TaxConnex

APRIL 28, 2022

Usually, you learn about an audit through a notice or letter from the state or jurisdiction in question with instructions on how the audit will proceed. Many audits are conducted remotely, and an auditor never visits your office. Fear and perception of audits are as tangible as the real examinations. Fear and loathing.

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audit auditor general ledger Minnesota 174

TaxConnex

FEBRUARY 15, 2024

There’s always something changing in the world of tax, especially sales tax. B&O responsibility: A Washington State appellate court has found two sellers responsible for sales tax and business and occupation (B&O) tax on sales made through Amazon’s Fulfillment by Amazon (FBA) program. No refund, stat!:

Sales 189

Sales Tax Illinois Washington 189

Going Concern

FEBRUARY 2, 2024

PwC said on Monday that it had identified 129 breaches of independence rules affecting 74 clients and PCAOB inspectors had found a further one themselves while inspecting audit work in 2022. The figures were included in an update to PwC’s audit quality report, published on its website.

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audit Tax Texas Massachusetts 121

CPA Practice

JUNE 16, 2023

Is there a certain aura around an audit? The paper also discusses how the IRS estimates that there are more than $500 billion unpaid tax obligations each year, and that those obligations are mostly among the top earners. As such, when the IRS audits those earners, it’s able to claw out some of that money.

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audit Tax income tax Account 98

CPA Practice

SEPTEMBER 22, 2023

Taylor, Kiplinger Consumer News Service (TNS) IRS audits raise anxiety for many taxpayers. That’s been the case with the earned income tax credit (EITC), which has been the subject of recent controversy. (A Fewer IRS audits involving credits for taxpayers with lower incomes? Now, in a Sept. Now, in a Sept.

audit 119

audit income tax tax return Tax 119

Withum

AUGUST 23, 2022

There is a lot of chatter about the $80 billion of increased funding for the IRS in the Inflation Reduction Act, which President Biden signed into law on August 16, 2022. The burning question on everyone’s mind is whether the $80 billion of increased funding for the IRS will meaningfully increase IRS audit rates.

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audit Tax tax return corporation tax 126

MyIRSRelief

APRIL 19, 2021

If you have not filed your tax returns, or if you owe unpaid back taxes, employment 941/940 payroll tax, or could possibly be audited, the IRS is raising the bar and hiring more revenue officers and revenue agents. IRS to increase back tax collection, audit enforcement action, Los Angeles, California.

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audit Tax payroll tax tax return 130

MyIRSRelief

SEPTEMBER 1, 2022

Although the 2022 Inflation Reduction Act (IRA) was touted as being a bill designed to reduce inflation, it carries with it considerably more baggage. 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.

audit 130

audit tax return Tax Education 130

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. in 2022, up 1.3%

Sales 219

Sales Tax Account accountant 219

RogerRossmeisl

MAY 15, 2023

If you’ve successfully filed your 2022 tax return with the IRS, you may think you’re done with taxes for another year. Which tax records can you throw away now? At a minimum, keep tax records related to your return for as long as the IRS can audit your return or assess additional taxes.

tax return 241

tax return Tax audit CPA 241

CPA Practice

AUGUST 4, 2023

4 provided guidance to taxpayers on the requirements for home energy audits in order to claim the energy efficient home improvement tax credit. Notice 2023-59 , which was issued by the IRS on Friday, provides specific requirements to claim the tax credit and the process for conducting the home energy audit.

audit 98

audit auditor Tax Start-ups 98

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 220

South Dakota Sales Tax Louisiana 220

CPA Practice

SEPTEMBER 11, 2023

million tax legal battle is going into its seventh year, because the IRS is appealing the 2022 ruling that Mayo Clinic “operated exclusively for educational purposes.” million of taxes Mayo Clinic paid on revenue generated by “debt-financed real-estate investment” over seven years. (TNS) A precedent-setting $11.5

Real Estate 115

Real Estate Tax Education Hospitality 115

CPA Practice

APRIL 19, 2024

Prabhu, The Atlanta Journal-Constitution (TNS) More than 36,000 Georgians used a new “unborn dependents” deduction in 2022, lowering their taxable income by about $109 million, state officials say. The exemption for 2022 was worth $3,000 per embryo or fetus, as it is for other minor dependents, which results in about a $170 tax benefit.

