Feigenbaum Law

Tax Compliance

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Tax Compliance

Failure to Keep Records Leaves Taxpayer Without Evidence to Support Tax Return Numbers

Whether you own a small business or a large one, it is critical to maintain proper record-keeping. Good record-keeping practices help ensure your business is in compliance with tax laws and can position your business to pay less tax, resulting in more profit. If a taxpayer finds themselves in the critical eyes of the Canada Revenue Agency in Canada or the Internal Revenue Service in the United States, a taxpayer can find themselves involved… Read More

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Tax Compliance

Tax Court Overturns CRA Decision Disallowing Subcontractor Expenses

No Canadian business owner wants to run afoul of the Canada Revenue Agency (CRA). While many small business owners may think their operations fly under the CRA’s radar or that they don’t have the same obligations to maintain proper tax records as large businesses do, this is not the case. A recent decision from the Tax Court of Canada shows that treating your business informally and failing to maintain popper records can result… Read More

NASCAR Bumper Sticker

Tax Compliance

NASCAR Disputes Tax Claim by State of Ohio

One of the most important considerations for businesses that carry on commercial activities in multiple jurisdictions is to ensure they are in compliance with their tax obligations in each jurisdiction. Each state and province in the United States and Canada has its own tax system. It might be natural to assume that smaller businesses are more likely to run afoul of tax agencies, but as we see in a recent decision from… Read More

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Tax Compliance

The Importance of Record-Keeping for Tax Purposes

As the calendar year draws to a close, many business owners are preparing to begin the process of filing their taxes. Since the outbreak of COVID-19, there has been an increase in the number of people working from home. This can lead to a greater need to organize receipts to show which expenses can be classified as business expenses and which are personal. A recent decision from the Tax Court of Canada highlights… Read More