TaxConnex

FEBRUARY 3, 2022

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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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). The IRS is actively auditing and conducting criminal investigations related to these false claims. Practical advice: If you’re tapped for an audit, don’t panic. How does the ERC work?

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TaxConnex

APRIL 4, 2023

You just got notice of a sales tax audit. Wherever you are in your sales tax compliance, these steps will help your audit process run smoother. Many happenings can ignite an audit. An audit of one of your suppliers could turn up one of your exemption certificates for something the auditor may think is taxable.

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audit tax auditor Sales 130

TaxConnex

SEPTEMBER 15, 2022

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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TaxConnex

SEPTEMBER 20, 2022

The sales tax audit can be one of the scariest – and costliest -- things an online business ever goes through. If you do get hit with an audit, it’s critical to handle the process correctly. Last time we looked at mistakes companies make leading up to an audit (Check out part 1 here). Those under audit often react emotionally.

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audit tax auditor Sales 246

TaxConnex

APRIL 11, 2023

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 the number of audits has remained the same, why is it a top worry?

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audit tax Sales tax return 130

CPA Practice

MAY 10, 2023

The head of the Public Company Accounting Oversight Board (PCAOB) said today that its inspectors found significant deficiencies in the audits of U.S.-listed deficiencies in 100% (four of four) of the audit engagements reviewed at KPMG Huazhen and 75% (three of four) of the audit engagements reviewed for PwC Hong Kong.

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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.

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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. Sales Tax Audit Triggers.

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audit tax auditor Sales 244

CPA Practice

MAY 22, 2023

Audit partners are pessimistic about the outlook for the U.S. businesses continue to face inflation, cybersecurity risks, and increased regulation, according to the Center for Audit Quality (CAQ’s), Audit Partner Pulse Survey , a biannual survey of US public company audit partners. economy as U.S. Rather, U.S.

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CPA Practice

MAY 6, 2023

Suppose you get a letter in the mail from the IRS notifying you that you’re being audited. First things first: Check to see if the IRS will be conducting a correspondence audit or a field audit. Generally, a correspondence audit is less intrusive than a field audit, but both must be taken seriously. Don’t panic.

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RogerRossmeisl

AUGUST 3, 2021

The IRS just released its audit statistics for the 2020 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage of returns are being chosen for audit these days, that will be little consolation if yours is one of them. of individual tax returns were audited in 2020.

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MyIRSRelief

MAY 19, 2023

Whether you are a small business owner, self-employed, or an individual taxpayer, you may face tax issues such as tax audits, back taxes, and 941 payroll tax problems. Regardless of the reason, a tax audit can be a stressful and time-consuming process, requiring you to gather and provide extensive documentation to support your tax returns.

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RogerRossmeisl

NOVEMBER 1, 2020

IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be examined. Here’s how to survive an IRS audit. In fiscal year 2019, the IRS audited approximately 0.4% However, the best way to survive an IRS audit is to prepare for one in advance.

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ThomsonReuters

APRIL 19, 2023

The accounting and audit profession is undergoing significant changes as a result of the rapid advancement of technology. So, then, how do audit firms evolve to make sure they are prepared for when the right technology can help them prosper? Standardization can help firms save significant time and reduce inefficiencies.

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CPA Practice

MAY 2, 2023

There is a brand-new section that debuted today in PCAOB inspection reports of audit firms, and it is devoted to auditor independence. “We These enhancements will provide relevant information that investors have asked for and support improvements in overall audit quality.”

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TaxConnex

SEPTEMBER 2, 2021

Managing a sales and use tax audit can be challenging. First, you should always anticipate an audit – even if you’ve never been audited before. While they are definitely becoming more frequent as states try to crack down on economic nexus laws, rarely are you given advanced notice as to when an audit will occur.

