August 27, 2020
Forbes Features mobilityView For Work From Home Reimbursement & Tax Compliancy
The tax landscape in the business sector frequently changes in North America, and many companies are completely oblivious to the announced changes and the impact of these changes. Changes may be prompted in part because governments at all levels (including municipalities and counties and federal governments) are struggling with massive budget deficits and debts. As an example of important tax regulations, in the United States and in Canada, businesses need to be aware of the tax code as it pertains to the tax treatment and deductibility of a cellphone, from corporate taxes in the U.S. and from the employee taxable benefit perspective in Canada.
The global tax landscape with regards to cellphones was already complex before the pandemic started.
Forbes featured @mobilityView for US (IRS) and Canada (CRA) tax compliancy for Employees & Employers.
The challenge now (COVID 19 Work From Home) and then (pre-COVID19) was the need to separate business from personal usage and cost for cellphones, internet connections, mileage, etc.
A mileage book for your car has been pretty standard and has been able to be documented with pencil and paper for over 50 years.
The challenge for Smartphones is how the heck do you do it?
You’ll see in the link below that Forbes has helped us to Ghost Write and Fact Check with links to CRA & IRS website the new tax requirements in both Canada and the USA.
As a Business Owner, CFO, Controller, HST Expert, Payroll & Benefits expert this a must read to make sure your company is compliant.
Employees/Contractors/Gig Economy/Side Hustlers it is also a must read as there is great advice on how to be tax compliant.Back