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Multistate Foreign Corporation State Income Taxation – Factor Presence Nexus
Is it possible that a foreign corporation that has no physical presence in a state could be required to pay state income taxes resulting from business/sales within that state?  The answer is yes.  This surprises many foreign corporations, who find that additional state income taxes may result by them simply making sales in a particular state.
May 30, 2017
Cross border and international Tax advisory
What does Trump’s tax agenda mean for Canadian corporations and individuals?
Canadians with business or personal interests in the United States and American citizens living in Canada may want to take a renewed look at the fast-changing tax environment south of the border. Tax reform was one of the key planks in Donald Trump’s election platform, although it’s unclear how many of these ideas he’ll be able to implement. It would be prudent to consider some possible implications for your business, your family and yourself. Of course, any steps you take depend on your personal circumstances and they should be taken only after consultation with a qualified business professional. But in broad strokes, here are some ideas to consider.
May 25, 2017
Business advisory: Bridging the gap for success
Traditionally, accounting firms have focused on providing assurance and taxation services for their small business clients. Discussions often center on historical results. While these are useful and an important base discussion to have, we also want our clients to be looking forward, actively planning and pursuing their future. This is the bridge that business advisory builds to take clients to the next level.
May 23, 2017
Salary vs. dividend for medical professionals
For medical practitioners, the choice between salary or dividends is usually a conflicted one. The general sense is that the grass is greener on the other side. As tax rates change both federally and provincially, it’s necessary to consider the pros and cons of each option, as well as other aspects of pay, such as retirement savings, in order to make sure the right strategy is implemented. Here is a closer look at some of the key issues involved.
May 15, 2017
Technical Bulletin: May 2017
<p style="margin-left:1.0pt;">This <em>Technical Bulletin</em> covers the various developments from February 2017 to April 2017. <p style="margin-left:1.0pt;">Acknowledgement: The content of the <em>Technical Bulletin</em> has been summarized or reproduced from the CPA Canada, IASB and IFRIC, IAASB, AcSB, PSAB, AASB press releases, updates, publications, meeting summaries and other publications referenced within the <em>Bulletin</em>.
May 12, 2017
Cross border and international Indirect tax Tax advisory Transfer pricing
Budget 2017 Update - Relief for contingency fee engagements
<em>This information is current to May 11, 2017. Please refer <a href="/en/cbn/publications/taxflash-budget-2017-update-relief-for-contingency-fee-engagements" target="_blank">here</a> for an updated version of this Tax Flash. </em> As proposed in the March 22, 2017 budget, every professional must include year-end work-in-progress (WIP) into taxable income effective for taxation years beginning after March 21, 2017. WIP for professionals typically represents unbilled professional time and cost incurred in the rendering of services to clients. This is often captured in the form of a professional’s “charge-out” rate, which represents their cost, overhead and some profit component.
May 11, 2017
Negotiation strategies for selling your business
Negotiating the sale of your business isn’t easy. The ability to negotiate is vital when entering into a merger and acquisition (M&A) transaction. However, it’s difficult to stay objective when parting with a company you’ve dedicated years of your life to. For many people, this is an emotional process. It’s important to enter M&A negotiations with an understanding of your priorities for your future and the future of your company. Keep the following strategies in mind and you are far more likely to get the deal you’re hoping for.
May 10, 2017
It’s never too early to crisis-proof your business
From fires to the destructive floods in Alberta, we have experienced a variety of unexpected disasters in recent years. People often think something like this will never happen to them, but we’ve seen that anyone can be affected. Statistics show that small businesses are often not prepared for emergencies and rarely think about disaster recovery – in the same way many people postpone writing a will or planning their funeral.
May 3, 2017
Transaction services Audit and accounting Tax advisory Succession and estate planning
2017 Ontario Budget Commentary
Finance Minister Charles Sousa tabled the Ontario Budget on April 27, 2017. The deficit for the 2016-17 fiscal year is projected to be $1.5 billion, with a balanced budget projected for 2017-18, 2018-19 and 2019-20.
Apr 28, 2017
The elimination of billed-basis accounting for professionals
Work in progress (WIP), work performed but not yet billed, is a ubiquitous aspect of business for professionals. Under the <em>Income Tax Act</em>, WIP is deemed to be inventory. Since inventory is carried at the lesser of cost or fair market value (FMV), businesses typically carry WIP at cost on their balance sheets. Professionals, such as accountants, dentists, doctors, veterinarians and others, can deduct the WIP in calculating their income for tax purposes. Budget 2017 proposes to change that.
Dave Clarke Apr 27, 2017
Drive law firm success by helping each lawyer succeed
<em>This article was originally published in the February 2017 edition of TLOMA Today, the newsletter of The Law Office Management Association of Ontario.</em> In my many years of consultation with law firms around the globe, I have learned that the most successful firms are those that offer the best leadership for their individual lawyers. One of the most gifted managing partners I ever met made it one of his priorities to conduct an ongoing, never-ending study of what made the individual lawyers in his firm, and the firm as a whole, tick. Being sensitive to the idiosyncrasies of the people you lead, and helping individual lawyers in your firm to refine their practices so that they find them more challenging and rewarding, will result in long-term benefits to the firm as well as to individual practitioners.
Apr 27, 2017
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