CPA Practice

MAY 26, 2023

It is stepping up efforts to audit employers as aggressive promoters continue to make a pitch for fraudulent refunds (IR-203-40, 3/7/23). This type of scheme was recently included on the IRS’ list of the Dirty Dozen tax scams to watch out for in 2023. Subsequent legislation extended the ERC into 2021 and enhanced it.

audit 138

audit general ledger income tax tax return 138

TaxConnex

FEBRUARY 27, 2024

Your sales tax obligations depend on knowledge and that knowledge often resides in a professional tax specialist (usually an accountant) who helps your company meet its sales tax obligations. This is a complicated time for sales tax obligations – and a terrible time to try to hire an accountant. There were about 1.65

Sales 219

Sales Tax Account accountant 219

CPA Practice

MAY 25, 2023

It is stepping up efforts to audit employers as aggressive promoters continue to make a pitch for fraudulent refunds (IR-203-40, 3/7/23). This type of scheme was recently included on the IRS’ list of the Dirty Dozen tax scams to watch out for in 2023. Subsequent legislation extended the ERC into 2021 and enhanced it.

audit 130

audit general ledger income tax tax return 130

TaxConnex

DECEMBER 28, 2023

The new year will no doubt be another active one in sales tax. Weaker state revenue The kind of year it’s going to be for state coffers could greatly influence such future sales tax trends as new levies, tougher nexus thresholds and intensifying audits. Overall, state tax revenues dropped 5.3%. If so, watch out for 2024.

South Dakota 221

South Dakota Sales Tax Louisiana 221

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

RogerRossmeisl

MAY 23, 2022

The tax filing deadline for 2021 has passed. Now that your tax return has been successfully filed with the IRS, there may still be some issues to bear in mind. You can throw some tax records away now You should hang onto tax records related to your return for as long as the IRS can audit your return or assess additional taxes.

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tax return Tax California audit 210

TaxConnex

DECEMBER 3, 2020

Alpharetta, GA - TaxConnex, Inc today released the results of a new survey finding that the increasing sales tax complexities, growing nexus, limited resources and additional audits are among the top worries of financial professionals in 2021. Survey highlights include: 65% of companies plan to grow across state lines in 2021.

South Dakota 138

South Dakota Sales Tax audit 138

Going Concern

APRIL 3, 2023

Up north, the Canadian equivalent of the PCAOB has said that audit quality in America’s hat is on the decline and that the level of significant findings at non-annually inspected firms is “concerning.” In 2022, 13 audit firms were operating under CPAB enforcement actions for most of the year, up from nine in 2021.

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audit public accounting Real Estate accounting firms 120

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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audit tax return Tax Education 130

CPA Practice

SEPTEMBER 20, 2023

billion—that was the total audit fees paid by the S&P 500 companies in fiscal year 2022, a record-high amount, according to a recent analysis from Ideagen Audit Analytics. However, the nearly 4% increase in audit fees over FY 2021 was less than the year-over-year inflation rate in 2022 of 6.5% in the U.S.,

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audit auditor accounting firms Tax 105

CPA Practice

FEBRUARY 23, 2024

million earlier this week for breaking various Public Company Accounting Oversight Board auditing rules. Grant Thornton’s India arm and an Australian audit firm also received penalties from the PCAOB. 21 for “pervasive” quality control violations found in its audits of special-purpose acquisition companies (SPACs) in 2020 and 2021.

audit 69

audit auditor Tax accounting firms 69

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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audit income tax tax return Tax 121

TaxConnex

AUGUST 16, 2022

Since the Wayfair decision four years ago, sales tax compliance has had to become a major priority for businesses with multistate sales. The first step for many businesses, after they determine the taxability of their products/services, is to do a nexus review to determine where they should be collecting sales tax.

Technology 188

Technology Sales Tax audit 188

TaxConnex

SEPTEMBER 29, 2020

The state’s SSUT has taken in more than $309 million overall during the current fiscal year – almost double the tax generated during all of fiscal 2018-19. city council was also recently set to vote on giving a quarter of online sales tax revenue to the city’s schools in 2021. (A Sales taxes were up 8.2 The Decatur, Ala.,

Sales 230

Sales Tax Alabama Texas 230

CPA Practice

APRIL 18, 2024

By Flint McColgan, Boston Herald (TNS) A Boston IRS agent was indicted on charges that she committed personal tax fraud for years. Around the same time, she was allegedly filing tax returns that claimed heavy losses from an import or export business she claimed to have.

Tax 96

Tax tax return Massachusetts audit 96

TaxConnex

MAY 4, 2021

But don’t forget that success that comes from selling into more states can also expand your sales tax burdens. Businesses that sell into multiple states or jurisdictions have to pay attention to sales tax thresholds, and it’s not a one-time project. connection a business has with a state or taxing jurisdiction. Physical nexus?means

Sales 246

Sales Tax South Dakota audit 246

TaxConnex

DECEMBER 28, 2021

And that means that more companies may find themselves with new sales tax obligations. 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 ). billion in U.S.

Sales 181

Sales Tax audit tax return 181

ThomsonReuters

JUNE 15, 2023

Increased focus on ESG There are a number of issues and challenges around ESG that tax and accounting firms need to consider. How is the growing focus on ESG affecting the audit profession? As an area that is still developing, and – from an audit and accounting standpoint – still in its infancy, it can feel a bit like the Wild West.

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audit auditor Education Tax 96

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. . Check out these blogs: Year-End, Capital Gains Tax and Iffy Choices.