Georgia 111

Georgia Tax audit Washington 111

Snyder

DECEMBER 28, 2022

Many small business owners often feel like they might be a heartbeat away from the IRS tax audit. In fact, according to the IRS data , only about 1 percent of taxpayers are facing an audit. percent of small businesses are getting tax audited. What is a tax audit? What does a tax audit mean?

audit 98

audit Tax tax return auditor 98

CPA Practice

JANUARY 23, 2024

and the expansion of e-invoicing globally in 2024, both of which will lead to the likelihood of increase sales tax audits. The Avalara Tax Changes Report covers tax changes across the U.S. Avalara is a provider of cloud-based tax compliance automation for businesses of all sizes, today released its annual t for 2024.

audit 64

audit E-commerce Sales South Dakota 64

CPA Practice

SEPTEMBER 12, 2023

million tax legal battle is going into its seventh year, because the IRS is appealing the 2022 ruling that Mayo Clinic “operated exclusively for educational purposes.” million of taxes Mayo Clinic paid on revenue generated by “debt-financed real-estate investment” over seven years. (TNS) A precedent-setting $11.5

Real Estate 95

Real Estate Tax Education Hospitality 95

TaxConnex

JANUARY 10, 2023

We have completed our third annual survey of top financial professionals on how they are managing sales tax. The nationwide survey, conducted by In90Group in October of 2022, is composed of responses from 100 top finance professionals in a variety of industries regarding their thoughts and experiences in managing sales tax.

Sales 179

Sales Tax audit Finance 179

RogerRossmeisl

APRIL 25, 2023

Once you file your 2022 tax return, you may wonder what personal tax papers you can throw away and how long you should retain certain records. You may have to produce those records if the IRS audits your return or seeks to assess tax. It’s a good idea to keep the actual returns indefinitely.

tax return 147

tax return Tax audit CPA 147

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.” ” This is per the Canadian Public Accountability Board’s 2022 Annual Report [ PDF ].

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audit public accounting Real Estate accounting firms 122

Anders CPA

JUNE 30, 2022

Anders recently announced annual employee promotions across the firm, from audit and assurance to tax, advisory and operations. AUDIT AND ASSURANCE PROMOTIONS. Danielle Bergfeld , Senior + Audit and Assurance. Jack Dempster , Senior + Audit and Assurance. Collin Patton , Senior + Audit and Assurance.

audit 98

audit Technology Tax payroll 98

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

Withum

FEBRUARY 8, 2022

Withum has been awarded on the Forbes list of America’s Best Tax and Accounting Firms 2022. Previously, Withum received this designation in the Tax category. Now named for both Tax and Accounting, the respective teams are proud of the accolades. This prestigious award is presented by Forbes and Statista Inc.,

accounting firms 111

accounting firms Tax Account accountant 111

ThomsonReuters

MAY 16, 2024

In the ever-evolving landscape of auditing and accounting, the Public Company Accounting Oversight Board (PCAOB) has taken a significant step forward with the adoption of a new quality control standard, QC 1000. This new standard marks a pivotal shift from the outdated frameworks that have governed the auditing realm for decades.

audit 52

audit public accounting Account accountant 52

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

Going Concern

JANUARY 12, 2024

million in audit fees in 2022.) How did Deloitte, the auditing heavyweight watching over Tingo’s books, miss a scam that Hindenburg, an outsider, called out as painfully obvious? Audit Do former regulators improve the quality of audits? Audit Do former regulators improve the quality of audits?

