IRS Audits May Be Increasing, So Be Prepared

RogerRossmeisl

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.

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How to Survive an IRS Audit

RogerRossmeisl

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%

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Tips to Ensure You Don't Mishandle a Sales Tax Audit

TaxConnex

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. There are several reasons your business may be audited. sales tax compliance sales tax audits

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Sales Tax Audits - The Danger Grows

TaxConnex

M any industry experts believe that as state tax revenues continue to dry up from the economic shutdown and continuing pandemic , state sales tax audits are likely to increase sharply in the coming months. No audit numbers – yet. could lead to you being audited.

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7 Ways a Business is Selected for Audit

TaxConnex

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

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Wolters Kluwer’s Continuing Audit Education Adds Value

MarkFriedlich

The value of continuing audit education from the School of Audit During the first few months of each year our lives go on hold as we take care of our clients needs. However, if you think that your employees are too busy to care about continuing audit education, think again. […].

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The Growing Risk of Fraud in This Year’s Upcoming Audits

ThomsonReuters

It will come as no surprise after the year we’ve had: the growing risk of fraud in the 2020 year-end audit is real. A number of audit clients have been struggling to survive the COVID-19 pandemic. All of this results in a heightened risk of fraud for the 2020 year-end audits.

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IRS to increase back tax collection, audit enforcement action

MyIRSRelief

If you have not filed your tax returns, or if you owe unpaid back taxes, employment 941/940 payroll tax, or could possibly be audited, the IRS is raising the bar and hiring more revenue officers and revenue agents.

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Tax Audits and Extensions

FraudFiles

Are you more likely to be selected by the IRS for a tax audit if you file an extension for your income tax return? Taxes & Tax Fraud Videos

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IRS Corporate Audits Drop 71 Pct, Individual Audits Fall 65 Pct

PYMNTS

Audits of partnership tax returns dropped by 79 percent, while employment tax return examinations fell 42 percent over the same timeframes. Treasury Inspector General for Tax Administration raised questions over the business auditing performance of the agency.

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Your Business Audit Will Cost You, Unless.

GrowthForceBlog

In a perfect world, when the time for an audit rolls around, you'd simply greet the auditor, show them your files, and wait for your perfect grade. 5 min read.

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What If The IRS Knocks On My Door? How To Handle An Audit Of Your Business.

GrowthForceBlog

The pandemic brought on many tax changes- including the uptick in small business audits. In 2020, the IRS announced its plan to increase small business tax audits by 50% in 2021 [1]. 7 min read.

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Help Your Small Business Clients Avoid an IRS Audit

CTP

As a tax professional, you are well aware that every one of your business clients has two main goals at tax time: Calculate as many deductions as possible Avoid an IRS audit They’re counting on you for help. The post Help Your Small Business Clients Avoid an IRS Audit appeared first on certifiedtaxcoach. Help Your Small Business Clients Avoid an IRS Audit was first posted on September 1, 2020 at 8:44 am. ©2017 Blog Audit CPA

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German Central Bank Calls For Tighter Auditing Post-Wirecard ‘Scandal’

PYMNTS

In the latest development, Bundesbank President Jens Weidmann said in an interview published by newspapers that are part of the Funke media organization that auditing should be enhanced, according to a translation to English from German by Reuters.

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Does Your 401(k) Plan Need an Audit? A Closer Look at the 80-120 Rule

LSLCPAs

Generally speaking, 401(k) plans with fewer than 100 participants at the beginning of the plan year are considered small employee plans and eligible for the Small Plan Audit Waiver. The post Does Your 401(k) Plan Need an Audit?

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Stablecoins Need Cash Backing, Audits, US Senator Says

PYMNTS

Stablecoins must be 100% backed by cash and cash equivalents, and this should be audited regularly,” she said, per Bloomberg. A U.S. senator said she thinks stablecoins should be backed by cash and might need to be issued by banks, Bloomberg reported. Wyoming Sen.

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What Are the Typical Steps in a DOL Audit?

