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What the accounting and tax implications are

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Reference no: EM132835340

Problem 1: What the accounting/tax implications are and what steps can be taken to address a reassessment.

  • JJI has received a Notice of Reassessment from the Canada Revenue Agency for the 2019 fiscal year. The CRA is disputing $100,000 of repairs and maintenance expenses to JJI's building and has reassessed them as improvements to the building.
  • In addition to the additional taxes payable, the reassessment includes arrears interest. Tim disagrees that the amounts are betterments and would like to know what the implications are to JJI, as well as what steps to take to address the reassessment.

Reference no: EM132835340

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