717.475.2298
The fourth quarter income tax provisions includes a non
June 28, 2014If you an employee, it reasonable to assume that the total amount you received as pay during the year, including the value of any bonus or taxable benefits, is properly reflected on your T4 tax slip issued by your employer following the end of each calendar year. But, what if your employer makes a mistake and omits some of the income it paid you from the total employment income on your T4 slip? Are you still responsible for the tax owing? What about any arrears interest charged on the income not reported?While most of us don give our tax reporting slips a second thought, filing them away in a drawer until it time to prepare our tax return, the issues regarding an incorrect T4 slip and the taxpayer responsibility came before the Tax Court recently in the case of a Quebec truck driver.The T4 slip, known formally as the of Remuneration Paid, is one of numerous tax reporting slips that a payor is legally required to complete to report income and various other amounts such as tax withheld, when amounts are paid to employees or other recipients. The rules surrounding the preparation of the slips are strict, the deadlines are tight and the penalties for not filing or filing incorrect slips are severe.
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2 LOCATIONS
Lancaster, PA 17603
PH: 717.475.2298
The Walk at East Village
Clayton, NC 27527
Barry Herrlinger is a registered advisor offering investment advice through Signature Investments, Inc., an SEC Registered Investment Advisor, 6500 Poe Avenue, Suite 110, Dayton, OH 45414. 937.890.1988. Atlas Financial Alliance, LLC is unaffiliated with Signature Investments, Inc.
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