ThomsonReuters

Is this an audit, and what should we expect if it is? ANSWER: The request for documents probably does signal the beginning of a DOL civil investigation (often referred to as an “audit”). We strongly advise seeking the assistance of experienced legal counsel to assist with a DOL audit.

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How Continuous Auditing Drives Corporate Spend Optimization

PYMNTS

Usually, the auditing workflow involves looking at expense reports filed by employees, with a focus on identifying potentially erroneous or even fraudulent transactions. But the true value in data analytics technology is in the ability to continuously audit transactions as they flow in.

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What You Should Expect from Your CPA During an Audit |For Privately Held Companies

LSLCPAs

You’ve just been told you need an audit by your banker to satisfy covenants, or your Board of Directors is requiring that an audit be performed. Most CPA firms perform audits in accordance with Generally Accepted Accounting Principles (GAAP).

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IRS audits may be increasing, so be prepared

Marlogin,Winer&Evens

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.

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Restaurant Site Audit – Post-COVID Operations

KROST

The post Restaurant Site Audit – Post-COVID Operations appeared first on KROST. In 2020, the Restaurant Industry was projected to do $899 billion in sales. That expectation has since been adjusted down to $659 billion in sales, a $240 billion hit to the industry as a result of the pandemic.

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Wirecard Defends Auditing Practices

PYMNTS

Wirecard has denied claims levied by the Financial Times that its subsidiaries were not audited, according to a report by Reuters. The FT , using a whistleblower as a source, said that Wirecard’s accounts in Card Systems Middle East in Dubai were not audited in 2016 and 2017. All subsidiaries of Wirecard, including Card Systems Middle East, are subject to regular audit procedures, including but not limited to quarterly and annual audits,” the company said in response to the claims.

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2021 Audit Planning: Peer Review Insights

ThomsonReuters

In looking forward to your 2021 audit planning, the peer review process is often met with many fears or uncertainties. Together, they provide some tips and examples on how to proactively avoid those audit challenge s and combat the biggest fears that develop alongside peer reviews.

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EY Says Wirecard Gave False Statements During 2019 Audit

PYMNTS

The company was involved in deliberate deceit and had given false statements on escrow while EY was carrying out the 2019 audit of the company, which EY took to the relevant authorities, Reuters reported.

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Wirecard Says Audit Finds No Account Manipulation

PYMNTS

German payments company Wirecard said that an auditing firm it hired found no evidence of account manipulation, according to a report by Reuters. . Security & Fraud Account Manipulation Audit Firm india Klarna KPMG News payments probe Singapore What's Hot Wirecard

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UK Moves To Split Audit And Consulting Profits At Big Four

PYMNTS

The Big Four accounting firms will have to put their United Kingdom auditing and consulting practices in separate business units by 2024, but may keep them within the same parent companies, under regulations announced today by the Financial Reporting Council.

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Mnuchin: SBA PPP Loans Over $2M Face Audits Before Forgiveness

PYMNTS

Any small business getting an emergency coronavirus loan from the Small Business Administration (SBA) greater than $2 million will be subject to an audit, Treasury Secretary Steven Mnuchin said. Conducting audits of so many businesses could prove to be a near-impossible undertaking.

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Anatomy of a CAP Audit

Withum

Articles

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Wirecard CEO Won’t Resign Despite Questions Raised By Audit

PYMNTS

Despite an audit that raised questions about operations at Wirecard, a publicly traded financial services provider based in Munich, its CEO has ignored calls to resign. The survey by KPMG, a global auditing firm, criticized the company’s lack of transparency and cooperation.

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 AppZen On The State Of Spend Auditing

PYMNTS

Firms auditing expenses through manual processes and outdated technologies risk missing the chance to flag erroneous or fraudulent submissions from vendors and employees. Deploying technology — especially artificial intelligence (AI) — can streamline the auditing process and boost cost savings significantly. As AppZe n noted in a recent report titled “The State of AI in Business Spend,” companies that do not use AI audit only 10 percent of their spending.

