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How not to tank your sales tax audit (part 1)

TaxConnex

If you are a business that must collect and remit sales tax, an audit is probably one of your biggest fears. Rightly so: Sales tax audits can find fault with a variety of your operations and can cost you big– if the determination goes against you. Not expecting an audit. Why would you get tagged for audit?

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5 Tips to Minimize Risk Associated with Sales Tax Audits

TaxConnex

If you are a business that must collect and remit sales tax, an audit is probably one of your biggest fears. In fact, our annual survey of financial professionals on sales tax trends has ranked sales tax audits as a top worry for the third year in a row. If you sell items considered tangible personal property (e.g.,

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Navigating Audited Financial Statements for E-Commerce Startups: A Comprehensive Guide

Withum

As these companies gain traction and seek external investments, audited financial statements play a crucial role in instilling trust among stakeholders, investors, and potential partners. 10 Key Steps Here are the key steps startup e-commerce companies can take to prepare for their audited financial statements.

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Eide Bailly Sees Risk Awareness Driving Growth in Sales Tax Automation

CPA Practice

Eide Bailly sees risk awareness driving growth in sales tax automation. Sales taxes continue to be one of the most dynamic and risk prone areas of business operations, particularly since so many businesses are still not fully aware of their compliance requirements. Auditors are becoming more active. Wayfair, Inc., Wayfair, Inc.,

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Common Accounting Mistakes: Government Edition - Issue #12 R&D

SMBAccountant

For tax purposes, guidance may be different, but for this article’s purpose, the methods of recording R&D in a contractor’s accounting system will be discussed. There are 3 phases; 1) feasibility, studies, and software production, 2) distribution, and 3) sales. Only the production phase can be capitalized.

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Tuesday Morning Accounting News Brief: EY and PwC Get a New Scandal; Stop Trying to Make Sexy Accountants Happen | 1.16.24

Going Concern

Project Everest head cheerleader Andy Baldwin had some things to say at Davos : Breaking up EY into separate consulting and auditing companies would have increased growth potential as the company grapples with the need for capital to invest in technology and AI to stay competitive, EY’s global managing partner Andy Baldwin said on Tuesday.

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Friday Footnotes: Accountant Shortage Ramps Up Work Pressure; Celebrities’ Trusted CPAs; ERC Reverse Card | 12.8.23

Going Concern

Expand the accounting pipeline with a mentorship circle [ Journal of Accountancy ] At a time when the CPA pipeline is running slow, mentoring can be a powerful tool to recruit potentially interested students into accounting and guide them to careers in the profession. The SEC approved the standard on Dec. Cohen & Co.,

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