Unreported Business Income with Undisclosed PayPal Account
Breaking Tax News:
“PayPal ordered to disclose Canadian business account information to CRA
The CRA is asking for information identifying account holders and describing the amount and number of payments sent or received between Jan. 1, 2014, and Nov. 10, 2017…”
Consequences Of Unreported Business Income or Under-Reported Business Income
The CRA or Canada Revenue Agency expects that all Canadian personal and corporation taxpayers to prepare their tax return properly to avoid omissions or false statements. If individual or corporation taxpayers have undeclared or Unreported Business Income or previously submitted tax returns that had omission, the CRA may charge hefty penalties for those mistakes.
It may get worse, CRA can deem the existence of gross negligence if Unreported Business Income is detected. The tax law allows the CRA to assess a penalty of up to 50% of the unpaid tax. In addition, once convicted, taxpayers can be fined up to 200% of the tax evaded, and sentenced to jail.
What To Do To Stop The Tax Trouble of Unreported Business Income
Fortunately, there is a way to correct the mistakes and to waive the penalties. CRA Voluntary Disclosure Program or short for VDP is the solution you can deploy to to clean up your tax mess. The CRA Voluntary Disclosure Program or VDP lets you come forward and straighten out your tax affairs without major damage to your financials.
This program was designed for people who have undeclared income for the past few years. So they may file a CRA Voluntary Disclosure Program or VDP to correct erroneous information or include information they might have skipped in their previous dealings with the Canada Revenue Agency. However, CRA Voluntary Disclosure Program or VDP can be complicated for most taxpayers because it involves lots of details that the CRA requires. There are uncertainty involved in many aspects of CRA’s interpretation of your cases. With a process that can last half year or longer, it can be both time consuming and stressful.
Take Action to Resolve Your Unreported Business Income Problems Immediately!
If you have Unreported Business Income or under-reported online business income, then you cannot afford to wait any longer! Take action to resolve your tax problems Immediately! Each taxpayer has only once in one life time opportunity to do a CRA Voluntary Disclosure Program or VDP. You are in a time race with the CRA. The minute when CRA contacts you, it is too late.
To ensure maximum success to handle the problem of Unreported Business Income, it is important to work with an experienced tax professional to help you solve tax problems. Many people attempted to address their tax problems themselves, resulting in bigger damage due to the complex Voluntary Disclosure process. They need to be reminded that the Voluntary Disclosure Program (VDP) is more than just a simple form and the information they disclose to the CRA might be used against them.
We have helped many Canadian taxpayers in filing CRA Voluntary Disclosure Program -VDP and negotiated great settlement for them.
To make the process simple and easy for you, we offer an initial consultation that is completely FREE and CONFIDENTIAL. You will get a detailed review of your Unreported Business Income problems and get a customized recommendation in the meeting. Then you can decide what to do from there. Free of Obligation!
PayPal will hand over your business record to the CRA by Dec 25, 2017. Not much time left for you to prepare for this emergency.
Give us a call at 866.611.6482 or complete the Contact Form to your right for a FREE and CONFIDENTIAL meeting to get yourself under protection right away before it is too late!