CPA Practice

APRIL 26, 2023

With the IRS laser-focused on enforcement, many partnerships will find themselves subject to their first IRS audits under the new procedurally complex partnership audit rules. Under these rules, the default is that the partnership pays an entity-level tax called an “imputed underpayment” (IU) on any adjustments.

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audit Tax tax return income tax 132

TaxConnex

DECEMBER 23, 2021

If you and your company haven’t been hit with a sales tax audit yet, congrats. In TaxConnex’s recent market survey more than one in four (26.7%) top finance professionals in a variety of industries report seeing an increase in state sales tax audits in the past two years. Sales Tax Audit Triggers.

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audit Sales Tax auditor 167

RogerRossmeisl

NOVEMBER 13, 2022

IRS audit rates are historically low, according to a recent Government Accountability Office (GAO) report, but that’s little consolation if your return is among those selected to be examined. From tax years 2010 to 2019, audit rates of individual tax returns decreased for all income levels, according to the GAO.

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audit tax return CPA Tax 217

RogerRossmeisl

JUNE 26, 2022

On 6/1/22, the IRS made available an update to the “Cost Segregation Audit Techniques Guide” (Publication 5653). Originally issued in 2004, the purpose of the Audit Techniques Guide (ATG) was to offer guidance to IRS auditors auditing cost segregation studies.

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audit auditor CPA Tax 245

SMBAccountant

MARCH 8, 2023

One type of accounting that is well-known is tax accounting. According to Investopedia, tax accounting is “a structure of accounting methods focused on taxes rather than the appearance of public financial statements”. Tax accounting applies to individuals, businesses, and corporations.

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tax accountant Tax Account accountant 130

MyIRSRelief

APRIL 29, 2024

But for these go-getters, navigating the complexities of running a business, especially the ever-challenging world of taxes and accounting, can feel overwhelming. This is where specialized tax and accounting firms step in, becoming a crucial partner for small businesses with under 100 employees.

Tax 130

Tax bookkeeping Account accountant 130

MyIRSRelief

MARCH 29, 2024

In the bustling city of Whittier, California, businesses face a myriad of tax-related challenges that can significantly impact their operations and financial health. From business tax preparation to dealing with unpaid back taxes and navigating complex audits, the tax landscape can be daunting.

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California tax services business tax Tax 130

Accounting Today

OCTOBER 20, 2023

The Internal Revenue Service is making improvements to its online tax professional accounts and hiring more accountants as it ramps up enforcement.

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tax accountant business tax Tax audit 143

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 175

TaxConnex

FEBRUARY 23, 2021

M any industry experts believe that as state tax revenues continue to dry up from the economic shutdown and continuing pandemic , state sales tax audits are likely to increase sharply in the coming months. No audit numbers – yet. The heat seems to be increasing regarding online sales, sales taxes and tax revenue.

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audit Sales Tax auditor 130

MyIRSRelief

JULY 3, 2023

ERC IRS Audit Representation: Your Comprehensive FAQ Guide The Employee Retention Credit (ERC) has been a lifeline for many businesses during challenging times, providing substantial relief. However, with the IRS actively scrutinizing ERC claims, it’s crucial for businesses to understand their rights and options when facing an audit.

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CPA Practice

SEPTEMBER 8, 2023

The IRS is deploying cutting-edge technology like artificial intelligence to identify and begin examinations of large partnerships with billions of dollars in assets that have “cut corners” on tax compliance, Commissioner Danny Werfel said on Friday.

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audit Tax Real Estate Technology 121

CPA Practice

MAY 3, 2024

The IRS said it’s gearing up to increase audit rates by more than 50% on wealthy taxpayers with more than $10 million in total positive income and nearly triple audit rates on corporations with assets over $250 million by 2026, Commissioner Danny Werfel said on Thursday, as the agency released an update to its strategic operating plan.

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audit Tax Technology Government 120

Going Concern

FEBRUARY 2, 2024

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default. 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 113

TaxConnex

DECEMBER 12, 2023

But not for sales tax liability, where most states still maintain strong responsible party laws. And they can come as a real shock: CEOs, CFOs, directors and other execs can be held personally responsible for sales tax shortfalls. That’s true for many of the fiscal messes that can befall a company. How do they know who’s responsible?

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Sales Tax Ohio Georgia 193

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!:

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Sales Tax Illinois Washington 189

CTP

FEBRUARY 29, 2024

Complex tax laws for filing and deducting gambling winnings and losses provide new hurdles for taxpayers. So, as an accountant of a gambling client, you need to have detailed knowledge about gambling winnings and losses, as well as all the rules and regulations related to tax on gambling income.

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Gambling Tax Account accountant 105

ThomsonReuters

JANUARY 8, 2024

Automation of routine tasks One of the most significant ways AI has revolutionized the tax and accounting profession is through the automation of routine tasks. Automation of routine tasks One of the most significant ways AI has revolutionized the tax and accounting profession is through the automation of routine tasks.

Tax 101

Tax Account accountant accounted 101

TaxConnex

DECEMBER 21, 2023

It’s the end of the year and as we all start to think about our New Year’s resolutions, it’s also a good time to start thinking about correcting any sales tax missteps your business may be facing. They report taxes owed in exchange for a waiver of penalty and a limited look-back period.