Tax 52

Tax income tax Legal Entertainment 52

TaxConnex

JULY 7, 2022

If it feels to you like the whole economic nexus and sales tax landscape is one-sided, the U.S. A GAO report states that all states with a statewide sales tax and D.C. A GAO report states that all states with a statewide sales tax and D.C. your sales tax obligations?and and whether you should be collecting sales tax,?

Sales 174

Sales Tax audit Legal 174

Going Concern

FEBRUARY 15, 2023

435 in 2021) in monthly office rent. The only other listed entity we found that it audits has a market capitalization of about INR 640 million (U.S. Shah Dhandharia hardly seems capable of complex audit work. 24 report by Hindenburg that accused it of improper use of offshore tax havens and stock manipulation.

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audit auditor accounting firms Government 111

ThomsonReuters

NOVEMBER 16, 2020

In looking forward to your 2021 audit planning, the peer review process is often met with many fears or uncertainties. Together, they provide some tips and examples on how to proactively avoid those audit challenge s and combat the biggest fears that develop alongside peer reviews. .

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audit auditor CPA Maine 52

Accounting Today

JANUARY 30, 2024

The city's department of finance audited Signature after the bank shuttered in March and found tax deficiencies for years 2015 through 2021 related to unreported income allocation and adjustments to investment and capital income.

Tax 79

Tax audit Finance 79

CPA Practice

AUGUST 15, 2023

Shortly after criticizing audit firms for the number of errors they made on public company audits reviewed by PCAOB inspectors last year, the audit watchdog doled out sanctions to 12 accounting firms from July 28 to Aug. 11 for breaking various auditing rules. Snodgrass, Mancera S.C.,

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TaxConnex

JANUARY 27, 2022

The explosion of the e-commerce market alone would’ve made handling sales tax obligations in-house tough. The Great Resignation continues, with millions quitting their jobs every month into the last quarter of 2021. Despite the employment landscape, the need for hiring remains strong – especially for sales tax compliance.

Sales 162

Sales E-commerce Tax Florida 162

Going Concern

DECEMBER 15, 2023

As reported by Canadian Accountant, PwC Canada has already paid Canadian and US audit regulators more than one million dollars in fines, after disclosing widespread sharing of answers by its accountants on internal training tests. s chief strategy and communications officer, who spearheaded the Trust Academy in 2021.

audit 107

audit Technology accounting and finance Legal 107

TaxConnex

NOVEMBER 4, 2021

TaxConnex is pleased to announce the completion of their second annual sales tax survey finding that the increasing sales tax complexities, growing nexus, fear of sales tax audits and limited resources to do what is necessary to remain compliant are among the top worries of financial professionals heading into 2022.

Sales 181

Sales Tax audit Finance 181

Accounting Today

DECEMBER 13, 2023

Italy's finance police had claimed that the company failed to pay taxes on about €3.7 billion of rental revenue and claimed that the company owed about €779 million after an audit of the tax years from 2017 to 2021.

Tax 68

Tax audit Finance corporation tax 68

CPA Practice

APRIL 15, 2023

EY was considering splitting up its audit and consulting units to avoid suggestions of a conflict of interest between the two practices. Project Everest was the nickname given to the plan to split business back in 2021, when the idea had first spawned internally. leader Julie Boland would have overseen the audit business.

audit 92

audit auditor accounting firms Account 92

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

MAY 28, 2024

Blue Ash-based tax, advisory and audit firm Cassady Schiller CPAs & Advisors will become part of Katz, Sapper & Miller in a transaction that will be completed May 31. The local news in Cincinnati covered this strategic move : One of Greater Cincinnati’s largest accounting firms is being acquired by an Indianapolis company.

audit 69

audit Hospitality Account accountant 69

Going Concern

SEPTEMBER 22, 2023

In addition to his new role, he will continue to serve as co-director of the firm’s DC-Metro tax practice. James Greiner said he was not shocked about the layoff, but was surprised it happened right before the third quarter tax deadline for clients. Greiner was a client-relationship manager for Croft and Frost for a year and a half.

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audit accounting and finance Virginia auditor 89

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? So, if you want to file an amend return for the 201 tax year, the deadline is essentially April 15, 2024. This is the same length of the time the IRS as to audit your return if fraud isn’t involved.

Tax 96

Tax tax return audit income tax 96

ThomsonReuters

JANUARY 14, 2022

The top payroll related searches for 2021. Payroll on Checkpoint has analyzed the searches of our subscribers to create this Top 20 list of topics in the forefront in 2021. It’s no surprise that the Employee Retention Credit (ERC) was the most searched term of 2021. COVID tax credits and paid leave. 116-136, Sec.

payroll 94

payroll payroll tax Tax Education 94

TaxConnex

MARCH 10, 2022

But what exactly is economic nexus – and, more importantly, have you kept up with its constant changes in the sales tax realm? Sales tax nexus is the connection your business has with a state or local taxing jurisdiction. It can be physical in the form of one of your offices actually being in a state or other tax jurisdiction.

South Dakota 187

South Dakota Sales Tax Maryland 187

TaxConnex

DECEMBER 29, 2022

New sources of tax revenue, old ones robust but sputtering in spots, tax holidays as political tools amid inflation: It’s been a year of new trends in sales tax. Heading into the new year, state sales tax revenues were up coast to coast, often by double-digit percentages. Add that U.S. Too much or too little?

Sales 130

Sales Tax Maryland Louisiana 130

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. With new Inflation Reduction Act funding available, the IRS now has the capacity to do this core tax administration work. “At

tax return 115

tax return Tax audit income tax 115