Going Concern

SEPTEMBER 22, 2023

James Greiner said he was not shocked about the layoff, but was surprised it happened right before the third quarter tax deadline for clients. data center industry on the national economy between 2017-2021, adding $2.1 economy, including employment, labor income, and tax contributions to federal, state, and local governments.

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Going Concern

NOVEMBER 11, 2022

Audit Fees Rise Only 2.5%, But Audits Require Greater Effort [ CFO ]. and 2.3%, respectively, in 2021, according to the Financial Education & Research Foundation’s Public Company Audit Fee Study. About half of the financial executives surveyed said 2021 audits required greater effort to support than those in 2020.

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ThomsonReuters

JANUARY 12, 2023

When it comes to cryptocurrency, there are many unknowns around accounting, audit and assurance. Adding to the complexity is the fact that most taxpayers are unaware of the potential tax consequences of crypto. . This means that crypto audits will certainly be on the rise. . AICPA SOC 1 & 2 audited tax software.

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inDinero Tax Tips

NOVEMBER 15, 2021

Claiming deductions can save your company thousands of dollars in income taxes. However, if you’re claiming ineligible business expenses , you risk facing an audit. If the thought of filing your taxes is enough to make you sweat, you’re not alone. . Many of them may affect the 2021 tax year.

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CPA Practice

AUGUST 11, 2023

The Department of Justice recently arrested a New Jersey tax preparer for allegedly seeking more than $124 million from the IRS. The multi-millions came from filings of over 1,000 false tax forms claiming the pandemic-related employee retention credit, also referred to as the ERTC or ERC. Treasury Department.

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CPA Practice

MARCH 26, 2024

ERC audits. Additionally, the agency says thousands of audits are underway, as are investigations into abusive promoters. In addition to recapturing funds, the IRS is pursuing criminal charges against promoters and preparers engaging in fraudulent ERC practices. The agency’s current focus is on claims from the 2021 tax year.

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Going Concern

JANUARY 26, 2024

Long Read Corporate Self-Oversight [ The American Prospect ] Four auditing firms examine the books of nearly every big U.S. How AI is transforming audit [ Thomson Reuters ] In the past, auditors have heavily relied on manual processes to uncover risks in financial statements and business operations. AI Is your firm keeping pace?

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Going Concern

APRIL 12, 2024

ICYMI: These are the most-read articles on Going Concern this week: Tax Preparer Finds Out in the Worst Way Possible That ERC Wasn’t a Free Money Glitch Survey Says: Which Group of Auditors Are Most Satisfied With Their Salaries?

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Withum

DECEMBER 22, 2023

Taxpayers also must disclose to the IRS identifying information and other details about any advisors or tax preparers who advised or assisted them with their ERC claims. The IRS said it continues to examine the 2021 tax year, and additional mailings are planned.

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CPA Practice

OCTOBER 10, 2023

It provides essential services due to the complexity of tax laws and the importance of offering valuable tax-saving advice to clients; and that’s just the tax half of the industry. However, today, it struggles to replace those who leave the profession.

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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.”

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CPA Practice

DECEMBER 10, 2023

While chestnuts crackle and we gear up for the annual tax preparation season, it becomes clear that the winter holidays bring more than just festivities and time off; they also mark the beginning of the tax preparation party. Tax preparation has its spotlight, tax planning follows a rhythmic beat … and tax advisory ?

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CPA Practice

MAY 23, 2024

We should not describe ourselves by the products we deliver – auditor, tax preparer, etc…but by the value we add,” McCall says. “It She also cites a need to drive the focus and identity of the profession to the work accounting and finance professionals do as trusted advisors. “We

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Going Concern

MARCH 22, 2023

After a frantic search, the Trump Organization settled on the firm of Whitley Penn, LLP (“Whitley Penn”) based out of Fort Worth, Texas to perform audit services, compilation services and tax preparation services, including the preparation of an SOFC for the year 2021.

New York 112

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Going Concern

FEBRUARY 9, 2024

IRS warns tax professionals to be aware of EFIN scam email; special webinars offered next week [ IRS ] The IRS warned that scammers are posing as tax software providers and requesting EFIN documents from tax professionals under the guise of a required verification to transmit tax returns. accounting software?

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ThomsonReuters

JUNE 16, 2023

Keeping pace with the ever-changing tax regulatory landscape can be difficult and time consuming. Noncompliance can result in hefty fees, penalties, and audits. According to new data released in October 2022 by the IRS, tax gap estimates are on the rise. What is a tax compliance measurement audit?

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ThomsonReuters

JANUARY 28, 2022

Companies that only offer tax services have to start over each year building a brand through marketing and advertising. By offering services that last throughout the year, you can keep your business at the forefront of customers’ minds even when they don’t need tax preparation. Business tax preparation.

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Withum

APRIL 12, 2022

You did not receive letters confirming charitable contributions that are required to be in your possession by the due date of your tax return or did not yet obtain the certified appraisals for contributions of property over $5,000 (this is a MUST). There is a high risk of audit and filing an extension might reduce the chance of an audit.

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Going Concern

NOVEMBER 20, 2023

Behind the precision of financial statements and the clarity of audits, accountants confront a set of unique challenges. As a senior accountant, his primary responsibilities are professional tax preparation and auditing services for individuals, commercial clients, and nonprofit organizations. At least someone is.

