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Money service business checklist Form: What You Should Know

Fiscal Year (FY) 1 — IRS Financial Statement Deadline — IRS All payments related to a cash basis business must be made to a bank for deposit, or on a cash basis. Payment for tax matters must be made to the Department of Finance. Payment, Payment for Tax Compliance and Taxes — IRS All cash receipts must have the following information: First-Line Information: Date, type and amount of the cash receipt Second-Line Information: The names of the persons who received the cash on your behalf Amounts paid as and on account of: Employment tax EI premiums Other employment taxes for a particular employment (pay stub) Other payroll taxes for a particular payroll (pay stub) Other income taxes for a particular source of income (pay stub) Other deductions (income tax) or credits received on or with the cash Amounts received on a gift or inheritance Amounts received in respect of an interest in land Amounts received for property disposed of before the termination of that property's registration as a farm or fishing property or after the termination of that property's registration as a farm or fishing property Additional information on tax obligations: Tax obligations for the period in which the cash is received Amounts and payments reported on other tax returns Tax obligations to Canada for the tax period in respect of which the cash is received If you paid someone 1000 for your services when you started your business, you need to report this payment on line 11(j) of your first-line return Cash payments must be reported as follows: Payment of salaries, commissions, commissions for services provided, royalties, dividends etc. Payments from a trust (that is, other than a personal trust) Payments from an annuity contract Cash payment on behalf of a deceased person Additional Information from the IRS.

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