Income Tax - Administration and Risk Management (VO)
Learn procedures and process that will reduce your liability exposure risk in your tax practice. The course is not a technical review of specific tax legislation but an overview of areas where professionals may encounter risk
Watch a qualified CPA instructor teaching the course and access a copy of the same course material that is provided to attendees of an in-person session.
After registering for a Video on Demand course, CPA Saskatchewan will send you information on how to access the course within 2 business days.
Click HERE for more information on Video-On-Demand courses.
A full day seminar designed to help professional advisors reduce their exposure to liability in their tax practices. The seminar focuses on the procedures and processes of practicing in the tax area, highlighting areas where a better job could be done to protect practitioners from liability. The course is not intended to be a technical review of specific tax legislation but an overview of areas where professionals may encounter risk. In addition, the seminar will include a discussion of technical issues associated with the areas where CPA Professional Liability Plan Inc. claims experience show the greatest number and dollar value of claims. In addition the seminar will review the scheme of penalties and interest in the Act, the CRA’s current administration of those provisions, and the use of the Taxpayer Relief provisions to reduce the cost of penalties.
It is beyond the scope of the course to discuss all areas of risk a professional advisor may encounter.
WHO WILL BENEFIT:
Practitioners who want to obtain a better understanding of some of the areas of risk, new practitioners who may find the information useful in developing their tax services and members in industry who are responsible for tax reporting compliance.
By the end of this course, participants will be able to identify areas where they may encounter risk in their tax practice including some suggestion for the management and administration of their practice.
- Management and Administration - areas which tax advisors should exercise caution to reduce their risk of exposure to a lawsuit.
- Tax Service Responsibility.
- Dealing with Canada Revenue Agency.
- Researching Tax Law.
- Tax Compliance.
- Malpractice Lawsuit.
- Risk Areas and “Top 10” Liability Insurance Tax Problems.
- Interest: corporate taxes; individuals; instalments; GST/HST; payment and instalments; refund interest; and interest offset rules.
- Penalties – nature and type, including penalties on information returns; income tax; electronic filing; GST/HST; GST/HST wash transactions; gross negligence; payroll, source deductions, and
- non-resident withholdings; foreign reporting; and third party penalties.
- Refunds, payments, and filing, including when a refund can be issued; when a refund can be held; offsets; collections; and filing and proof of delivery.
- Taxpayer relief provisions including objectives; when they apply; how to apply; appealing a request; and due diligence defense.
- Voluntary disclosures requirements and examples.