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audit auditor Illinois CPA 110

CPA Practice

OCTOBER 11, 2023

The 1,117 firms participating in the survey reported a fiscal year 2022 median growth rate of 9.1% That category climbed almost 9% from $207,506 in fiscal year 2020 to $225,725 in fiscal year 2022. Median hourly billing rates rose from $137 in fiscal year 2020 to $159 in 2022, a 16% increase. That rate eclipses the 4.2%

accounting firms 119

accounting firms Account accountant accounted 119

Going Concern

JUNE 1, 2023

In the WaPo opinion pages yesterday one Duncan Mavin, who got his start in the 90s, says the best way to solve the audit industry’s many conflicts is to kill it altogether. He starts the piece summoning the ghost of Enron, as all writers do when discussing what happens when audit goes wrong. billion in global revenue.

auditor 116

auditor audit Government Transportation 116

Going Concern

MAY 16, 2023

Once again, in what can only be described as an attempt to market its tax platform, Bloomberg has released its annual awards for the Bloomberg Tax Authors of the Year. Eager readers can pick their flavor of tax writing, all of which are likely to be able to solve insomnia issues, should said readers suffer from them.

Tax 52

Tax Washington audit tax planning 52

CPA Practice

NOVEMBER 22, 2023

KBKG , a provider of tax services for CPAs and businesses, has identified three changes that the IRS has implemented; each one could have strong impacts on businesses. If it is believed that an already filed claim is erroneous, those that have submitted can withdraw the claim, even if it is already under audit. This impacts the Sec.

Tax 110

Tax cpas tax services audit 110

TaxConnex

DECEMBER 28, 2021

And that means that more companies may find themselves with new sales tax obligations. How does this impact sales tax obligations? Expanding sales tax obligations are a concern of many execs, according to TaxConnex’s recent market survey of 100 top finance professionals in a variety of industries.

Sales 181

Sales Tax audit tax return 181

MyIRSRelief

OCTOBER 3, 2022

If you own a property, a business, or are employed, you’ll likely have to pay taxes. According to the 16th Amendment in our Constitution, individuals are required to pay taxes from income sources. Taxes can be broken down into three categories: what you purchase, what you own, and what you earn. Call us today at 1-877-788-2937.

tax services 147

tax services California Tax tax preparation 147

CPA Practice

SEPTEMBER 19, 2023

Taylor, Kiplinger Consumer News Service (TNS) IRS audits raise anxiety for many taxpayers. That’s been the case with the earned income tax credit (EITC), which has been the subject of recent controversy. (A Fewer IRS audits involving credits for taxpayers with lower incomes? Now, in a Sept. Now, in a Sept.

audit 59

audit income tax tax return Tax 59

Withum

JULY 20, 2022

As far as the IRS is concerned, not all tax scams should be treated equally. Last month the Service announced which scams made the list comprising the IRS’s “Dirty Dozen” for tax season 2022, meriting extra scrutiny. Included on the list is a wide range of tax evasion tactics. Abusive Micro-captive Arrangements.

Tax 125

Tax Non-Profits tax return audit 125

Shay CPA

FEBRUARY 22, 2023

If you’re not capitalizing on the federal research tax credit — commonly called the R&D tax credit — you could be missing out in a major way here. This credit lets you reduce your tax liability. In other words, there’s no double tax benefit here (unfortunately). That percentage can range from 3 to 16%.

Tax 52

Tax payroll tax payroll CPA 52

Going Concern

FEBRUARY 15, 2023

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. Records show it pays INR 32,000 (U.S.

audit 116

audit auditor accounting firms Government 116

Going Concern

MARCH 8, 2024

One-time PCAOB, KPMG Exec Gets Her Fraud Convictions Thrown Out [ Bloomberg Law ] Another former KPMG LLP executive’s convictions have been vacated in the wake of a 2022 Second Circuit decision limiting the scope of the federal wire fraud statute. When conducting the fiscal year 2021 audit of Tingo, Inc.,

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audit auditor New York Legal 95