TaxConnex

AUGUST 11, 2022

North Carolina: The state’s Department of Revenue explained in a private letter ruling request that the purchasers of machinery and equipment for a manufacturing plant are not exempt from state sales and use tax. Manufacturing exemptions are often based on use of the equipment or type of entity.

Sales 130

Sales Tax North Carolina Pennsylvania 130

CPA Practice

DECEMBER 22, 2023

The agency says adjustments will be made progressively to individual, business, trust, estate, and tax-exempt organization accounts, with nearly 70% of eligible individual taxpayers earning under $100,000 a year. The agency says it will issue special reminder letters starting in Jan. 5, 2022, and Dec.

Tax 131

Tax tax return Washington Maine 131

CPA Practice

JUNE 28, 2023

This best practice begins when the practitioner first engages with the client. Further, these significant aspects ideally should be memorialized in a comprehensive engagement letter with the client. You can communicate this policy clearly to clients in the engagement letter. by inclusion in the engagement letter).

Tax 98

Tax Legal accounting and finance cpas 98

CPA Practice

MARCH 1, 2024

The new initiative, made possible by Inflation Reduction Act funding, begins with IRS compliance letters going out this week on more than 125,000 cases where tax returns haven’t been filed since 2017. The IRS is taking this step to address this most basic form of non-compliance, which includes many who are engaged in tax evasion.

tax return 115

tax return Tax audit income tax 115

Going Concern

SEPTEMBER 29, 2023

From the SEC : The Securities and Exchange Commission today announced charges against accounting firm Prager Metis CPAs, LLC and its California professional services firm, Prager Metis CPAs LLP, (together, Prager) for violating auditor independence rules and for aiding and abetting their clients’ violations of federal securities laws.

cpas 62

cpas auditor audit California 62

Going Concern

JANUARY 8, 2024

Both the city and county utilize the services of Porter, Muirhead, Cornia and Howard (PMCH) — a certified public accountant based in Casper — for their audits. Holding up the audit this year, Duff said, is short-staffing at PMCH, as the firm competes with other accounting firms across the nation for employees.

Wyoming 125

Wyoming audit Government Montana 125

Withum

JANUARY 4, 2023

Many service providers offer grand promises, but we have seen instances where the engagement letters are not consistent with those promises. One such promise is the offer to provide audit “support,” which is not the same as promising to hire a qualified lawyer or accountant to represent you before the IRS if you are audited.

audit 136

audit payroll tax Tax Start-ups 136

CPA Practice

NOVEMBER 16, 2023

However, while a pricing committee focuses on determining the right price for client engagements, a value committee goes a step further to ensure that both the price and the scope of work are aligned. Value committee vs. pricing committee Firms might use the terms “value committee” and “pricing committee” interchangeably.

Account 115

Account accountant accounted tax consultant 115

CPA Practice

NOVEMBER 16, 2023

Canopy , the maker of accounting practice management software, has launched Canopy Engagements, a customizable and seamless solution that enables accountants to elevate and automate their client experiences with professional engagement letters and proposals right from within the Canopy suite.

Account 52

Account accountant accounted 52

ThomsonReuters

JUNE 29, 2023

Providing good customer service is essential to growing your tax and accounting practice but, as many professionals have come to realize, dealing with difficult clients can be hard. As a tax and accounting professional, you are looking to help guide your tax clients. Managing tax clients isn ’ t always easy.

Tax 97

Tax Account accountant accounted 97

CPA Practice

DECEMBER 13, 2023

The implementation of Amount B promises to streamline and simplify a fundamental transfer pricing issue, providing substantial benefits to taxpayers and governments,” says the letter. Concerns remain that the OECD will reach agreement on Amount B, but some taxing jurisdictions will not apply it or will apply it inconsistently.

accounting and finance 59

accounting and finance cpas management accounting management accounts 59

ThomsonReuters

JANUARY 31, 2023

Running a successful accounting or bookkeeping business is more than just working with numbers. According to Guy Pearson, CEO of Ignition, “Two of the biggest time sucks at any firm are client engagement and payments processing.” Other firms employ dedicated personnel to handle engagement letters and proposals, adding to overhead.

