Great Lies About Taxes

I have an interesting episode recently, which drew my attention one of the great lies about taxes. That lie (quote) is:

I am from the Government and I am here to help you.

I’ve forgotten who came up with that quote, but it is rather apropos in this age.

Now, we in Canada are familiar with Phoenix, specifically the government’s payroll system. Most people who receive a T4 out of this system approach the slip with some trepidation. They are not convinced that the slip is correct. Even when they check against their bank account and the amounts deposited match the slip.

So then, why do people trust the tax slip download (called Auto-Fill My Return) from the Canada Revenue Agency as if it is gospel?

Foreign Bank Account Reporting

US Citizens and Residents are reminded that the FinCEN Form 114 is due on April 16, 2018 for the 2017 year. Failing to file this report carries significant penalties.

You may apply for an extension before the deadline. You can’t apply for the extension following that deadline.

Confirming contact information

I am building in some automated confirmations into my business process. Clients will notice some of these changes when I start to work on their tax return.

My computer system will automatically ask for a confirmation of your contact information when I start working on your tax return. Also, if you ask for a change of information, you will be provided a preview of the change that I have entered and you will be asked to approve that change. The whole process should be completed within a minute and can be handled on a smart phone or other device any time of the day or night.

This is done to ensure that I have the correct contact information on your tax return when it is filed.