CRA Targets Tax Shelters:
The CRA is auditing "gifting tax shelters" ,which mainly target middle income earners. It seems that the tax shelters have been falsifying charitable donation amounts eg. a donation of $30 will turn into a donation receipt of $100 resulting in a tax credit up to $45. It is estimated that 170,000 taxpayers will be assessed for about $2.5 Billion.Read More
Bernie Madoff accountant, David G. Friehling, was finally stripped of his license after being accused of falsely representing that the financial statement for Bernie Madoff Investment Securities, LLC (BMIS) were audited in accordance with Generally Accepted Auditing Standards (GAAS) and conformed to GAAP.
Some of the more egregious GAAP and GAAS irregularities included:Read More