My outsourced accountant has been missing a lot of expense entries for years. Since we’re still not breaking even and some expenses weren’t recorded, we don’t have to pay corporate tax (17%) yet. I think we’re safe on that front, but is this more about accuracy rather than just tax?
For carryforward losses, it seems like we’re only missing out on 17% of the unrecorded expenses, so it’s not a huge financial hit, right? Probably not worth the trouble to dig up all the old receipts and resend them if they are just in the thousands of dollars and 17% is just in the hundreds?
