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Evolution of the Sales Tax Audit: Have Audits Changed with Economic Nexus?

TaxConnex

So has the sales tax audit. Examiners can still show up and go over your books in person, and tax agencies will still send audit notices via snail mail. Many events can ignite a sales tax audit. But have sales tax audits changed over the last few years, through the pandemic and the introduction of economic nexus in 2018?

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Best Practices for Managing a Sales Tax Audit

TaxConnex

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. Sales Tax Audit Triggers.

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ERC IRS Audit Representation: Your Comprehensive FAQ Guide

MyIRSRelief

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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State CPA Society News & Updates – September 2023

CPA Practice

The Wisconsin Institute of Certified Public Accountants or WICPA has announced a series of upcoming conferences including the following: Business & Industry Fall Conference – September 18, 2023 at the Brookfield Conference Center in Brookfield, Wisconsin, which will be livestreamed for those not able to attend the conference in person.

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States ease nexus thresholds

TaxConnex

Two years ago, for instance, Wisconsin studied how halving its 200-transaction threshold would hurt coffers. South Dakota joins California, Colorado, Iowa, Maine, North Dakota, Washington and Wisconsin in eliminating transaction-based nexus thresholds. The conclusion: “minimal fiscal effect.” Who’s taken the latest action?

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Sales tax ‘responsible party’ laws still going strong

TaxConnex

Among specific statute language of responsibilities, Georgia, to name one state, adds that examples include (but are sure not limited to) individuals who: serve as officers and directors; control company financials; hire and fire; sign checks (and sales tax returns); and control the company funds and bank accounts.

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Tax Savings for Accountants with Gambling Clients

CTP

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. As an accountant, you must analyze your client type, their category, and how much their gambling income will be considered as taxable income.

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