The senior accountant would like your assistance with responding to the client (Figure 1) quickly. Please complete the f

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The Senior Accountant Would Like Your Assistance With Responding To The Client Figure 1 Quickly Please Complete The F 1 (104.8 KiB) Viewed 64 times

The senior accountant would like your assistance with responding to the client (Figure 1) quickly. Please complete the following and email the senior accountant your response: 1. Please help the senior accountant research the tax questions that the client has. Take notes on what you have found (source and content) and then propose a conclusion to the senior accountant. 2. Please prepare the working paper to reconcile the Goods and Services Tax/Harmonized Sales Tax ("GST/HST") account with Canada Revenue Agency ("CRA") by following the senior accountant's instructions, 3. If there are any questions you want to ask the client or the senior accountant, please indicate this on a separate list to be discussed internally with the senior accountant. Figure 1 - Client email From: Jane Doe Sent: September 10, 2022 To: James Stafford, Inc. Subject: Help - High Importance Hi, I made some U.S. donations to Santa Clara University this year. I have a donation receipt, but I do not have any U.S. source income, can I claim this on my 2022 T1 return? CRA also says I owe money on the GST/HST account, but this balance is not what I expected at all. Should I be paying this? How do I make pay What is the deadline for my 2021 U.S. Form 1040 Individual Income Tax Return? Is the return done yet? Thanks so much, Jane
Figure 2 - Working Paper instructions from Senior accountant Instructions 1. Please review Figures 3 to 5. 2. Determine the GST/HST balance by a. Adding the actual GST/HST filings together. b. Determine the payments that have been made to CRA. 3. Put in the GST/HST balance that CRA has 4. If there is a difference, try to explain where you think this comes from. Draft Template - modify as necessary GST Return PE 31 Dec 2020 $x GST Return PE 31 Dec 2021 $x Payments ($x) Expected GST Balance $x Outstanding balance per CRA Difference $x $x Figure 3 - Jane's GST Filings Filed by the Firm Jan 1, 2020 to Dec 31. 2020 8/31/22 Jan 1, 2021 to Dec 31, 2021 9/10/22 Reporting Period Filing Date Ln 101 - Sales and other revenues Ln 105 - Total GST Ln 108 - Total ITCS Ln 109 - Net balance Interest Failure to file penalty Result of assessment $5.000.00 $2,500.00 ($150.00) $2,350.00 $100.00 $117.50 $2.567.50 $6,000.00 $3,000.00 ($200.00) $2,800.00 $2,800.00 Not yet assessed Figure 4 - Canada Revenue Agency GST Balances for Jane Outstanding balance $6,070.00 Interim balance $6,150.00 CR Period-end Interim balance Balance
12/31/22 ($6,150.00) 12/31/21 $0.00 $0.00 $3.500.0 0 $2,570.0 0 $6,070.0 0 12/31/20 $0.00 TOTAL ($6,150.00) Figure 5 - Canada Revenue Agency GST Transactions for Jane Effective date Period- end Transactions Amount 3/31/22 12/31/22 Payment ($500.00) Type Interim balance Interim balance Interim balance Interim balance 6/30/22 12/31/22 Payment 8/31/22 12/31/22 Payment ($500.00) ($2,350.00 ) ($2,800.00 2 ($6,150.00 9/10/22 12/31/22 Payment Balance Balance Balance 4/30/21 4/30/21 12/31/21 12/31/20 12/31/20 12/31/20 Notional assessment Late penalty Interest $3.000.00 $150.00 $50.00 ($3.000.00 ) Balance 8/31/22 12/31/20 12/31/20 Balance Balance Balance Balance Balance 8/31/22 8/31/22 8/31/22 8/31/22 9/15/22 12/31/20 12/31/20 12/31/20 12/31/20 Reversal of assessment Reversal of penalty & interest Reassessment Late penalty Interest Interest ($200.00) $2,350.00 $100.00 $117.50 $2.50 $2,570.00 $3,250.00 $162.50 $75.00 $12.50 $3,500.00 Balance Balance Balance Balance 4/30/21 4/30/21 12/31/21 9/15/22 12/31/21 12/31/21 12/31/21 12/31/21 Notional assessment Late penalty Interest Interest
You may complete your response in the PDF directly, in word and/or excel or in an email. #1 Notes & Conclusion for Tax Issue(s) #2 Prepare GST/HST reconciliation #3 Other questions