TaxConnex

JANUARY 28, 2021

There’s always something changing or new going on in the world of tax, especially sales tax. Nationwide , the Streamlined Sales Tax Governing Board has made amendments to the Streamlined Sales and Use Tax (SST) Agreement to revise its amnesty-related provisions. It’s reported to bring about $9 million in revenue annually.

Sales 149

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Withum

JUNE 24, 2022

When that prohibition was lifted nine months later by the Consolidated Appropriations Act, 2021, claims for the ERC exploded. One unfortunate side effect of the ERC explosion has been the proliferation of tax credit companies offering dubious advice in exchange for outsize fees. These promises are hollow. ERC Generally.

Tax 126

Tax audit tax return tax services 126

Going Concern

NOVEMBER 10, 2023

“Financial reporting leaders, but also investors, regulators, and other stakeholders in the capital markets expect AI to drive audit quality. “Considering both the scope and scale of AI’s impact on financial reporting, enhancing audit quality by using technology to stay ahead of emerging risks is expected.”

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Going Concern

DECEMBER 2, 2022

Audit committee disclosures increase, right along with workload [ Journal of Accountancy ]. For the first time in the history of the annual report, more than half (54%) of S&P 500 companies disclosed that their audit committees are responsible for cybersecurity risk oversight. The same thing year after year, you say?

public accounting 93

public accounting audit Account accountant 93

Withum

SEPTEMBER 22, 2022

The IRS ruled that the PPP loan forgiveness amount is not tax-free, even if the SBA and lender granted the borrower full loan forgiveness, if the taxpayer did not satisfy the factual requirements for loan forgiveness. The rest of the analysis in the CCA is a relatively straightforward application of the tax law. Taxation of PPP Loans.

Tax 125

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Going Concern

APRIL 14, 2023

Staffing Drama Signal Mountain Won’t Pay Accounting Firm For Extra Work On Audit [ Chattanoogan.com ] Clients are the worst The Signal Mountain Town Council has declined to pay an auditing firm extra money it said was due because of inadequate help from city employees in preparing the annual city audit.

Tax 100

Tax auditor audit accounting firms 100

Going Concern

FEBRUARY 16, 2024

Bill would let private CPAs, not state auditor’s office, audit state agencies [ Radio Iowa ] Senator Mike Bousselot, a Republican from Ankeny, IA seems to think letting CPA firms audit government books instead of the state auditor will fix the accountant shortage somehow? I’m a professional tax preparer.”

Real Estate 102

Real Estate Iowa audit CPA 102

Withum

SEPTEMBER 16, 2022

It is no surprise that states are seeing significant growth in sales tax revenue, a trend fueled by changes in consumer spending during the pandemic. The third reason for higher sales tax revenue was the Wayfair decision in which the Supreme Court expanded the physical nexus requirement to include economic nexus (e.g.,

Sales 80

Sales Retail Tax South Dakota 80

CPA Practice

FEBRUARY 27, 2024

These processes often include accounting and CFO services, financial planning, transaction services, corporate tax compliance and, increasingly, state and local tax compliance, including sales and use tax reporting. One of its core growth services is sales tax management. Since the Supreme Court’s S.

Technology 52

Technology Tax Sales tax return 52

ThomsonReuters

JANUARY 28, 2022

Tax season is a critically busy time of the year for accountants, and we all know the stress that can come with such a high demand for services during that part of the year. But for some tax and accounting firms, the high volume of clients from January to April represents the majority of their business for the year.

Tax 102

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inDinero Tax Tips

NOVEMBER 7, 2023

If you know how to use net operating losses to your advantage, you can strategically time investments to save money on your taxes. Net Operating Loss Limitations Record Keeping and Documentation Conclusion Navigating tax advantages like net operating losses can be a headache. Not to worry. What is a Net Operating Loss?

accrual accounting 105

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Withum

JANUARY 8, 2024

Based on the interim definition, governmental contract research facilities were required to capitalize their contract R&E expenditures, generate taxable income, and make required federal cash tax payments. However, no audit protection will be provided for Section 174 R&E expenditures that were ignored in the 2022 taxable year.

tax return 78

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Going Concern

JULY 31, 2023

Currently KPMG, Deloitte and EY provide both consulting and audit to both the public and private sector. Originally they were just audit firms,” he said. Then the audit firms decided to create this problem by going off and doing their own consulting and the whole thing’s got out of hand.”

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Going Concern

JANUARY 5, 2024

Big 4 Big Four Reshape Consulting Workforce, Strategy With Rare Layoffs [ Bloomberg Tax ] The Big Four accounting firms have leaned into their tech advisory work and data analytics services—areas ripe for revenue growth—as interest rates and the artificial intelligence boom reshaped demand for consulting services.

