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.

accounting firms 130

accounting firms Sales Tax tax return 130

Withum

FEBRUARY 8, 2023

But as with any popular tax credit or deduction, the IRS is sure to be close behind. We’ve written about IRS audits rolling out last July, and the IRS followed up our article with a warning to taxpayers regarding third-party promotion of improper ERC claims. An IRS audit can be scary, but this is especially true with ERC audits.

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audit income tax tax return payroll tax 120

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. Practical advice: If you’re tapped for an audit, don’t panic.

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audit general ledger income tax tax return 130

Withum

MAY 14, 2024

As discussed in our previous article, The Case for Using a Forensic Accountant , confronting the prospects of a cash-based audit is fraught with potential traps and exposure to civil and criminal penalties, including incarceration. This makes the forensic accountant part of the defense team. Cash has a destination.

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audit forensic accounting tax return Gambling 75

MyIRSRelief

MAY 22, 2023

Chicago, Illinois is home to numerous businesses and individuals who may face tax-related challenges such as tax audits, back taxes, and payroll tax problems. In this article, we will explore the benefits of professional tax help for Chicago taxpayers facing tax audits, back taxes, and 941 payroll tax problems.

payroll tax 147

payroll tax payroll audit Tax 147

Going Concern

FEBRUARY 26, 2024

Marine Corps passed a full financial audit for the first time, with the service announcing Friday its fiscal 2023 financial audit received an “unmodified audit opinion” after a rigorous two-year review. The US audit watchdog also inspected four EY Canada audits in 2020 and found deficiencies in half the engagements.

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audit Mississippi auditor tax return 57

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.

Gambling 105

Gambling Tax Account accountant 105

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

Ronika Khanna CPA,CA

MAY 5, 2024

Accounting software has come a long way in the past few years. Although a good bookkeeper can be invaluable, It has become fairly easy for business owners and their support staff to take on the responsibility of entering day to day transactions while they employ accountants for the more complex aspects of their accounting and tax.

income tax 98

income tax Account accountant accounted 98

Withum

JANUARY 25, 2024

Why a Forensic Accountant? Using a forensic account is essential in developing a strategy to handle and defend the findings of a cash-based audit. However, before delving into how they can assist counsel and the client, it’s essential to define what a forensic accountant is.

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forensic accounting audit Account accountant 78

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

CPA Practice

APRIL 3, 2024

billion from Walgreens Boots Alliance for unpaid taxes due to alleged issues over transfer pricing, after several years of audits. The audit comes as the company looks to sell one-third of its Deerfield corporate campus to the Pulte Group for residential development. (TNS) The IRS is seeking $2.7

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CPA Practice

MAY 15, 2024

The technologies used in professional accounting firms continue to evolve and shape how practices function, from client service, to staffing issues, and overall management and growth. Of course, nobody can know everything, so it’s important to have access to comprehensive tax research tools. Now, on to the results!

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Technology accounting firms cpas Account 119

CPA Practice

SEPTEMBER 8, 2023

In a press release , the IRS said the effort will center on placing more attention on the wealthy, large partnerships, and other high earners that have seen sharp drops in audit rates over the past decade. The years of underfunding that predated the Inflation Reduction Act led to the lowest audit rate of wealthy filers in our history.

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audit Tax Real Estate Technology 121

Cherry Bekaert

MAY 21, 2024

In addition to these expenses, companies that own private aircraft must also comply with various tax regulations, including properly reporting any personal use of the aircraft by company owners and executives, as the Internal Revenue Service (IRS) has recently been targeting this area for audits.

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audit income tax tax return accounting standards 105

CPA Practice

JANUARY 10, 2024

With over a decade specializing in gambling taxes, this Las Vegas CPA has worked with everyone from professional poker players to casual sports bettors. This article summarizes Zak’s insights from my recent Earmark Podcast interview to provide accountants and tax professionals with key guidance.

Gambling 80

Gambling Tax Account accountant 80

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

Going Concern

MARCH 18, 2024

Under the plan, Deloitte’s main business units will be cut to four — audit and assurance; strategy, risk and transactions; technology and transformation; and tax and legal — from the five the firm has had since 2014. In 2022 it was even fined twice in one day for audit failures at the construction companies Kier and Galliford Try.

Account 87

Account accountant accounted audit 87

Going Concern

JANUARY 10, 2024

Today in clients behaving badly, the DoJ announced Friday that Las Vegas restaurateur Raul Gil, who owns and operates three Casa Don Juan restaurants in the city, is headed to prison for 37 months for evading his federal income taxes. In total, Gil caused a tax loss to the IRS of approximately $1.6

tax return 62

tax return Tax Nevada income tax 62

xendoo

JULY 6, 2023

Generally, the chances of the Internal Revenue Service (IRS) auditing you are low. For most taxpayers, the audit rate is less than 1% to 2%. However, businesses tend to have more complex tax returns, so auditing is a concern. How far back can the IRS audit you? How far back can the IRS audit tax returns?

