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Friday Footnotes: Consulting is Done For; Audit Partners Not Feeling Optimistic | 6.6.25

Going Concern

Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default. Audit Fraud culture was ‘pervasive’ at union, auditors say [ BBC ] There was a “pervasive fraud environment” at one of the UK’s largest trade unions Unite, an auditors’ report obtained by the BBC has concluded.

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What happens if you get audited and don’t have receipts?

xendoo

Most small businesses have a low probability of going through an IRS audit, but it’s possible. What happens if you get audited and don’t have receipts to back your expenses? The best way to avoid headaches during an IRS audit is to keep accurate business records and bookkeeping year-round , and that includes tracking receipts.

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What happens if you get audited and don’t have receipts?

xendoo

Most small businesses have a low probability of going through an IRS audit, but it’s possible. What happens if you get audited and don’t have receipts to back your expenses? The best way to avoid headaches during an IRS audit is to keep accurate business records and bookkeeping year-round , and that includes tracking receipts.

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How To Find The Right Online Accountant For Your Business

xendoo

You need an online accounting service that relies on the latest and best accounting software. You want a provider who can minimize accounting errors and ensure a greater level of accuracy. This is especially important during tax season, where errors can lead to an audit and potentially result in penalties and fines. .

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How to File Your GST/HST Return Using CRA My Business Account

Ronika Khanna CPA,CA

The good news is that it is quite easy to file the return online and, in most cases, probably saves you time since you don’t have to put it in an envelope, affix a stamp and take a walk to a mailbox. If you have more complex transactions, that I don’t discuss here and you are not sure, I recommend speaking to an accountant.

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Why you should register for CRA and RQ My Business Account (and how to do it)

Ronika Khanna CPA,CA

Stay on Top of Your Tax Obligations Keep track of filing and payment deadlines to avoid penalties, reduce interest charges, and prevent issues with information requests or audits due to missed or overlooked mail. How to Register for My Business Account Online registration is relatively straightforward.

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Learn When Your Should Outsource Your Accounting

xendoo

Outsource accounting firms can often provide experience in unique areas such as: Personal financial planning and assistance. Forensic accounting. Managerial accounting. IT auditing. Non-profits. Tax preparation.