach middle age and wish their tips counted when calculating Canada Pension and Employment Insurance benefits

Self Employment IRS Income Tax Rate Information & Help 2010, 2011