Microlearning Course: Completing the ITR14
Duration: 4 hours
Price: R351.00
Microlearning Course: Completing the ITR14
Overview
This microlearning course equips tax preparers to handle ITR14 preparation effectively, ensuring compliance with SARS regulations and mitigating penalties and audits.
Session 1: Course Content and Phased Approach to ITR 14 Preparation
1. Course Content
- Importance of complete and accurate ITR 14 to avoid costly disputes with SARS.
- Focus on increased RFIs and formal SARS audits since IT 14SD was decommissioned.
2. Phased Approach to ITR 14 Preparation
- Understanding Client's Business and Industry:
- Anticipate tax adjustments and consult tax practitioners.
- Information Gathering:
- Collect information timely and develop a detailed tax pack.
3. High-Risk Areas
Holding companies, fixed assets, trading stock, income recognition, and related party transactions.
4. Documents and Activities
Ensure comprehensive records, including signed AFS, final trial balances, normal and deferred tax calculations, and reconciliations to ensure the ITR 14 withstands SARS scrutiny.
Session 2: Detailed Phased Approach, Tax Pack Contents, and Specific Requirements
Phased Approach to ITR 14 Preparation (continued)
1. Critical Analysis of Information
Analyse and interpret gathered information. Prepare and compare draft tax computations to AFS, identifying tax-critical and uncertain positions. Ensure no filing occurs without satisfactorily addressing these items.
2. Tax Computation and Supporting Working Papers
- Prepare supporting working papers and draft ITR14.
- Anticipate SARS audit and RFIs.
3. Tax Opinions and Tax Rulings
Review and validate tax positions by critically evaluating section 223 opinions to ensure they align with actual business circumstances, avoiding the acceptance of opinions without thorough assessment.
4. Formal Communication
Ensure clear and documented communication by issuing formal reports to taxpayers, communicating with external auditors if necessary, and obtaining formal sign-off from taxpayers who understand the tax positions taken.
5. eFiling
Submit via eFiling and monitor the ITR 14. Compare it with ITA 34 assessments, and continuously monitor for queries and disputes.
6. Tax Disputes and Audit
Manage tax disputes and refund requests under section 190 , ensuring all necessary documentation and responses are prepared.
Proposed Contents of the Tax Pack
- Detailed tax computation cross-referenced to AFS.
- Summary of tax asset register.
- Detailed schedules for debtors, prepayments, and creditors.
- Industry-specific disclosures.
- Information on group structure and connected party transactions.
Additional Topics
- Controlled Foreign Companies (CFC): Ensure submission of IT10B forms with detailed information.
- Personal Service Providers: Correctly determine and classify.
- Group of Companies and MNEs: Prepare local and master files, ensuring comprehensive transfer pricing documentation.
SARS Guidance
- Provide required information for different business types.
- Follow the process for handling verification letters and providing relevant materials promptly.
Competencies Developed in this Video
- Prepare an ITR 14 according to SARS regulations.
- Develop a tax pack that assisted in dealing with SARS requests for Information and Audits.
- Reconcile the ITR 14 to the Annual Financial Statements and disclose prior year adjustments.
- Identify and deal with items that presented high risks from a tax perspective
What's Included:
Current Corporate Taxpayer Issues: Completing the ITR14 - part 1
Since the decommissioning of IT 14SD in the latter part of 2022, there is a significant increase in Requests For Information (“RFI”s) and formal SARS audits. Where errors are suspected, additional assessments are raised together with sign ificant penalties. To avoid costly disputes with SARS and to facilitate the inevitable SARS Audit, the ITR 14 must be complete and accurate in all respects, an appropriate tax pack must be maintained to support the amounts as per the ITR 14, and tax positions are underpinned by appropriate tax opinions. This video assists the preparer of an ITR 14 to prepare a robust ITR 14 with supporting schedules that will withstand detailed SARS scrutiny. Video Content Video 1: Preparing and submitting the ITR 14 SARS requirements on completing the ITR 14. Review of “Guide to Complete the Company Income Tax Return ITR14 via eFiling” issued by SARS. Review of the “How to complete the Income Tax Return (ITR 14) for companies” issued by SARS. Tax Risk Management and ITR 14 submissions. The tax pack and proposed contents thereof. Tax opinions supporting tax positions taken. Reconciliation to Annual Financial Statements and evaluating the impact on normal and deferred tax. We will dedicate time to discussing the importance of tax compliance and the need for clients to allocate increased resources to the tax compliance function. Competencies Developed After watching this video and the second video you will be able to: Prepare an ITR 14 by SARS regulations. Develop a tax pack that will assist in dealing with SARS requests for Information and Audits. Reconcile the ITR 14 to the Annual Financial Statements and disclose prior year adjustments. Identify and deal with items that present high risks from a tax perspective.
2 Hours | R195.00
Johan HeydenrychCurrent Corporate Taxpayer Issues: Completing the ITR14 - part 2
Overview Since the IT 14SD was decommissioned in the latter part of 2022, there has been a significant increase in Requests For Information (“RFI”s) and formal SARS audits. Where errors are suspected, additional assessments are raised together with significant penalties. To avoid costly disputes with SARS and to facilitate the inevitable SARS Audit, the ITR 14 must be complete and accurate in all respects, an appropriate tax pack must be maintained to support the amounts as per the ITR 14, and tax positions are underpinned by appropriate tax opinions. This course will assist the preparer of an ITR 14 to prepare a robust ITR 14 with supporting schedules that will withstand detailed SARS scrutiny. Video content Video 2: Special types of taxpayers, pitfalls, and opportunities Disclosures for Dormant Companies, Farming Tax, Mining Tax, Short Term Insurance, Controlled Foreign Entities. Multinational Entities, Local File, and Master Files. High-risk areas: Holding companies Shared Service Centres Fixed Assets Trading stock Income Recognition Related party transactions Tax uncertain positions. We will dedicate time to discussing the importance of tax compliance and the need for clients to allocate increased resources to the tax compliance function. Competencies developed in this video After attending this video, you will be able to: Prepare an ITR 14 by SARS regulations. Develop a tax pack that will assist in dealing with SARS requests for Information and Audits. Reconcile the ITR 14 to the Annual Financial Statements and disclose prior year adjustments. Identify and deal with items that present high risks from a tax perspective.
