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Preparing Your Client for a Tax Audit: Walking the Taxpayer Through IRS Audits 101

CTP

One of the many roles we play as tax planners is as the taxpayers audit support system. Just the word audit can cause the typical taxpayer to panic. We can help reduce taxpayer stress by orienting them to audit basics long before that notice comes in the mail. billion of potentially fraudulent ERC claims.

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Two-thirds of clients ready to change auditors

Accounting Today

audit clients are ready to change firms within the next three years, according to a new report. audit clients are ready to change firms within the next three years, according to a new report. Inflos "Creating a New Audit Experience for U.S. EDT 2 Min Read Facebook Twitter LinkedIn Email More than two-thirds (70%) of U.S.

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What's the Difference Between Business Fraud and Negligence?

Summit CPA

The majority of returns with incorrect information are due to mistakes rather that fraud. However, there are common areas that you should be extra cautious so that you can avoid any unnecessary scrutiny of your tax return. Padding business deductions with non-deductible personal expenses may be considered tax fraud.

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The Best Audit Defense? Good Documentation

CTP

Just the mention of the word audit can strike fear into a taxpayers heartbut with enough preparation, an audit does not have to be a reason for anxiety. Each year, a number of audits are randomly chosen by the IRS, so the possibility of being audited is unavoidable even if your tax return has been filled out perfectly.

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Friday Footnotes: PwC Scandal Somehow Gets More Scandalous; Deloitte Denied in Court; Withum Embiggens in Florida | 11.8.24

Going Concern

The report also recommends that these private firms be limited to 400 partners, and that they be prevented from offering both audit and non-audit work – like consulting services – to the same client. However, the town claims it is not able to act on one of the recommendations by auditors. It’s free!

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New year, new sales tax obligations

TaxConnex

Leaving these key positions vacant can result in a lack of bandwidth or expertise to manage sales tax inviting non-compliance. Audits: Just as you develop a system to track sales tax obligations, you should also make it a priority for 2025 to keep tabs on audit notices. You can prepare for an audit in other ways, too.

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Pitfalls of sales tax compliance: in-house resources

TaxConnex

It’s just sales tax. There are nuances beyond putting numbers on a sales tax return. There are 50 different state sales tax systems and 50 different sets of laws and rules. No ‘additional task’ Sales tax compliance is not a value-added responsibility for you: It’s a tax-collection responsibility imposed on you.

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