Professional Tax Support for Lawyers
Consider Shajani LLP for your firms professional accounting needs.
We provide a set of competitively priced and professionally prepared tax statements and tax returns along with trust account audits.
Engaging Shajani LLP will give you access to a team of tax professionals to answer all of your tax questions in detail. We are a tenured CPA firm with a dedicated tax team. See what we can do for you ……
Taxation may have a significant impact when overhauling a corporate structure. At Shajani LLP, we provide professional tax strategies and support to lawyers on corporate reorganization to mitigate the tax risk on your files.
Your firm will receive a professional steps memo that includes the background of facts, legislative analysis, relevant judicial rulings, CRA positions, along with the sequential steps require to execute the proposal.
Engagements may be white papered for presentation on your firm letterhead or we can engage directly with your client.
A Trust generally has to file a T3 return annually if it has tax payable or distributes all or part of its income or capital. However T3 return does not include all information that may be necessary for proper accounting which results in difficulties recalling assets held in the Trust some years later. The standard of care of a Trustee may not be met without proper accounting.
In addition to the T3 return, Shajani LLP will prepare financial statements and maintain working papers to support those statements.
Separation and divorce present unique tax considerations and accounting requirements. Shajani LLP can help!
- Business Valuation
- Guideline Income Assessment for Spousal & Child Support
- Litigation Support
- Expert Testimony & Critiques
- Calculation of Contingent Taxes or Notional Costs of Disposition
- Strategic Tax Plans on Separation or Divorce
Correspondence with CRA sometimes requires some finesse. Keeping abreast of legislative changes, Tax Court Rulings, and related Federal Court of Appeals decisions is the foundation of our support services in dealing with the CRA.
Shajani LLP provides professional support for correspondence and disputes with CRA. Shajani LLP will consider the background of facts, legislative analysis, relevant judicial rulings, and CRA positions to determine the appropriate tax strategy. Some of the areas of assistance we provide include:
- Objections to Notice of Assessment
- CRA Reviews and Audits
- Taxpayer Relief Applications
- Residency and Non-residency Issues
- Tax Debt Assistance
- Arbitrary Assessments
- Voluntary Disclosures
Negotiating the tax impact on an estate could result in significant losses to your client. Proper will & estate preparation should consider tax strategies to maximize after tax dollars in the life of your client and to their estate.
Shajani LLP will review your clients assets and liabilities along with the anticipated income in their retirement years, where appropriate to determine an efficient tax strategy to maximize after tax dollars.
Your firm will receive a professional memo and detailed calculations to anticipate the tax burden to the estate under the current scenario and where relevant, provide tax strategy to maximize the after tax dollars to your client and their estate.
More complex strategies will include the background of facts, legislative analysis, relevant judicial rulings, CRA positions, along with the sequential steps required to execute the proposed plan.
Shajani LLP is also well prepared to execute the tax filings.
Engagement
Those with Power of Attorney and Trustees should be prepared to pass accounts. The "court form" presents a unique format and uses cash based accounting in which all transactions are categorized as either income or capital and as either receipts or disbursements.
Preparation of statements annually is recommended and may be prepared on the "court form" where required.
Shajani LLP will prepare the appropriate statements that include:
- Statement of original assets
- Statement of all money recieved
- Statement of all money disbursed
- Statement of all investments purchased and sold
- Statement of all property remaining on hand at the time the accounts are prepared
- Statement of liabilities at the time accounts are prepared
- Statement of compensation claimed by the Trustee
The voluntary disclosure program provides an opportunity to correct a tax return previously filed or to file a return that was missed. The program may offer relief from prosecution and penalties in certain situations.
Shajani LLP will complete the voluntary disclosure application, enclose relevant supporting documents and provide explanations that site relevant tax legislation, judicial rulings, and CRA positions where appropriate.
