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(Tax Update) Your Client Under-Reports Tax. Can the Bookkeeper Be Charged Too?
Every bookkeeper, either in house or external outsourced provider, has heard this before. “Just follow the figures I gave you.”“The difference is timing only.”“Submit first. We can explain to IRB.”“The long outstanding suppliers is my friends ” Then something goes wrong. The client says :“I thought you checked everything.” A 63-year-old accounting firm partner was…
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Offsetting adjustment
(Tax Update) LHDN Adjusts One Side. Taxpayer Must Apply, Explain and Wait for Relief on the Other Side. “Boss, this is the same transaction.How can LHDN adjust one side but not automatically correct the other side?” Welcome to the agony of LHDN transfer pricing audit. Company A charged its related Company B a management fee…
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(Tax Update) E-invoice exemption threshold increase to RM3 million
“Boss, I spent RMXXXX to comply.Now you tell me I may be exempt?Can I claim my money back?” This is the WhatsApp message I received before 31st August 2026. RM150,000.Then RM500,000.Then RM1 million.Now RM3 million.The e-Invoice threshold can move. But the SME’s money cannot move back into the bank account. Imagine one typica SME owner.…
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Yearly Account Service…
Yearly Account Service…. Recently, SSM officers came to our office for a routine inspection. Normally, we are the auditor asking questions.That day, we became the auditee. 😂😂😂 The officer did not start with our audited financial statements.They requested our accounting records,selected several transactions and compared: Transaction date.Posting date. Suddenly, the 60-day rule was no longer…
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SAAS is dead in AI era
Last week, my Finance Manager passed me an invoice. It was for a professional technical knowledge platform we have used for years. I looked at the amount and asked,“Can we terminate this?” She replied,“Boss, cannot. Two-year contract. Ends in 2027.” 😅 Okay lor.Contract signed already.Pay. Then I told her,“Do you know our Claude Team subscription…
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