20 Nov 2012, 10:22am
Income Tax Tax Fraud
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Comments Off on Accounting Improprieties at H.P. or a Tax Fraud?

Accounting Improprieties at H.P. or a Tax Fraud?

HP takes Accounting Charge

H.P., had taken $8.8 billion accounting charge

Major news is out today that H.P., had taken $8.8 billion accounting charge after discovering “serious accounting improprieties” and “outright misrepresentation” at Autonomy that it bought for $10 billion in 2011.

The accounting charge essentially wiped out its profits (really? no 38% corp. tax to pay). Previously H.P. had taken an $11 billion charge related to its acquisition of Electronic Data System in 2008.

It sounds to me H.P. has become a victim of serial “Accounting Improprieties” wiping out any of its profits and putting the company in red on the books.
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19 Nov 2012, 3:26pm
Income Tax
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Comments Off on US Tax Hike On Wealthy Is A Policy Of Disaster

US Tax Hike On Wealthy Is A Policy Of Disaster

American voters re-elected Mr. Barack Obama for a second term as the President of the United States. Mr. Obama campaigned on ending the Bush-era tax cuts on income above $250,000.

After being re-elected Mr. Obama confirmed that voters have expressed their support to his plan to tax the wealthy. Tax increase on the wealthy is a dumb solution to any fiscal problem. Ask any economist, how taxes work.

Tax increase on the rich raises taxes on everyone. Voters were told that this tax increase on the wealthy will not cost you a dime.
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2 Oct 2012, 10:32am
Canada Revenue Agency Income Tax:
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Comments Off on Canada Revenu Agency Audit is Up This Year

Canada Revenu Agency Audit is Up This Year

CRA Tax Audit

CRA Tax Audit

Canada Revenue Agency audit is up significantly for tax payers all across the board. And if you are a self employed or independent contractor, you are more likely to be audited to provide proof of certain expense deduction claims. It is very important to have not only sufficient but 100% backups of expense claims with original documents or third party proof. Here are some of the expense deductions that CRA is primarily auditing from Canadian Tax Payers. If you have any of these deductions in your 2012 tax returns, you could be asked to provide supporting documents to support your claim.

1. Education/Tuition fees expense.
2. Transfer of Tuition fees to spouse or parents.
3. Professional Membership dues
4. Donation Claim receipts
5. Medical expense claims
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23 Sep 2012, 11:48am
Income Tax
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Comments Off on A Brand New Web Site is Launcing in Few Weeks

A Brand New Web Site is Launcing in Few Weeks

As you might know, this web site was hacked by someone from Europe, restricting our access to update the site with new informations. We recovered the website, without any compromise with the hackers. But in the process all the links got broken except for the front page. Rather than trying to fix the whole web site, we have decided to relaunch the web site with new design and informations. We have got a fantastic team of web consultants working on the project right now. We hope to get it live in next few weeks. In the mean time, you can still call us direct 604-764-7864 for any of your tax consulting needs. We are here to help you and take the stress out of your tax concern.

11 Jun 2012, 2:50am
Income Tax
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Comments Off on Website was hacked, Call 604-764-7864

Website was hacked, Call 604-764-7864

This web site was hacked and they messed up some files and postings. Trying to get it up and running like before in a new server. It will be few days or couple of weeks everything comes back to normal. I do not have any client information on the website, so that is a relief.

In the mean time, if you need help with your USA/Canada income taxes, call me direct.

 
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