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audit tax auditor Sales 243

TaxConnex

MAY 18, 2021

sales tax audits ?were sales tax audits to become more common over the next two years. of respondents said they believe audit levels?will already seen an increase in the number of audits in the past two years. ramping up audits remains?anecdotal,?but How does a business get selected for an audit? anecdotal,?but

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RogerRossmeisl

MAY 16, 2022

And you want to make sure you can defend the amounts reported on your tax returns in case you’re ever audited by the IRS. The post Keeping Meticulous Records is the Key to Tax Deductions and Painless IRS Audits appeared first on Roger Rossmeisl, CPA. Be aware that there’s no one way to keep business records. Here are two.

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Airbase

JANUARY 31, 2023

Kelly Hicks and Robin Sharma share advice after Airbase successfully completes its first external audit. Few milestones in a company’s lifecycle demand a more focused response from finance and accounting than the first external audit. When is the right time for a company’s first audit? The lead-up: Choosing auditors and timing.

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CPA Practice

MAY 15, 2023

The Securities and Exchange Commission’s enforcement division cracked down on accounting and auditing rules violators in fiscal year 2022, as actions within that sector made up 15% of the 462 new or stand-alone cases initiated by the regulator last year, according to a new report from Cornerstone Research.

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Going Concern

APRIL 3, 2023

Up north, the Canadian equivalent of the PCAOB has said that audit quality in America’s hat is on the decline and that the level of significant findings at non-annually inspected firms is “concerning.” In 2022, 13 audit firms were operating under CPAB enforcement actions for most of the year, up from nine in 2021.

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MyIRSRelief

OCTOBER 28, 2022

The most frustrating method is the audit and if you receive an exam notice in the mail, you better take it seriously. This should include your right for CA FTB Audit representation. Our tax representation firm can help you get the best possible outcome from your audit. Reasons why you should have FTB Audit Representation.

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Going Concern

OCTOBER 19, 2022

Yesterday, the PCAOB announced a settlement in which audit partner Jonathan B. Taylor added or modified approximately 80 audit work papers before providing the improperly altered documentation to PCAOB inspectors for a 2021 inspection. Wanna alter work papers and then double down when you’re caught?

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CPA Practice

JANUARY 23, 2023

With markets changing and capital becoming more constrained by the day, there is a rapidly heightened awareness of the role that due diligence and audits play. These manual verification procedures are painstaking — and most often relegated to the audit professionals early in their career. By Tod McDonald.

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MyIRSRelief

SEPTEMBER 1, 2022

In particular, the expansion of the IRS and it tax enforcement arm will result in more taxpayers seeking IRS audit & appeals help as it comes into effect starting next year. Understanding the expansion of the IRS and how it affects you will assist in reducing the chances that you will be audited. Services to Taxpayers: +$3.2

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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

Withum

FEBRUARY 8, 2023

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. How Do I Know I’m Being Audited?

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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.

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audit tax return tax accounting and finance 97

CPA Practice

FEBRUARY 23, 2023

What is the fastest-growing challenge facing accounting firms and internal audit departments today? According to the surveys, to tackle this challenge and boost client collaboration, accounting and auditing organizations are ramping up the adoption of advanced technologies such as cloud services, data analytics and business intelligence.

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Patriot Software

NOVEMBER 2, 2022

You might think an audit is the last thing your business needs, but they aren’t always bad. Regular audits can be more like a routine maintenance check than an invitation for IRS penalties. Learn what an audit is, what types of audits there are, how […] READ MORE. Do you panic when you hear that five-letter word?

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Going Concern

FEBRUARY 15, 2023

The only other listed entity we found that it audits has a market capitalization of about INR 640 million (U.S. Shah Dhandharia hardly seems capable of complex audit work. The post Grant Thornton Scores Coveted ‘Hot Garbage’ Audit appeared first on Going Concern. Records show it pays INR 32,000 (U.S.

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ThomsonReuters

MAY 10, 2023

The AICPA’s Auditing Standards Board has issued SAS 145 to provide additional guidance on a number of audit-related topics. In this third blog, we’ll examine balancing the scope of an audit with the complexity of an entity’s activities. In other words, it tells auditors where to focus.

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