Revised Second Edition!
The must-have guide to building and maintaining a successful tax practice today, Tax Practice Manual provides resources to help practitioners to incorporate best practices into a tax practice. It also provides information on the important risks associated with operating a tax practice and provides recommendations on ways to minimize those risks.
In response to feedback received from a panel of tax practitioners, the new Tax Practice Manual, Second Edition, has been changed to increase its focus on risk management. This newly revised edition still contains the blend of straightforward commentary, time-saving practice aids, and resources that make the Manual an essential resource to help maximize productivity and avoid common pitfalls in a tax practice.
The elements of each chapter vary depending on the subject matter. Elements of the Tax Practice Manual include:
- Relevant references to the Income Tax Act and Regulations
- An overview of the key requirements
- Links to CRA administrative policy, forms and other documents
Electronic Access to over 20 Practice Aids
Relevant Practice Aids are listed at the end of each chapter; Word files, PDF files and links are now included on a CD which accompanies the print version of the Manual. In the electronic versions, the Practice Aids appear at the end of each chapter. The URLs are included on both the CD and in the electronic versions for quick access to source documents.
Tax Practice Manual contains 22 comprehensive chapters:
- Deadlines and Penalties
- Self-Assessment Tools
- Tax Service Responsibility
- Links to Important Concepts
- Dealing with the CRA
- Appeals to Tax Court
- Researching Tax Law
- Taxpayer Relief Provisions, Collections and Third Party Liability
- Access to Information Act and Privacy Act
- Advance Tax Rulings and Technical Interpretations
- Tax Return Preparation
- Computerized Tax Return Preparation
- Remission, Rectification and Rescission Orders
- Purchase and Sale of a Business
- GST/HST Issues
- Estate Planning
- Taxation of Trusts
- Management Companies and Technical Services Companies
- Section 85
- Share Attributes
- Other Areas of Risk
- United States: Statements on Standards
Deadlines and Penalties — As much of a tax practice involves meeting deadlines, the Manual provides many of the deadlines that relate to a tax practice as well as penalties for late-filing and non-compliance. It also includes a discussion on the new tax preparer penalty for not meeting electronic filing requirements, as well as practice aids relating to the responsibilities of efilers.
Links to Important Concepts — To assist practitioners to find reliable information, this chapter provides links to CICA’s publications and other sources that discuss important concepts relating to a tax practice, i.e., incorporating best practices and also some of the important risks associated with operating a tax practice and recommendations on ways to minimize those risks.
Tax Service Responsibility — The GAAR discussion now includes the most recent Supreme Court of Canada decision on this issue and cases heard since the Supreme Court of Canada first decided on GAAR have been reorganized into an easy to use GAAR Chart. The discussion on malpractice has been revised and expanded to include common areas for malpractice claims.
*Note: Tax Practice Manual, Second Edition contains some completely new chapters, as well as some significantly revised and expanded material. Some of the chapters have not changed but will be revised or expanded in future updates; others have been removed because they were not focused on the management of risk in a tax practice.
Please Note: Updates are priced individually upon release.
Publication Date: Updated regularly