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In ongoing accounting crunch, where to go for sales tax help?

TaxConnex

For respondents, the staffing struggle also meant curtailing business growth (19.23%), more errors in sales tax calculation (17.58%), more frustration from existing staff (21.43%) and, perhaps scariest, a growing lack of confidence in being prepared for an audit (22.53%). million accountants and auditors in the U.S.

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Monday Morning Accounting News Brief: Unintended Audit Consequences; The IRS Needs Experienced Accountants; PwC AI | 9.18.23

Going Concern

The hiring will be for higher-graded revenue agents, which are specialized technical positions that generally focus on audits. This next wave of hiring will help the IRS add key talent like tax accountants to help reverse a decade-long decline of audits for the wealthy as well as complex partnerships and corporations.

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SAS 145 offers tech-powered audits for the future

Accounting Today

This new standard changes the game for auditors to make risk assessments even more effective.

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Friday Footnotes: KPMG UK Pay Freeze; PwC Canada Layoffs; EY Bailing on Office? | 11.24.23

Going Concern

Furthermore, the perception of accounting as a tedious field, coupled with long working hours and a stressful environment, has contributed to the shortage​​​​. The shortage is also not limited to tax accountants but extends to those involved in financial planning, auditing, and other accounting tasks​​.

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Here Are Even More 2024 Accounting Salary Projections

Going Concern

To keep things simple, we’ll stick to the tax and audit roles.

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Talent-Strapped Down Under Deloitte and EY Are Importing Staff

Going Concern

Our favorite Aussie professional services expert Edmund Tadros at Australian Financial Review has written about Deloitte and EY bringing more than 800 warm bodies into the country to staff areas like audit and cybersecurity where talent is scarce. Let’s see what he said.

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What happens if you get audited and don’t have receipts?

xendoo

Most small businesses have a low probability of going through an IRS audit, but it’s possible. What happens if you get audited and don’t have receipts to back your expenses? The best way to avoid headaches during an IRS audit is to keep accurate business records and bookkeeping year-round , and that includes tracking receipts.

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