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Sales Tax audit tax accountant 219

Going Concern

MAY 28, 2024

The local news in Cincinnati covered this strategic move : One of Greater Cincinnati’s largest accounting firms is being acquired by an Indianapolis company. 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.

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audit Hospitality Account accountant 67

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

MyIRSRelief

APRIL 22, 2024

Navigating tax issues can be daunting, especially when facing audits, unpaid taxes, or payroll problems. This FAQ guide provides insights into common tax problems and solutions available in Corona, CA. What is Audit Representation and How Can It Help Me in Corona, CA?

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Tax payroll tax tax return payroll 130

ThomsonReuters

JANUARY 9, 2024

“I think that’s where I’m more worried about it,” James Creech, a senior manager with Baker Tilly’s tax advocacy and controversy team, began. “I think that’s where I’m more worried about it,” James Creech, a senior manager with Baker Tilly’s tax advocacy and controversy team, began.

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audit Legal Tax tax return 98

MyIRSRelief

MAY 15, 2024

Nonprofit Tax Service by Mike Habib, EA Nonprofit organizations play a crucial role in society, offering valuable services and advocacy. However, managing tax compliance can be a significant challenge due to the complex nature of tax laws and regulations. Get professional help by calling us at 1-877-78-TAXES [1-877-788-2937].

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Tax payroll tax payroll tax preparation 130

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?

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audit Tax tax return auditor 98

GrowthForceBlog

MARCH 12, 2024

9 min read Nonprofit organizations do not pay taxes, so they are not subject to audits performed by the Internal Revenue Service. Audits, however, are still sometimes required for nonprofit organizations by federal, state, or local entities.

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audit accounting and finance Finance accounting firms 94

Accounting Today

MAY 14, 2024

Reliable data is the foundation of effective climate-related disclosures, and audit and tax professionals' experience is essential in supporting this data's integrity.

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Tax audit Account accountant 77

inDinero Tax Tips

NOVEMBER 4, 2021

Even if your books are perfectly accounted for, an IRS audit letter will fill anyone with a sense of dread. However, most businesses are unprepared and need IRS tax audit help. Having proper documentation of all your income and expenses is the easiest way to pass an audit. What is an Audit?

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audit Tax tax return tax preparation 98

Going Concern

NOVEMBER 27, 2023

Also LOL: Canadian Accountant has their own article on the layoffs : Anxiety over potential layoffs began building earlier this month when some PwC employees received meeting requests (“Important Business Update”) with “relationship leaders” (RLs). Every year over five million workers mistakenly pay too much income tax to HMRC.

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audit Account accountant accounted 104

TaxConnex

NOVEMBER 22, 2022

In our blog last week, we looked at how sales and use tax advisory services might be a good new field for CPAs and accounting firms. Another cost-effective approach to adding sales and use tax advisory services: partnering with sales and use tax experts. Review the sales tax payable account.

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accounting firms Sales Tax tax return 130

ThomsonReuters

NOVEMBER 29, 2023

Most tax professionals know that dealing with forces beyond their control—and the costly disruptions they cause—is a way of life. Unfortunately, many tax departments are feeling a strain on their resources as a result of these events. This, in turn, puts tax departments at greater risk for even more audits and stiffer penalties.

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audit Technology Tax corporation tax 98

MyIRSRelief

DECEMBER 15, 2022

How to fix my messy back-years accounting for my Los Angeles, CA business? If you have messy books for many back years of accounting, it can be overwhelming to try to organize and clean them up. This might include accounting software, a financial calculator, and reference materials such as tax guides or accounting textbooks.

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tax accountant Tax Account accountant 130

Withum

MAY 16, 2024

In this release of Venture To Know we discuss the key scenarios that prompt an investment fund to undergo an audit. What Are the Most Common Circumstances That Prompt a Fund To Undergo an Audit? One of the things you may have already given some thought to is whether or not your annual financial statements are required to be audited.

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audit financial statements New York Legal 52

ThomsonReuters

MARCH 19, 2024

Jump to: When should you contest an audit? How should you prepare for an audit defense? How can automation help in an audit defense? What if a sales tax audit needs to be appealed? Contesting the audit means going through a complex decision tree, the steps of which are detailed below.

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audit Sales Tax auditor 52

ThomsonReuters

APRIL 13, 2023

These two words can strike fear in the hearts of your tax and accounting clients: IRS audit. Understanding how to manage client expectations and concerns and how to get through the process is an essential skill in the tax and accounting professions. Most IRS audits are not random, although that is possible.

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audit accounting firms Tax Account 52

MyIRSRelief

OCTOBER 2, 2023

One of the most important things to consider is accounting and bookkeeping. If you’re new to business, you may be wondering why accounting and bookkeeping are so important. You don’t have a lot of money to spend on accounting and tax services. To comply with tax laws. To make better business decisions.

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tax services bookkeeping bookkeeping services Tax 130

ThomsonReuters

FEBRUARY 23, 2024

Jump to: Why is it important to be proactive toward sales tax audits? How can my company prepare for a potential sales tax audit? How can tax technology help when defending an audit? When and how should tax systems be upgraded? Why is it important to be proactive toward sales tax audits?

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audit Sales Tax auditor 52