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Tax Practice - Risk Management
Introduction & Administration
Course Introduction and evergreen nature and methodology used in this course (5:16)
What this course covers and the approach used to teach concepts (1:52)
Refunds, certificates, questions and other course administrative matters (6:25)
Course materials, notes and PowerPoint slides (2:11)
Module 1 - Corporate Tax Practice Administration
Mandatory electronic filing of corporate tax returns for professional preparers (3:44)
E-filing registration process and links to CRA website (5:31)
Detailed summary of important filing dates for practitioners (5:26)
Breakdown of filing deadlines by client and tax area (5:07)
Understanding the difference between balance due dates for corporate returns (4:40)
Filing corporate tax returns on time in all cases even if no balance due (3:51)
Dealing with inactive companies and risks of making assumptions (4:51)
Using Represent a Client effectively to help manage client accounts (6:19)
Maintenance and system for CRA authorization forms (5:20)
Options for having original signature on file for authorization forms (4:44)
Withholding taxes on payments to non-residents (7:24)
Filing corporate tax returns that have dividend refunds (4:04)
Module 2 - Personal Tax Practice Administration
Understanding personal tax return due dates vs payment dates (4:06)
The surprising maze of issues that can arise with instalment payments (5:50)
Filing personal tax elections as part of personal tax return and CRA (5:11)
Understanding pre-assessment reviews and communication with clients (4:29)
Dealing with post-assessment reviews and communications with clients (5:51)
Understanding Re-filed returns and T1 Adjustments (4:02)
Knowing what changes are allowed and disallowed on adjustments and refiling (2:20)
Dealing with tax adjustments and changes once you know they have occurred (4:53)
Making adjustments to a number of previous year returns (4:57)
Understanding how long adjustments take once filed with CRA (3:37)
Electronic filing of T1135 Foreign Income Verification (4:27)
Take extra time and due care on personal information before filing (4:20)
Module 3 - Responsibilities to Clients & Tax Service Topics
Process of formulating engagement letters and reviewing with clients (4:51)
Coming to an understanding of what you and the client are responsible for (7:01)
Must Be aware of our duty of care when providing clients with information and advice (6:55)
Providing explanations or interpretations to clients (4:09)
Giving client's advice on transactions or proposing courses of action (5:12)
Gathering the facts from clients in order to provide objective interpretations (4:30)
Interpreting the facts and data provided by clients and the course of action (4:44)
Areas that practitioners need extra caution when dealing with clients (6:21)
Module 4 - Analyzing the risk on a New Corporate Tax Client File
Introduction to client risk and how I developed this model (5:02)
Why it's important to analyze potential risks on new clients (5:08)
Step 1 - Determining whether or not you can work with a client (4:19)
Step 2 - Getting down to the worst case scenario on a client file (4:06)
Step 3 - Deeper look at the client's business (3:30)
A look at the spreadsheet tool you can use to help you quantify risk (4:30)
Section 1 - Financial statement and overall business review (6:19)
Section 2 - An overview of the CRA tax accounts for the business (6:20)
Section 3 - In depth review of shareholder transactions and accounts (6:38)
What if it's a newly incorporated client or a client who doesn't have financial records to share (3:38)
An example of reviewing a new client - Brother's Convenience Ltd. (7:01)
Module 5 - Tax Research Methodology
Introduction to tax research methodology (1:37)
Step One - Determine whether you should take on the engagement (3:21)
Step Two - Obtain the facts and supporting documentation (5:12)
Step Three - Start digging into the research and building case (6:08)
Step Four - Communicate findings with client (4:18)
Using tools available to you to research and build scenarios (6:24)
Some examples of how I used this approach on client files (5:20)
Module 6 - Dealing with the Canada Revenue Agency
What clients expect of accountants - Bridging the gap between expectations and reality (5:01)
The current environment when dealing with CRA in the complex tax landscape (6:16)
Knowing when to seek professional advice and expertise (3:49)
An overview of the process for dealing with CRA during the audit process (6:46)
Tips tricks and traps when dealing with CRA auditors (11:39)
Writing to the CRA and ensuring what you say can't be used against client (4:21)
Process for negotiated settlements with the CRA on client's behalf (4:10)
What is a tax waiver and the pros and cons of having client sign it (5:53)
What if the Notice of Objection deadline was not or cannot be met - Process for time extension (3:29)
Dealing with CRA Collections and client tax debt (5:39)
Applying for interest and penalty relief under the fairness provisions (6:56)
Module 7 - Tax Court of Canada
Tax Court of Canada - Overview of what you need to know (5:55)
Overview of the appeal process and getting to tax court (4:55)
Do you need to have a tax lawyer at tax court - formal vs informal procedure (7:29)
Process of trying to settle the file with CRA lawyers before going to court (6:00)
Example of the work an accountant may be asked to do (8:29)
Informal route - Example of building a solid case and settling (6:23)
Example of a more complicated tax court case and putting the case together (6:11)
Building your business by doing work for tax lawyers (3:52)
Module 8 - 2023 Update: What's New in the Tax Practice Risk Landscape
TAX COMPLEXITY - Be aware of certain defense against penalties - Don't expect reasonability (7:12)
CRA TAX GAP REPORT - Minister of National Revenue releases Tax Gap report - What is in store for practitioners? (6:03)
TAX COMPLEXITY - Be aware of certain defense against penalties - Don't expect reasonability (6:22)
LAW vs. CRA INTERPRETATION - Court cases providing clarification of what happens when bad info (6:13)
PERSONAL & CORPORATE TAX - The deductibility of expenses when you do not have receipts - Is it possible? (8:34)
CRA ASSESSING - Issues pertaining to filing amended tax returns (6:52)
Wallens Court Case - Issue of evidence not matching with filed tax returns (8:14)
TAX CONCEPT - Know the implications and thought process for All or substantially all (4:51)
BUSINESS SENSE - Second-guessing the business decision of business owners (7:19)
CRA Prescribed Rates - Pay extra close attention to instalment payments for clients (2:44)
Conclusion
Conclusion - Thank you - comments and testimonials (1:36)
Testimonials, Commentary & Suggestions
Overview of the appeal process and getting to tax court
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