article thumbnail

Why Microsoft’s $29 Billion Tax Bill Could Be the Big Knockout Punch in Fight with the IRS

CPA Practice

By Clint Rainey, Fast Company (TNS) Way back in 2012, the IRS launched the largest-ever audit in history, accusing Microsoft of stashing billions in offshore tax havens to dodge U.S. Microsoft’s accounting firm KPMG had spelled out explicit steps to convince the government that the Puerto Rico venture was “real.”

Tax 111
article thumbnail

Blog: The 'XYZ Letter' and your sales tax compliance

TaxConnex

Other exemptions can apply to transactions with special entities like government organizations and nonprofits. One of the downsides, is that if you are selling to small businesses, small businesses are less likely to have accrued and paid use tax or to have been audited.

Sales 185
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Wirecard Forces ‘Radical’ Reboot Of German Accounting Regs

PYMNTS

The government is expected to end its contract with the Financial Reporting Enforcement Panel (FREP), the country’s accounting watchdog, as early as Monday, sources told the Times. “We German regulators have faced accusations that they failed to adequately supervise Wirecard, which has been audited by Ernst & Young , the Times reported.

Account 88
article thumbnail

Friday Footnotes: Florida Man’s Tax Problem; Accountants Are Walking Out; BDO Assures on Tether | 2.10.23

Going Concern

The gap came in part from supplier financing that wasn’t reflected the right way in the company’s financial statements, which have been audited by PwC since 2019. We have seen an immense commitment from the government to invest in the metaverse and explore the technology’s public utility.

Florida 95
article thumbnail

When You Need to Hire a Pro: Online Accounting Service for Small Business

xendoo

When you need to deal with government red tape. This year has been so hard on small businesses. As the government continues to implement and propose new measures to help companies manage the economic consequences of the COVID-19 pandemic, you need to know how to account for the assistance. When you have been audited.

article thumbnail

What ‘Patchwork’ eCommerce Taxes Mean For Black Friday – And Beyond

PYMNTS

States have been defining their parameters for economic nexuses. Lawsuits have arisen over disputed back taxes owed to state and local governments, as noted in the Next-Gen Sales Tax Tracker , produced in collaboration between PYMNTS and Avalara. In an interview with PYMNTS, Scott Peterson, vice president of U.S.