Provisional Taxes can be a great source of stress for any tax practice. A large amount of work must be completed accurately and quickly to allow your clients to pay what is owed.
This webinar aims to refresh participants on how provisional taxes should be calculated and the consequences of not doing so correctly.
This lesson covers the following:
• When will a taxpayer be a provisional taxpayer as defined, and when will they be excluded from these provisions
• The rules governing the determination and settlement of provisional tax payments - this discussion will focus primarily on the first (mid-year) payment. Still, it will include an overview of the second (year-end) and third (top-up) payments.
o Clarifying the concept of the “basic” amount and considering whether it should be used
o Interest and penalties for late and underpayments
o Administrative process of submission and payment
• Brief overview of the application of provisional taxes to directors of companies
• Current issues in the provisional tax space
All taxpayers that are provisional taxpayers, or that wish to know whether they should be provisional taxpayers.
