Comments for Business Ready

Comment on PBC list? by Doug Thompson

Doug Thompson — Thu, 11 Mar 2010 07:27:02 +0000

I agree, an example would be nice. I am at our plant in China, and PwC is driving me nuts with the same questions every time they send in an “almost new” staff to do the audit.

Comment on 2008 - SR&ED and IRAP - part two by Sean Peel

Sean Peel — Fri, 05 Mar 2010 18:48:27 +0000

It is not an either/or thing. You want both
You file your SRED claim at the end of the year and assuming you’ve done it properly the government WILL give you a refund of a percentage of all the out of pocket expenses incurred in the previous year related to technological developments you worked on.
IRAP needs to be applied for BEFORE you do the work. IF you are approved they will give a percentage of teh costs incurred (and only related to salaries/contracts) so you will still be out of pocket for anything that is non-salary and the percentage of the salaries not paid for. This you can make a claim for in the following year SRED claim

Comment on help with valuing convertible notes? by LedsZoord

LedsZoord — Fri, 05 Mar 2010 01:23:11 +0000

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Comment on capital lease vs. operating lease? by Christine

Christine — Thu, 04 Mar 2010 17:44:12 +0000

Thanks! I learned this in my intermediate accounting class. Unfortunately, I don’t have the textbook at work

Comment on what is a W8-BEN? by Sue

Sue — Wed, 03 Mar 2010 21:24:52 +0000

I just completed the SS-4 and W8BEN. Here’s what I learned for anyone faced with the same thing.

If you are physically doing work in the US and will be paid for it, you need an EIN (complete the SS-4). Easiest thing to do was call the IRS - the number I used is specific to companies not based in, or calling from, the US (215-516-6999). I completed the form first, then just walked through it with the IRS guy. He put me on hold for about 30 seconds and came back with our EIN. In 2 weeks, I should receive original in the mail from the IRS.

The W8BEN form allows us (Canadian corporation) to invoice US customers and no tax is withheld. Basically the W8BEN form allows us to access the US/Cda tax treaty. Hopefully (fingers crossed), there won’t be any tax filing requirements in the US for us. On the W8BEN, you need to include your EIN.

For the EIN, it stays current as long as you have 1 invoice to your US customer per year. If it becomes inactive, call the IRS back (number above) and request to have your EIN re-activated.

Sue

Comment on taxable health benefits – who should pay? by Cariad Leyma

Cariad Leyma — Mon, 22 Feb 2010 16:01:38 +0000

of the health benefits such as life ins, accidental death ins, extended health and dental - which of these benefits are taxable

Comment on what is burn rate and how do you calculate it? by Ronald Blue

Ronald Blue — Mon, 15 Feb 2010 20:55:15 +0000

How does the burn rate relate to a contract (firm-fixed-price) in a government enviornment. How can this information be used? Why should the government be concern with the company cash flow?

Comment on chart of account template? by khaled

khaled — Mon, 08 Feb 2010 20:21:46 +0000

thnks for this chat of account

Comment on chart of account template? by Tamara Thibodeau

Tamara Thibodeau — Sun, 07 Feb 2010 02:00:09 +0000

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Comment on capital lease vs. operating lease? by Jonathan Kirk

Jonathan Kirk — Fri, 05 Feb 2010 19:52:22 +0000

Well done Wendy Rose