Technology 59

Technology bookkeeping Start-ups Account 59

Withum

JULY 12, 2023

If this is your first audit, then you will become accustomed to the buzzword documents before too long – most namely, the engagement letter, management representation letter, and the audited financial statements. Why these three documents? your investors or lending institution).

audit 52

audit auditor Real Estate financial statements 52

CPA Practice

APRIL 1, 2024

By Dr. Sangeeta Chhabra Here’s a sobering stat for accountants and business owners alike: 74% of data breaches occur due to human errors, encompassing mistakes, privilege misuse, stolen credentials, or social engineering. Fostering engagement Enhance training sessions by making them interactive and engaging.

Education 122

Education Legal quickbooks audit 122

Going Concern

AUGUST 17, 2023

claimed that it conducted its 2018 audit in accordance with Public Company Accounting Oversight Board (PCAOB) standards when, in fact, its Akazoo audit team had almost no experience or training in PCAOB standards. Bostock, and Stallabrass engaged in improper professional conduct. The order finds that Crowe U.K. Crowe U.K.’s

audit 98

audit auditor financial statements Account 98

CPA Practice

APRIL 25, 2024

Tankersley, CPA.CITP, CGMA 00:00 Welcome to the accounting Technology Lab sponsored by CPA practice advisor, with your hosts, Randy Johnston, and Brian Tankersley. Randy Johnston 00:10 Welcome to the accounting Technology Lab. I’m your host, Randy Johnson with my co host, Brian Tankersley. So Brian, what do you think about there?

Technology 111

Technology audit Account accountant 111

PANALITIX

MARCH 7, 2021

ARE YOU AN ACCOUNTANT OR BUSINESS PERSON? Over the next few months, we’ll be looking at how you can “re-boot” your approach to creating proposals, engagement letters and targeted marketing campaigns with Panalitix state-of-the art technology solutions. The post Are you an Accountant or Business Person? AND WHY IT MATTERS.

Account 130

Account accountant accounted Legal 130

CPA Practice

DECEMBER 18, 2023

In a recent letter submitted to the Department of the Treasury and the Internal Revenue Service (IRS), the American Institute of CPAs (AICPA) expressed concerns with the timing currently involved with the procedure for business entities organized in the U.S.

cpas 105

cpas tax return Tax Government 105

CPA Practice

JANUARY 22, 2024

SmartVault, a leading provider of an integrated, cloud-based document management and client portal platform, has launched its Accounting Unlimited Plan that includes unlimited usage of eSignatures, knowledge-based authentications (KBAs), storage, PDF form fills, quotes, and more. SmartVault’s Unlimited Plan also saves, on average, $2.50

Account 52

Account accountant accounted CPA 52

Going Concern

JUNE 5, 2023

PwC Australia has named all 67 people involved in the confidential tax leak in an unpublished letter to lawmakers ahead of parliamentary hearings later this week. Ian Gow is professor of accounting and director of the Melbourne Centre for Corporate Governance and Regulation at the University of Melbourne. CCH Axcess turns ten.

Tax 81

Tax Account accountant accounted 81

CPA Practice

FEBRUARY 23, 2024

million earlier this week for breaking various Public Company Accounting Oversight Board auditing rules. The biggest fine was given to top 25 accounting firm Withum, which was docked $2 million on Feb. As the SPAC market grew, Withum and fellow audit firm Marcum served as the main auditors in these engagements.

audit 69

audit auditor Tax accounting firms 69

5 Minute Bookkeeping

DECEMBER 19, 2023

Accounting Software My number 1 app is QuickBooks online accountant. This free app is designed for accountants and bookkeepers to manage clients’ QuickBooks files, collaborate, and streamline various accounting tasks. In my opinion, QuickBooks Online Accountant is a must for every bookkeeper. Even better?

bookkeeping 52

bookkeeping quickbooks free accounting software accounting software 52

CPA Practice

OCTOBER 12, 2023

Avii, a leading provider of accounting software, today announced the addition of Avii E-Sign to its extensive platform for accounting firms. This eliminates numerous pre- and post-signature activities for firm administrators and engagement managers. Avii is extending a promotion to current and new customers.

accounting software 52

accounting software audit accounting firms Account 52

ThomsonReuters

MAY 25, 2023

The claims administrator appealed, contesting the conclusion that it had failed to engage with the child’s treating physicians and to provide the family with its reasoning for the denial. Moreover, the plan itself required sufficient explanations in denial letters. Contributing Editors: EBIA Staff.