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Going Concern

JANUARY 19, 2023

The IRS Criminal Investigation unit has released its top cases for 2022 and in it we get reality TV personalities, a rogue tax preparer, some garden variety PPP fraud, and even a former decathlete with his own Wikipedia page. government. He was also ordered to pay nearly $9.7 He was also ordered to pay nearly $9.7

Tax 62

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CPA Practice

OCTOBER 4, 2023

Pike started working at Howard in 2004 and has served as the firm’s CEO since 2021. Wexler, who helped open Bonadio Group’s first Dallas office in 2018, will refocus his efforts on business development and client service to support continued strategic growth in Texas, the firm said. “We million.

Texas 52

Texas cpa firm CPA New York 52

Withum

NOVEMBER 17, 2022

In recent years there have been significant changes to the State and Local Tax Nexus rules. The Wayfair case validated economic nexus for sales tax purposes and amplified economic nexus for income tax purposes, signaling to all states that economic nexus is sound law. State and Local Tax Workarounds.

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inDinero Tax Tips

NOVEMBER 7, 2023

If you know how to use net operating losses to your advantage, you can strategically time investments to save money on your taxes. Net Operating Loss Limitations Record Keeping and Documentation Conclusion Navigating tax advantages like net operating losses can be a headache. Not to worry. What is a Net Operating Loss?

accrual accounting 52

accrual accounting Tax accounting and finance tax services 52

CPA Practice

NOVEMBER 3, 2023

merged with Grassi in 2021, said in a post today on LinkedIn regarding the firm’s changes to its ownership and operating structure, “My objective [for the merger] was to ensure a solid future for our clients, our team, and our partners.

cpas 59

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Withum

JUNE 27, 2022

Now that we are halfway through the new year, most companies have wrapped up their books and records for 2021 and sent them to their accounting professionals for tax and audit preparation. Even though internal records are not the same as an audited financial statement, they are still useful resources to third parties.

bookkeeping 123

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Going Concern

NOVEMBER 2, 2022

Compare these numbers to the 2021 AICPA Trends report : total accounting degree completions from 1994-2020 peaked in 2015-16 (79,854) and for 2019-20 which are the years covered in the 2021 Trends report, we had a combined 72,923 bachelor’s and master’s graduates. Demand is especially strong for audit and tax professionals.

Account 114

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CPA Practice

NOVEMBER 2, 2023

merged with Grassi in 2021, said in a post today on LinkedIn regarding the firm’s changes to its ownership and operating structure, “My objective [for the merger] was to ensure a solid future for our clients, our team, and our partners.

cpas 52

cpas New Jersey cpa firm New York 52

Steve Feinberg

FEBRUARY 28, 2022

What Is A Tax Deduction? . Tax deductions (sometimes referred to as “write-off’s”) are expenses you make on behalf of your business throughout the year, the total of which can be subtracted from your final tax payment. Money you spend on promoting your business can be directly subtracted from your year-end tax burden.

Tax 52

Tax bookkeeping Education bookkeeping services 52

Going Concern

OCTOBER 21, 2022

KPMG flunks US overseas audit inspections twice as often as rivals [ Financial Times ] US regulators were twice as likely to find flaws in audits conducted by the overseas affiliates of KPMG than those of any other Big Four accounting firm, an analysis of inspection data shows. It’s been more than one year now.”

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Going Concern

JUNE 10, 2022

This latest statement follows a pair of statements issued in October 2021 and December 2021, both of which similarly highlighted auditor independence. The jury also convicted Todd and Julie Chrisley and their accountant, Peter Tarantino, of a number of tax crimes, including conspiring to defraud the IRS.

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Withum

MAY 23, 2022

The ERC is a fully refundable tax credit for employers impacted by the COVID-19 pandemic. Eligible employers can receive a maximum benefit of $26,000 per employee for wages paid to employees in 2020 (up to $5,000) and 2021 (up to $21,000). Taxpayers should expect the same with respect to the IRS and its audits of the ERC.

Government 78

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Withum

OCTOBER 11, 2023

The Internal Revenue Service (“IRS”) released Notice 2023-63 , on September 8, 2023, providing guidance surrounding the requirement to capitalize Section 174 research and experimental (“R&E”) expenditures for the 2022 taxable year.While many tax accountants and business professionals welcome the additional guidance, the timing was not ideal.

income tax 80

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CPA Practice

MARCH 15, 2023

Audit firms cannot be owned and operated by non-CPAs, therefore firms that accept majority outside investment, or are hoping to attract it in the future, generally must organize their audit/attest practice independently from their tax/advisory/consulting side, allowing for PE investment in the latter. asked Diane Yetter, CPA.

accounting firms 132

accounting firms Account accountant accounted 132

Cherry Bekaert

FEBRUARY 2, 2024

However, for the first time since 2021, the aggregate deal value dipped below the 2019 pre-pandemic high water mark. At 13.5x, 2021 was the peak year for middle-market private company valuations, but today that number is trending closer to the historical average of 11.4x.

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CPA Practice

AUGUST 21, 2023

The 258 members of the class of 2023 is smaller than the 283 PwCers who were promoted last year but larger than the 210 in the class of 2021. The other seven new partners and principals work in business services.

New York 92

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