Principles for the Management of Credit Risk

1. While financial institutions have faced difficulties over the years for a multitude of reasons, the major cause of serious banking problems continues to be directly related to lax credit standards ...Full Article

U.S. economy hit by surging inflation

WASHINGTON (AP) -- Wholesale inflation soared in July, leaving U.S. prices rising at the fastest pace in nearly three decades. While recent declines in oil and other commodity prices raise hopes infla...Full Article

Another Tax Loophole

Just image, you are a small manufacturing company, business has been good, but yesterday you received a call from a customer who wants 50,000 widgets in 45 days. The customer is a large account and i...Full Article

Hurricane Katrina - How To Use Your Business Loss To Get A Refund on 2004 Taxes

With the massive losses caused by Katrina, the economy of the Gulf Coast region is in extremely bad shape. Fortunately, there is a quirk in the tax code that can help you generate a large refund from ...Full Article

Fraudulent Tax Shelters - KMPG Goes Down Hard

In the largest criminal tax case ever filed, KMPG has copped a plea to using fraudulent tax shelters to bilk the government out of 2.5 billion dollars. KMPG has agreed to pay a fine of $456 million do...Full Article

Small Businesses: Company Car Vs. Personal Mileage Reimbursement In Hurricane Katrinas Wake

With gas prices at an all time high before Hurricane Katrina left her mark on our nation, most Americans were hoping that gas prices would settle down once summer passed. But gas prices have jumped a...Full Article

The Annual Gift Tax Exclusion: Getting The Edge

Whether helping the kids with a down payment on their first home, paying the premiums on a life insurance policy in an irrevocable trust, or moving appreciated assets to a younger generation, annual g...Full Article

Taxing Overseas Firms for SOX Compliance

The Sarbanes-Oxley Act, also called the Public Company Accounting Reform and Investor Protection Act of 2002 was signed into law on July 30, 2002 by President Bush. In the aftermath of Enron, Arthur A...Full Article

Render Unto Caesar

Once a year Canadian taxpayers are required, by law, to file an income tax return in the prescribed form: $150(1).For individuals: $150(1)(d) ITA, they must do so by April 30 of the following year, pr...Full Article

Failure To Pay Employment Taxes - Penalties

As an employer, you must pay employment taxes if you have employees. Fail to pay and the IRS will rain all over your parade.PenaltiesIf you have employees, you absolutely must deduct and withhold vari...Full Article

Employment Taxes - Depositing With The IRS

If your business has employees, you must pay employment taxes. The payment system can be a bit confusing, so this article discusses how to go about depositing employment taxes with the IRS.Depositing ...Full Article

Paying Workers - What Can You Write-Off?

As your business grows, you are going to need help. This help comes in the form of employees and independent contractors. What you can write-off is dependent upon how your helper is classified - as an...Full Article

Where to Find Tax Breaks for Your Home Based Business

April 15th looms in front of most people every year like a big, full moon full influencing a tax based frenzy, but knowing where to find tax breaks for your home based business can make that frenzy a ...Full Article

Insider Guides to IRS Audits!

Ever wish that, as a business owner, you knew exactly what would raise red flags at the IRS? Or how to make an IRS audit go as smoothly and painlessly as possible?If youre in the right type of busine...Full Article

Six Urban Myths About Taxation

Six Urban Myths - Taxation"I am proud to be paying taxes? I could be just as proud for half the money." - Arthur Godfrey Temporary Taxation in Canada In 1917, the Income War Tax Act (7-8 G...Full Article

Fiscal Deity: Tax Consultant

Strategic planning throughout the year results in a minimal tax balance. The objective of planning your tax payables is not to prevent paying taxes, it is to pay no more than your fair share of taxes...Full Article

Tips and Simple Guidelines on How to Calculate Payroll Taxes

Managing a business small, medium or big requires you to pay your taxes, as well as your employees taxes. Managing a payroll can be an arduous and taxing job, no pun intended. There are laws that requ...Full Article

The Tax Man Cometh... To Search

Youre at your office, or home, and the doorbell rings - its the Canada Revenue Agency ("CRA").The first thing to do is find out why theyve come. If it is an "inspection, audit or exami...Full Article

IRS Lock-In Letters - Whats An Employer To Do?

Employers often ask employees to designate the amount of tax withholdings for paychecks. Occasionally, employees will fail to withhold a sufficient amount in the eyes of the IRS. The IRS will then sen...Full Article

Back To School - Educators Deduct School Expenses

As teachers and students head back to school following a glorious summer, its time to remind teachers to organize 2004 school expenses. Under a temporary tax code change, teachers can deduct certain s...Full Article