MyIRSRelief

SEPTEMBER 1, 2022

In particular, the expansion of the IRS and it tax enforcement arm will result in more taxpayers seeking IRS audit & appeals help as it comes into effect starting next year. Understanding the expansion of the IRS and how it affects you will assist in reducing the chances that you will be audited. Services to Taxpayers: +$3.2

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Withum

JULY 28, 2022

Multiple businesses notified us this week that their claims for the employee retention credit (ERC) are being audited by the IRS. It is not known whether they were randomly selected for audit or whether they were targeted for some reason. We have written previously about the topics the IRS is likely to inquire about on audit.

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Withum

MARCH 7, 2024

Has the IRS Ramped up the Number of ERC Audits? The IRS has significantly increased the number civil and criminal audits, and it has centralized the audit process. We are seeing and hearing from others that taxpayers are receiving checks, but only after the claims are reviewed and approved, or cleared on audit.

Tax 126

Tax income tax tax return audit 126

TaxConnex

JANUARY 21, 2021

If your online company looks to expand its interstate sales in 2021, know one thing: Your plan involves risks and new responsibilities. The key is learning how to manage both, as sales tax non-compliance or errors can bring stiff penalties. Being audited. You’re not alone. Keeping up with changing nexus rules in each state.

Sales 141

Sales Tax tax return audit 141

CPA Practice

APRIL 18, 2024

On Tuesday, Thioub was indicted by a federal grand jury sitting in Boston on three counts each of filing false tax returns and filing false tax returns as an employee of the United States, counts for which she was originally charged by criminal complaint and arrested on March 20.

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Going Concern

MAY 24, 2024

[link] pic.twitter.com/yegGRtXHFN — Going Concern (@going_concern) May 23, 2024 News PwC faces crisis in China over audit of failed property giant Evergrande [ Financial Times ] The Ls just don’t stop for PwC. However, it was announced to partners at a meeting on Tuesday that Shaw had triumphed in a five-candidate race.

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PYMNTS

JUNE 29, 2020

The number of tax audits on corporations plunged amid the pandemic, with the IRS saying in the National Taxpayer Advocate’s “Objectives Report to Congress” report for Fiscal Year 2021 that it began 716 corporate examinations from April 1 to June 1 this year compared to 2,445 during the same time last year, a 71 percent drop.

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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?

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Withum

OCTOBER 3, 2023

Remember that there are two separate filing deadlines for 2020 claims and for 2021 claims. The deadline to file 2020 claims is April 15, 2024, and the deadline to file 2021 claims is April 15, 2025. Also, keep in mind that the IRS can assert penalties on claims it has paid and on claims that it audits or denies before they are paid.

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KROST

NOVEMBER 8, 2021

3684) was passed by the House on November 5, 2021 and is expected to be signed into law by President Biden. As part of the Bill, the employee retention tax credit (with the exception of the recovery startup business credit) is no longer in effect for the fourth quarter of 2021. The Infrastructure Bill (H.R.

payroll tax 52

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CPA Practice

MARCH 1, 2024

The Internal Revenue Service has announced a new effort focused on high-income taxpayers who have failed to file federal income tax returns in more than 125,000 instances since 2017. The IRS is taking this step to address this most basic form of non-compliance, which includes many who are engaged in tax evasion.

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xendoo

NOVEMBER 9, 2021

With the year coming to an end, tax return season is just right around the corner. For small businesses, that means being prepared to find all of the small business tax deductions you can to minimize your payout to the IRS. . Get prepared for tax season with these small business tax deductions that may apply to your business. .

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TaxConnex

FEBRUARY 27, 2024

For respondents, the staffing struggle also meant curtailing business growth (19.23%), more errors in sales tax calculation (17.58%), more frustration from existing staff (21.43%) and, perhaps scariest, a growing lack of confidence in being prepared for an audit (22.53%). There were about 1.65 in 2022, up 1.3% from 2020 and down 15.9%

Sales 219

Sales Tax Account accountant 219

xendoo

SEPTEMBER 28, 2021

If you want to make sure that you and your small business are ready for the 2021 tax season, then it is essential to remain well organized throughout the year. Lastly, you need to know about all of the various tax deadlines that might apply to your business throughout the year. Excise Tax. 2021 Tax Prep for Businesses.

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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

SEPTEMBER 22, 2023

Tax ERC abuse brings renewed push for regulation of paid tax preparers [ Journal of Accountancy ] buse of the employee retention credit (ERC) by aggressive promoters who make questionable promises has pushed Treasury to renew the call for the regulation of paid tax return preparers, an action that has the AICPA’s support.

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TaxConnex

DECEMBER 28, 2021

More than $1 in every $4 spent on retail purchases during the 2021 holiday season will come from online orders, by some estimates (with about two out of every five of those done via a smartphone, other industry observers add ). Then there’s the danger of sales tax audits. billion in U.S. Give yourself the gift of compliance.

