Tired, rushed tax department staff may be creating corporate tax risk

Article summary: Tax risk may arise from numerous sources, explains expert Ana Sainz, Founder of The Claret Partners Limited. Her firm’s unique Tax Compass Process helps corporate clients to identify the issues contributing to tax risk. People make mistakes; especially busy, over-worked people. “The biggest tax risk comes from people – employees may be tired, rushed,…

Three Factors Influencing Compliance Intervention By Revenue Authorities

Article summary: Changes to your company activities may lead the Canada Revenue Agency to question your compliance strategy, such as engaging in international trade, e-commerce sales or changes in employment patterns. There are key factors that may increase revenue risks and the complexity and volume of service, audit and other compliance interventions by revenue authorities.…

How Transparent Is Your Tax Planning?

Article summary: Some companies will have to accept greater transparency if they are to close the trust gap between taxpayers and the tax authorities.  Tax planning transparency is increasingly important to organizations wishing to avoid damage to their well-earned corporate reputations. As public attention is increasingly focused on corporations and the amount of tax they…

How Excel makes data management easier

Article summary: Everyone loves Excel because it supports accurate data capture while offering usage flexibility. Learn how valuable Excel can be to your organization. It’s one of the most popular software applications available to accounting and tax professionals yet many people do not harness the full power of Excel. Here are a few ways your…

What Auditors Want

Article summary: Use this helpful summary to understand what documentation your financial auditors want to see. What auditors want The annual audit is a valuable process to make sure that your company’s financial procedures are in order. It should give your officers and auditors confidence in the strength of your company’s financial systems. Being prepared for…

Controlling the Tax Risk

Article summary: Understand basic internal controls and related mitigating procedures that can help to mitigate identified tax risk in your organization. Controlling the tax risk Once a company has its tax risks identified, mitigating procedures need to be implemented and documented. In order to do so, there has to be a core understanding of basic…