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Best Practices for Managing a Sales Tax Audit

TaxConnex

Industry observers look for New York, Ohio and New Jersey to soon intensify enforcement. One of your customers undergoing their own audit might produce one of your invoices, resulting in the auditor possibly contacting you for an exemption certificate or other documents. Treat the auditor respectfully.

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IRS Getting Serious About Prosecuting ERC Fraud

CPA Practice

From the Kiplinger Consumer News Service (via TNS). Employee retention credits have been in the news lately. The Department of Justice recently arrested a New Jersey tax preparer for allegedly seeking more than $124 million from the IRS. Filing false employee retention credit claims According to a release from the U.S.

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Withum Celebrates 50th Anniversary

Withum

Over the past 50 years, Withum has grown from a small, six-person New Jersey office to a top national firm with over 2500 team members across the United States and overseas. Pat Walsh , Managing Partner and CEO Take a Trip Through Time Withum’s story began around a kitchen table in a New Jersey, Victorian home office.

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What was new in September for state sales and use taxes

TaxConnex

Several states, including California and New Jersey, have projected a slowdown in sales tax growth in the next fiscal year. Arkansas , Massachusetts , New York , Texas and Tennessee were among states that recently beat year-over-year or projected sales tax revenues. Nationwide, sales tax receipts were up 1.5% in real terms.

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Listen Up, Young Accountants: Career Advice For Sticking Out Those Early Years

Going Concern

The hallmark of a great auditor is not just understanding debits and credits, but understanding how the client makes money and the economics and the cash flows,” added Maginnis. “A He said the misconceptions became readily apparent after he retired from KPMG and started teaching at Rowan University near his home in New Jersey.

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There Are 340,000 Fewer Accountants—and Companies Are Paying the Price

CPA Practice

“If the people preparing the financials are overworked, or there’s not enough of them, you will have errors,” said Joshua Khavis, assistant professor of accounting and law at the University at Buffalo School of Management, whose research has documented links between auditor turnover , long working hours and mistakes.

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Friday Footnotes: XOXO, Accountants; PwC Wants Tax Cuts; KPMG Stacks Partners | 7.1.22

Going Concern

Ernst & Young IPO Will Create a Lot of Sour Grapes [ Washington Post ] Big Four auditor Ernst & Young LLP’s potential IPO of its consulting activities could trigger stock windfalls of as much as $8 million each for the consulting partners, according to the Financial Times.

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