Sales 181

Sales Tax audit tax return 181

Going Concern

JANUARY 13, 2023

Audit Committee Composition Changing Amid Expanded Scope and Emerging Risks, According to New Report from Deloitte and the Center for Audit Quality (CAQ) [ PR Newswire ]. provides insight into shifting oversight priorities and practices related to audit committee composition.

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CPA Practice

NOVEMBER 14, 2023

Considering the circumstances surrounding the coronavirus pandemic, the IRS’s decision to destroy approximately 30 million unprocessed tax year 2019 paper-filed information returns was “reasonable,” the Treasury Inspector General for Tax Administration (TIGTA) concluded in a report released last week.

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tax return income tax Tax Transportation 119

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.

Tax 52

Tax income tax Legal Entertainment 52

Withum

MAY 15, 2024

Now that the ink has dried on your corporate tax return, it is time to consider your next important tax filing. Recently, the requirement that determines when audited financial statements are required changed. Plans with less than 100 participants do not have to be audited by an independent qualified public accountant.

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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. See generally Notice 2021-20, Q&As #23-28.

Tax 126

Tax audit tax return tax services 126

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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ThomsonReuters

APRIL 12, 2022

But as the dust settles on those prior 2020–2021 Form 941 payroll tax returns, undoubtedly credits were missed, and mistakes were made. File an amended 941-X payroll tax return to fix underpayments and make a credit refund claim for overpayments before it’s too late. Rest assured, no finger-pointing here.

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payroll tax payroll tax return Tax 98

CPA Practice

DECEMBER 11, 2023

On July 26, the agency announced it was increasingly shifting its focus to review these claims for compliance concerns, including intensifying audit work and criminal investigations on promoters and businesses filing dubious ERC claims. 31, 2021. 31, 2021, are not entitled to the ERC under the law passed by Congress.

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audit tax return Tax Legal 122

Going Concern

APRIL 15, 2022

A string of disgruntled clients also told CNN that he had taken their money and never submitted their taxes or that he filed them incorrectly. The Financial Reporting Council (FRC) said it had opened an investigation in relation to Deloitte’s audit of Go-Ahead’s annual financial accounts between 2016 and 2021.

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Cherry Bekaert

JANUARY 18, 2024

2024-9 allows taxpayers to comply with the guidance in Notice 2023-63 by filing an automatic accounting method change for taxable years beginning after December 31, 2021. This was to address instances where taxpayers may have been required to amend a tax return that was filed before or shortly after Notice 2023-63 was issued.

tax return 89

tax return Tax Account accountant 89

Withum

JANUARY 8, 2024

Until the proposed regulations are published, taxpayers can rely on the excluded product right exception for R&E expenditures paid or incurred in the taxable years beginning after December 31, 2021. However, automatic changes in accounting methods can be filed on Form 3115 and are not due until the extended due date of the tax return.

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CPA Practice

JANUARY 9, 2024

AI will be able to enhance the ability to take a product and associate it with a specific tax code or Harmonized System (HS) code for cross-border transactions. We’ll also see AI help file tax returns for businesses and consumers.” 2024 will be the year of audits. Scott Peterson, Avalara VP of U.S.

Technology 81

Technology Tax E-commerce audit 81

CPA Practice

MAY 26, 2023

The Tax Blotter is a round-up of recent tax news. Is it too late to fix the 2022 tax return you just filed in April? To amend your return or not? Generally, you can take until three years from the date the initial return was filed or the due date of the return if that was later. That is the question.

Tax 96

Tax tax return audit income tax 96

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?

Technology 82

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Going Concern

NOVEMBER 24, 2023

EY moved to a hybrid work policy in 2021 “with the expectation that most of its people will normally spend at least two days a week working remotely”. Taxpayers who use tax professionals can sometimes also show reasonable cause—i.e., Taxpayers who use tax professionals can sometimes also show reasonable cause—i.e.,

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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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tax return Virginia accounting and finance audit 103

Going Concern

SEPTEMBER 29, 2023

Deloitte UK said revenue grew 14% to £5.6bn in the year to May, as buoyant markets in the first six months of its financial year bolstered demand for audit and advisory work. It helped offset the “increased caution” among more cash-strapped clients and a slowdown in merger and acquisition activity in the months that followed.

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auditor audit New York CPA 98

Going Concern

FEBRUARY 22, 2023

TL;DR Two guys and their accounting firm are accused of filing false tax returns and a touch of COVID relief fraud. Read: A federal grand jury returned an indictment on Feb. 1 charging two Utah County men and an accounting firm with claiming an excess of $11 million in tax credits through a COVID-related fraud scheme.

Utah 97

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ThomsonReuters

DECEMBER 6, 2023

” He noted that in a “normal time,” the lack of regulations regarding tax return preparation “wasn’t seen as something that could be a huge issue.” “Because I don’t think many business owners understand that there is risk here.”

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CPA Practice

MARCH 20, 2024

To combat a wave of dubious ERC claims, the IRS has sharply increased compliance action through audits and criminal investigations – with more activity planned in the future. The law changed throughout 2020 and 2021. They should not use the same credit amount across multiple tax periods for each employee.

Government 119

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