Simpler corporate income tax filing requirements

An agreement reached between the Canadian Federal government and the provincial Ontario government will simplify corporate taxes by 2009. The Ontario tax return, known as the CT23, will be amalgamated with the Federal return. Ontario Finance Minister Greg Sorbara had this on the much-lauded move: “Businesses have been asking us to reduce administrative overlap andContinue reading “Simpler corporate income tax filing requirements”

New Jersey legislates tax on iTunes downloads

New Jersey residents have been hit by their government with a 7% tax on iTunes downloads (as well as other music download services such as Napster) this past week. The sales tax overall was raised from 6 to 7% in order to help the state fight their $4.5-billion deficit. Many are speculating that other statesContinue reading “New Jersey legislates tax on iTunes downloads”

Incorporate or not: It’s the investment

A small business usually starts out as a sole proprietorship, owned and operated by the founder personally and reporting business income on their annual personal tax return. But as the business grows, the question of incorporation will always arise, and there are several factors to consider when this happens. The most important single factor, inContinue reading “Incorporate or not: It’s the investment”

Why the estate tax is a good thing

You can count on only two things in life – death and taxes. Actually, more like two and a half things, because there is also taxes upon death. The estate tax raises revenue by taxing the wealth people leave behind when they die. That’s a good thing. If we could, I would suggest only taxingContinue reading “Why the estate tax is a good thing”

Kent Brockman’s accountant Myron

There have been scant references in the best animated comedies of our time – The Simpsons, Family Guy, South Park – to accountants. One that stands out was in the episode of The Simpsons when the April 15th tax deadline rolled around. Ned Flanders did his taxes on January 1st and mailed them out theContinue reading “Kent Brockman’s accountant Myron”