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Accounting firm CADJ

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Mexico
Mérida
Accounting firm CADJ

School project: We are a company that wants to provide accounting, fiscal and administrative solutions to foreign companies in a responsible and honest manner.

11/06/2020

COVID-19: Preparation of financial statements during the crisis

As the coronavirus pandemic causes an unprecedented breakdown, what should companies consider when preparing financial statements?

The coronavirus crisis is, first of all, a human tragedy, of course, but it has changed every aspect of the modern world, causing incalculable disruption to business.

Review, reconsider, reform
Companies should consider taking the following steps:
* Evaluate whether COVID-19 is an event that involves or not adjustments in the 2019 financial statements.
* Evaluate the impact of COVID-19 on estimates and judgments inherent in the presentation of financial information.

In 2020, the greatest impact will be felt in accounting terms, and policies will need to be reconsidered in light of COVID-19. A large number of measures will have to be taken.
Inventory valuation: It will be necessary to rethink whether traditional purchasing agreements are no longer valid and companies will need to find new ways to obtain the goods they need. What effects will these new agreements have?
Deterioration: assets are very likely to be worth less than in the past, so it is important to assess the necessary provisions in relation to this issue.

For more information visit: https://www.tmf-group.com/es-co/news-insights/articles/2020/march/preparing-accounting-statements/

04/06/2020

6 keys to improve the managerial accounting of your company

The basic scheme of managerial accounting would be the following: data entry (the economic events that occur in an organization in a specific period of time and that are recorded), process (the set of calculation and classification procedures that allow elaboration, from the data, the information), output (the reports related to the patrimonial situation or ability to generate resources, such as balance or memory), feedback (informative feedback after the process, where information is reprocessed to obtain new reports ) and control (set of principles and standards that allow reports to meet the characteristics demanded by users

1. Classification of expenses
2. Detection of accounting expenses
3. Greater budgetary control
4. Facilitates profitability calculation
5. It allows to establish profitability by departments
6. Automation of data entry

04/06/2020

10 tax changes for 2020 that you should keep track of

1. Disclosure of tax adviser schemes

2. Tax incentives

3. Elimination of universal compensation in CFF and LIVA

4. Digital platforms

5. Regime of the primary sector (Agapes)

6. Sales through third parties by catalog

7. Proof of withholdings
Article 106 of the ISR Law is amended.

8. RIF for technology platform services

9. Leasing of real estate

10. Outsourcing audit

For more information visit: https://www.google.com/amp/s/www.elcontribuyente.mx/2019/09/10-cambios-fiscales-para-2020-a-los-que-les-debes-seguir-la-pista/amp/

03/06/2020

"Financial statements"
Financial statements are reports that summarize how your business is doing, financially.

There are three main types of financial statements: the balance sheet, income statement, and cash flow statement. Together, they tell you where your business’s money is, and how it got there.

Let’s say you’re a freelance surfing instructor who bills clients for surfing lessons. Financial statements can tell you what your most profitable months are, how much money you’ve spent on supplies, and what the total value of your business is.

Financial statements can be generated fairly easily using accounting software, or you can have a bookkeeper do it for you.

03/06/2020

At the end of last year, the Senate of the Republic approved the initiative to tax, with 16% of VAT, the service platforms and sales of digital products that operate in Mexico.
Said measure came into force on June 1, so that various services will have an increase in their price.
The Tax Administration Service (SAT) reported that as of June 1, 2020, it will retain the Value Added Tax (VAT) to residents abroad, without establishment in Mexico, for the provision of digital services used in the country.
The collection of taxes to foreign firms, has the purpose of establishing a more equal scenario between national and foreign companies, since by not charging them VAT, unfair competition was generated with national suppliers that do contribute with the Value Tax.

03/06/2020

Accounting Equation 📑

02/06/2020

How do I file my 2020 annual return and what requirements must be met?
To make your statement you must enter the SAT website. All you will need is your 13-digit Federal Taxpayer Registry (RFC) and password.

Step 1: Capture the data and information requested by the program. Sign your declaration and send it using your e. signature (formerly Faithful) or your password as the case may be.

After sending the statement you will receive a notice confirming receipt of the information and acknowledgment of receipt with the operation number, the date of submission and digital stamp.