Hospitality 52

Hospitality Tax Account accountant 52

Going Concern

SEPTEMBER 29, 2023

But experts say one thing that young professionals can do, including young accountants, is to be more patient. Let’s say they’re in public accounting, and they get assigned to an engagement with a manager or client they don’t particularly like,” asked Maginnis. “Or Too often, young people will say: ‘That’s it.

accounting careers 127

accounting careers Account accountant accounted 127

Menzies

DECEMBER 7, 2023

Menzies LLP - A leading chartered accountancy firm. Whether you’ve earned income from trading exchange tokens, profited from the sale of NFTs, or engaged in transactions involving utility tokens, each activity may have distinct tax considerations, as discussed in our article here.

chartered accountant 52

chartered accountant Non-Profits Tax tax services 52

Going Concern

MAY 1, 2024

BDO’s claim is that restrictive covenant obligations state that Crandell may not, directly or indirectly, solicit or perform accounting, auditing, tax, and/or consulting services for BDO clients for whom he directly provided substantive services during his partnership in and later employment with BDO. That amount totals $343,400.00

Colorado 70

Colorado Non-Profits Tax Florida 70

CPA Practice

JANUARY 11, 2023

Most practitioners pride themselves on delivering accurate, complete, and timely information to clients, and engaging with them in a friendly and focused way. You can snap a picture of your check and it’s deposited instantly to your account without you leaving your home or office. By Chris Farrell, CPA.

CPA 124

CPA accounting and finance auditor bookkeeping 124

CPA Practice

AUGUST 18, 2023

arm of accounting firm Crowe LLP, its CEO, and a senior auditor settled charges with the Securities and Exchange Commission on Aug. As the engagement partner for the Akazoo audit, Bostock failed to appropriately supervise the engagement, maintain adequate documentation, and exercise due professional care, among other things, the SEC said.

audit 52

audit financial statements auditor accounting firms 52

CPA Practice

JUNE 21, 2023

Shirley Chen is a Digital Transformation Practitioner who specializes in leading changes in the tax & accounting industry. A veteran of accounting journalism, she also speaks at many accounting events, trade shows, and webinars. Gail Perry is the editor-in-chief of CPA Practice Advisor.

Tax 80

Tax Technology Indiana Michigan 80

Menzies

NOVEMBER 3, 2023

Menzies LLP - A leading chartered accountancy firm. HMRC have several options if they suspect an R&D claim might be fraudulent: HMRC may send a ‘one to many’ letter, commonly referred to as a ‘nudge letter’. Check for any deadline within the letter to respond. Check for any deadline within the letter to respond.

tax return 52

tax return chartered accountant Tax corporation tax 52

Going Concern

APRIL 12, 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. While the average mean salary for accountants in the U.S.

CPA 104

CPA auditor Tax audit 104

PANALITIX

JULY 21, 2021

But their message gave me a quick reminder of where to focus when it comes to engaging clients. If you’re sending out an updated engagement letter for straightforward tax services to a client you’ve been working with for a few years – you might not need to “tell a story” to retain them as clients. How accurate are they?

Sales 130

Sales tax services Tax Account 130

PANALITIX

JULY 20, 2021

But their message gave me a quick reminder of where to focus when it comes to engaging clients. If you’re sending out an updated engagement letter for straightforward tax services to a client you’ve been working with for a few years – you might not need to “tell a story” to retain them as clients. How accurate are they?

Sales 130

Sales tax services Tax Account 130

Going Concern

OCTOBER 4, 2022

Yesterday morning, Accounting Today published a few letters from readers sent in response to AT’s August 26 article titled Do we need accounting firms? Like Randy Crabtree, CPA who said “we don’t need more traditional accounting firms; we need more forward-thinking accounting firms.”

Account 52

Account accountant accounted CPA 52

Accounting Insight

APRIL 13, 2023

End of financial year – party time for accountants, woo! As a long-time accountant working in Australia, I always confuse people who aren’t accountants because as far as I’m concerned, the year starts on the first of July, not the first of January. Here are my top tips. You can register for a free ticket here.

bookkeeping 59

bookkeeping Start-ups tax planning Tax 59

Going Concern

JULY 31, 2023

r/accounting reacts to KPMG’s summer internship for high schoolers: Staffing shortages at KPMG? The Center for Audit Quality (CAQ), a group representing audit firms led by the Big Four of Deloitte, PwC, EY and KPMG, is asking corporate directors to sign on to a letter attacking the plan.

auditor 98

auditor Account accountant accounted 98