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If you received HHS funds, you may need an audit, and you may need to pay the funds back

LSLCPAs

If so, you may need an audit, and you may need to pay the funds back. The post If you received HHS funds, you may need an audit, and you may need to pay the funds back appeared first on LSL CPAs. HHS Funds Audit News HHS funds HHS funds auditDid you receive HHS funds?

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HHS Clarifies Provider Relief Fund Audit Requirements for For-Profit Healthcare Providers

Katz,Sapper&Miller

Several months ago, HHS announced that receiving Provider Relief Funds under the Coronavirus Aid, Relief, and Economic Security Act could impose an audit requirement for healthcare providers.

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Audit Standards On Hot Seat In Wake Of Wirecard Scandal

PYMNTS

The former chair of the London Stock Exchange is calling for a thorough overhaul of audit standards in the wake of the $2.1 Security & Fraud audit standards auditors B2B B2B Payments Ernst & Young EU EY fraud News payments scandal What's Hot In B2B Wirecard

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Mnuchin Now Says All PPP Loan Recipients Will Face Audits

PYMNTS

Businesses that borrow money through the federal Paycheck Protection Program (PPP) can expect to be audited before the loans are forgiven, Treasury Secretary Steven Mnuchin told The Wall Street Journal. But Tuesday night, Mnuchin told the paper all loans will be audited.

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Big Four Accountancies Fail UK Audit Test

PYMNTS

s so-called Big Four accountancy firms — KPMG, PwC, EY and Deloitte — have reportedly failed to reach audit quality standards set by the Financial Reporting Council , Reuters reported this week. It marks the second year in a row that the Big Four failed the auditing test, while second-tier auditors Grant Thornton, BDO and Mazars also all failed to hit the FRC’s target that 90 percent of audits require only limited improvements. Only 75 percent of the audits of the U.K.’s

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German Prosecutors Launch Investigation Into Ernst & Young’s Wirecard Audit

PYMNTS

Munich prosecutors have launched an investigation into the Ernst & Young ( EY ) audit of Wirecard AG, compounding the firm’s troubles associated with $2.3

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SurePayd Makes Parts Of Migration Audit Services Free

PYMNTS

Accounts receivable (AR) platform SurePayd is responding to the coronavirus pandemic by reducing the costs for its remote migration audit services for the next two months for companies that need to go on the cloud during the crisis, according to a press release.

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Audit: Wirecard’s Payments, Card Issuance Businesses Have Been Bleeding Cash For Years

PYMNTS

A special audit conducted late last year by KPMG and seen by the paper revealed the profits appear to have existed largely on paper. Security & Fraud Audit card issuance EY fraud KPMG News payment processing scandal What's Hot Wirecard wirecard bank

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What IRS Auditors Know About Your Business Industry

RogerRossmeisl

In order to prepare for a business audit, an IRS examiner generally does research about the specific industry and issues on the taxpayer’s return. Examiners may use IRS “Audit Techniques Guides (ATGs).”

CAP Audit- Is Your Union Ready?

Withum

Articles

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PwC: Next Auditing Giant To Overhaul Business

PYMNTS

auditing giant to overhaul operations amid growing regulatory scrutiny on the industry. PwC is reportedly planning to ramp up its auditing operations by hiring 500 more auditors across the U.K., The company will also deploy a digital audit team, strengthen training operations and review existing clients. auditing operations via the creation of a new executive committee to manage performance and controls. Head of Audit Hermione Hudson in a statement.

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IRS Questioned Over Corporate Auditing Lag

PYMNTS

Treasury Inspector General for Tax Administration is calling into question the Internal Revenue Service’s corporate auditing performance. 24) that a report from the Treasury Inspector General for Tax Administration claims the IRS is not effectively auditing corporations following tax examination reform that was designed to accelerate auditing processes. ” It emphasized that more efficient auditing tactics are even more important in this context. The U.S.

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SEC Reduces Audit Rules For Smaller Firms

PYMNTS

The Securities and Exchange Commission (SEC) voted last week to ease audit requirements for some small, publicly traded companies, the agency said in a statement Friday (March 13).

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