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Going Concern

JULY 28, 2023

In a chat with People magazine in 2021, she revealed her children were well aware of her wishes when she died, and that her priority was to protect her work and not be taken advantage of. This allows them to pass income and losses to their partners instead of being taxed as corporations. since 2007.

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CPA Practice

MAY 12, 2023

Approximately 300,000 professionals left public accounting in 2021 and 2022 and fewer college students are choosing to pursue accounting as a career. Armanino, for example, turned to Scrubbed to help with audit engagements. “We We started working with a few people from Scrubbed,” an Audit Resource Manager at Armanino shared.

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Going Concern

MARCH 24, 2023

He allegedly received a salary and support services from the tax preparation giant while diverting clients to his own business. This has become a problem for German real estate company Adler Group as it battles waning investor sentiment in the wake of a short seller attack in October 2021. Auditors have done so too.

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xendoo

AUGUST 2, 2021

How much does a CPA cost in 2021? You may soon discover that tax preparation takes a considerable amount of time and attention, both of which could be better spent on growing your business. Modern CPAs can specialize in a variety of areas, including: Tax preparation. IT auditing. What Does a Bookkeeper Cost?

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Going Concern

OCTOBER 7, 2022

Accounting’s Big Lie — and How to Fix It [ Project on Government Oversight ] A colossal conflict of interest compromises the auditing of public companies and the financial security of everyone who depends on them. billion) in 2021, a 21.8 FRC probing Mazars audit of Studio Retail Group [ Compliance Week ] The U.K. stood at 3.18

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Going Concern

JANUARY 5, 2024

As the accounting industry continues to move away from commoditized audit and tax services to value-based delivery of holistic business solutions, technology is key to enhancing this value through increased efficiencies and heightened support of our role as trusted business advisors. Trump business got at least $7.8

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Nancy McClelland, LLC

FEBRUARY 13, 2022

The source is #15 in the IRS FAQ on the topic: This Journal of Accountancy article walks through the particular scenario where this relief — only for tax year 2021 — applies. The domestic partnership or S corporation has no knowledge that the partners or shareholders are requesting such information for tax year 2021.

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Going Concern

OCTOBER 20, 2023

AI PwC Offers Advice From Bots in Deal With ChatGPT Firm OpenAI [ Bloomberg ] PricewaterhouseCoopers LLP has teamed up with ChatGPT owner OpenAI to offer clients advice generated by artificial intelligence as the Big Four audit firms look to cut costs and boost productivity. CEO, Audit & Assurance, Deloitte & Touche LLP.

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ThomsonReuters

JANUARY 18, 2024

Accountant vs. CPA vs. tax preparer: What are the differences? In fact, more boards and audit committees are, or will be, looking for accountants who understand AI ’ s potential and limitations. Accountant vs. CPA vs. tax preparer: What are the differences? How can accountants be more efficient?

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xendoo

JUNE 13, 2021

In this post, we’ll help you to prepare for the coming changes in the Florida minimum wage. As of January 1, 2021, Florida’s minimum wage has increased from $8.56 Are There Plans to Change the Florida Minimum Wage After 2021? These changes will not stop in 2021. hour on September 30, 2021. per hour to $8.65

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Shay CPA

FEBRUARY 14, 2024

The ability to take the deduction in the year spent went away on December 31, 2021, so as you’re doing your 2024 taxes, this needs to come into play. Long story short, not all accountants have expertise in the type of tax preparation your tech startup needs. and over 15 years if you’re a foreign entity.

Technology 52

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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. From 2019 to 2021, Little filed a series of false tax returns claiming massive, bogus fuel tax credits.

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Accounting Insight

MARCH 3, 2023

These trends will lead to an increased interest among tax and accounting firms to outsource tax preparation services to free up staff time to focus on higher-value work. And governments around the world – 136, to date – have also already agreed to adopt the 15% minimum corporate tax.

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Going Concern

JULY 21, 2023

PCAOB inspection reports provide investors, audit committees, and potential clients with important information they can use to make informed decisions. By making that information easier to find and compare, these new tools will empower users to hold firms accountable for producing high-quality audits,” said PCAOB Chair Erica Y.

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RitaKeller

JUNE 16, 2021

CHICAGO, June 14, 2021– Unveiling the findings of its previously announced research into the decreasing supply of new certified public accountants (CPAs), the Illinois CPA Society (ICPAS)—one of the largest state CPA societies in the nation—is pleased to release its 2021 Insight Special Feature, “A CPA Pipeline Report: Decoding the Decline.”.

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SkagitCountyTaxServices

FEBRUARY 17, 2021

I am simultaneously eager while also being slightly horrified that tax season has officially begun. Horrified, simply because the IRS has been significantly behind the 8-ball this year, and I still can’t believe that we’re already halfway through February 2021. That would be the nice people at the Department of Treasury.”

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Shay CPA

MARCH 29, 2023

The ability to take the deduction in the year spent went away on December 31, 2021, so as you’re doing your 2022 taxes, this needs to come into play. Long story short, not all accountants have expertise in the type of tax preparation your tech startup needs. and over 15 years if you’re a foreign entity.

Technology 59

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LyfeAccounting

MAY 27, 2021

Right underneath where your letter number is in the top right, is going to be the tax year it is in reference to. So if it says ‘tax year 2018’, there’s no need in worrying about 2017 or 2020, 2021, etc. In a more serious case, you may receive a letter that your tax return is being audited. Stick to that.

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