For more information visit: https://www.google.com/amp/s/amp.marca.com/claro-mx/trending/2019/12/23/5e00203e22601d747c8b4623.html

02/06/2020

What is VAT in Mexico?
In Mexico, the Value Added Tax corresponds to a rate of 16% that is covered when purchasing a good or service. But there are cases such as certain activities that are exempt from the tax. In other words, a 0% VAT rate is applied according to what is imposed in the corresponding law, Article 2-A, which we will explain below.
The provision of services refers to when a professional performs a series of services in exchange for a price.
Temporary use or enjoyment is understood as the lease or temporary enjoyment of a good in exchange for a consideration.
More information in: http://www.diputados.gob.mx/servicios/datorele/cmprtvs/iniciativas/Inic/603/2.htm #:~:text=El%20derecho%20para%20usar%20o%20explotar%20una%20obra%2C%20que%20realice,I.

01/06/2020

TAX REFUND TO FOREIGN TOURISTS

Foreigners with tourist status may obtain refund of tax (value added tax) that has been transferred to them in the purchase of goods in stores established in Mexico, provided that the following requirements are met:
• Returned abroad by air or sea.
• Have tax receipts.
• That goods purchased actually leave the country.
• The minimum purchase per store is 1,200 pesos with electronic payment.
• The purchase has been made in stores participating in the Tax Refund Program for foreign tourists.
• Purchased by electronic payment (credit card, debit card or services issued abroad by foreign financial institutions), or in cash purchases provided as long as they do not exceed 3,000 pesos per tourist.

Return is done by authorized dealers in attention units they have established for that purpose.
The amount of the refund is paid in Mexican pesos, by reimbursement to the electronic instrument used for purchase, or in cash up to a maximum of 50% of the amount to be paid to tourist, not to exceed 10,000 pesos. Remainder is deposited electronically in the account indicated.

This benefit works in cities with greater influx of foreign tourists, such as Mexico City, Guadalajara, Cancun, Los Cabos, Puerto Vallarta, Cozumel, Playa del Carmen, Cabo San Lucas, Mazatlán, Majahual, Progreso and Ensenada.

30/05/2020

The depreciation rates correspond to the percentages of value that each asset suffers annually.
The cost of assets decreases as a function of these depreciation rates, and assets deteriorate or wear down, so that year after year they lose parts of their value.
Buildings: The depreciation rate of a building, regardless of the terrain, amounts to 5% per year.
Machinery and furniture: The depreciation rate of this type of asset corresponds to 10% per year.
Vehicles: Vehicles, despite being designed for a long life of use, are considered as an asset whose maximum depreciation reaches 4 years, so the annual depreciation rate amounts to 25% per year.

29/05/2020

🇲🇽 Latin American Internet Association calls for extension of term for digital taxes 🙌🏻✍🏻🗣💵

The Latin American Internet Association (ALAI) in Mexico sent a letter to the Ministry of Finance and Public Credit (SHCP) detailing the technical reasons why it is necessary to have five months of adaptation time officially published in the guidelines of the digital tax law. In the text, the ALAI exposes that the package of secondary regulations, which was planned to be published comprehensively on January 31 to provide the five months of adaptation to the platforms compromised in the law, was only carried out on May 12 and responds only to the dynamics of a single business model. In the message sent to the Ministry of Finance, ALAI also reiterates its willingness to continue collaborating and contributing to the growth of the country's digital economy, while stressing the importance of being able to do so within a framework of comprehensive and clear legal certainty.

29/05/2020

Tax Deductions vs. Tax Credits

Both deductions and credits can lower your income tax bill, but they do so in different ways.

A tax credit directly reduces any income tax you owe, and it does so dollar for dollar. You would only owe the IRS less—if anything at all—if you complete your tax return to realize that you owe the IRS $1,500, then you realize that you're eligible to claim a $1,000 tax credit so you go back and do so. That $1,000 subtracts directly from your $1,500 tax bill. Now you only owe $500. You wouldn't owe anything if you could claim a credit for $1,500 or more.

Tax deductions subtract from your gross income. Only what's left is subject to state and federal income taxes. You would only pay taxes on $62,800 if you earned $75,000 for the year and claimed the $12,200 standard deduction for single filers available for tax year 2019, the return you'll file in 2020.

Both credits and deductions can save you money on your total tax bill, and they can also help fund your retirement when they're used wisely.

TIP: A few credits are refundable as well. The IRS will send you a check for the difference if there's anything left over after erasing your tax bill.

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