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audit tax return Entertainment income tax 52

xendoo

JULY 6, 2023

Generally, the chances of the Internal Revenue Service (IRS) auditing you are low. For most taxpayers, the audit rate is less than 1% to 2%. However, businesses tend to have more complex tax returns, so auditing is a concern. How far back can the IRS audit you? How far back can the IRS audit tax returns?

audit 52

audit tax return Entertainment income tax 52

CPA Practice

MAY 16, 2023

Following the release of the Stanford University study in early February, Wyden and other lawmakers demanded the IRS review and make changes to its auditing processes. The higher audit rate for Black taxpayers is due to a flawed artificial intelligence algorithm used by the IRS to decide who gets audited, the study’s authors said.

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audit tax return Tax accounting and finance 98

CPA Practice

MAY 17, 2023

Following the release of the Stanford University study in early February, Wyden and other lawmakers demanded the IRS review and make changes to its auditing processes. The higher audit rate for Black taxpayers is due to a flawed artificial intelligence algorithm used by the IRS to decide who gets audited, the study’s authors said.

audit 98

audit tax return Tax accounting and finance 98

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

MyIRSRelief

APRIL 3, 2023

That’s where an accountant (EA or CPA) can help. A Los Angeles, CA accountant can provide essential financial expertise and support to small business owners, helping them make informed decisions and manage their finances efficiently. Contact us today for all you tax and accounting needs.

Account 130

Account accountant accounted accounting and finance 130

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 tax preparation Account 130

CPA Practice

SEPTEMBER 20, 2023

A new work group within the Large Business and International (LB&I) division will be tasked with holding large partnerships and other pass-through businesses accountable to pay the full amount of taxes they owe, the IRS said on Wednesday. Pass-throughs are frequently used by higher-income groups and can be complex tax arrangements.

income tax 122

income tax Tax audit tax return 122

MyIRSRelief

JANUARY 2, 2023

Some common tax problems include: Failing to file a tax return: If you fail to file a tax return (1040, 1120, 1065, 941, etc.), you may be subject to penalties and interest on failure to file and on any unpaid taxes. IRS Audit is a review of your tax return to ensure that the information reported is accurate.

Tax 147

Tax tax return payroll tax audit 147

ThomsonReuters

MAY 12, 2022

What triggers a sales tax audit and how do you reduce the risk of an audit? Almost all companies undergo a sales tax audit at some point. This sales tax audit guide can help indirect tax teams avoid common audit triggers and manage the sales tax audit as smoothly as possible.

audit 105

audit Sales Tax auditor 105

CPA Practice

OCTOBER 20, 2023

Organizations are increasingly required to adopt sustainability at the heart of their business practices and strategies, which calls for a broader set of financial accounting skills focused on environmental, social and governance (ESG) reporting. What is sustainable finance?

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CPA Practice

OCTOBER 19, 2023

Organizations are increasingly required to adopt sustainability at the heart of their business practices and strategies, which calls for a broader set of financial accounting skills focused on environmental, social and governance (ESG) reporting. What is sustainable finance?

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audit accounting and finance auditor accounting principles 52

Going Concern

JANUARY 26, 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. company, in a process riddled with conflicts of interest. AI Is your firm keeping pace?

Account 116

Account accountant accounted audit 116

MyIRSRelief

MAY 15, 2024

Understanding the Importance of Maintaining Tax-Exempt Status One of the primary concerns for any nonprofit is maintaining its tax-exempt status under IRC Section 501(c)(3). This status exempts nonprofits from federal income tax on their earnings related to their exempt purpose. and foreign tax laws. A : Not quite!

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Tax payroll tax payroll tax preparation 130

AdviceForTaxpreparers

JULY 29, 2019

Advice for Tax Preparers Making tax preparers lives easier one blog at a time HOME. Accounting Jokes, Videos, Puns and Humor. If you are going to be an accountant then you have to be able to laugh at yourself. Accounting and CPA Puns. Short Accounting and CPA Jokes. Famous Accounting Quotes.

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tax preparation Account accountant accounted 212

ThomsonReuters

JUNE 16, 2023

Keeping pace with the ever-changing tax regulatory landscape can be difficult and time consuming. Noncompliance can result in hefty fees, penalties, and audits. According to new data released in October 2022 by the IRS, tax gap estimates are on the rise. What is a tax compliance measurement audit?

Tax 97

Tax tax return audit income tax 97

Going Concern

APRIL 15, 2022

To counter this perception, the accounting profession could be rebranded as a foundational force of social stability and progress, and not just as “a job” with long hours and low return on investment (ROI) on education. There is another way of putting this: Accounting is a profession whose brand has not been diluted.

accounting firms 52

accounting firms audit Account accountant 52

SMBAccountant

NOVEMBER 17, 2021

You would post the net pay to a labor expense account and the payroll taxes to a payroll expense account. This is incorrect and causes labor to be understated and taxes to be overstated. Recording Jason’s deductions as a tax expense is incorrect and overstates the expense to the business. Many do nothing.

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payroll payroll tax income tax Expense Reimbursements 130