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Best Practices for Managing a Sales Tax Audit

TaxConnex

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.

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ERC Moratorium – What Does That Mean?

Withum

This is unlikely to occur because of the current gridlock in Washington, but it would be a revenue raiser. The IRS is on “high alert” with regard to specious ERC claims and it is aggressively auditing both new claims and claims that were already paid. In other words, playing the audit lottery is risky. Nothing, really.

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Friday Footnotes: EY’s Six CEO Candidates; Deloitte UK Partner Payouts Increase Again; IIA Gets Their Way | 9.29.23

Going Concern

Deloitte UK said revenue grew 14% to £5.6bn in the year to May, as buoyant markets in the first six months of its financial year bolstered demand for audit and advisory work. It helped offset the “increased caution” among more cash-strapped clients and a slowdown in merger and acquisition activity in the months that followed.

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How to manage sales tax obligations

TaxConnex

You then need to create a billing process to apply tax to your invoice, manage your sales tax-exemption certificates and prepare and file sales tax returns. Your staff can be trained for the specific sales tax needs of your company, and you’ll have an in-house resource for future questions. Combination.

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Friday Footnotes: No Foolin’ Here; 18,000 New Accounting Jobs; Skills Auditors Need NOW to Be Future-Ready | 4.1.22

Going Concern

ARB’s auditor Messrs BDO voluntarily resigns after failure to reach agreement on proposed increase of audit fees [ The Edge ] Expect to see a lot of this going forward: ARB Bhd on Friday (April 1) announced its auditor Messrs BDO PLT (BDO) has voluntarily resigned. Chinese and U.S. That’s one way to go.

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IRS Getting Serious About Prosecuting ERC Fraud

CPA Practice

Haynes could face up to three years in prison and a $250,000 fine for each count of aiding and assisting in the preparation of false tax returns. The agency is devoting additional resources to the problem, including hiring specially trained auditors to process ERC claims and ensure the claims are legitimate.

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Monday Morning Accounting News Brief: Watch That Utilization; PwC CEO Doesn’t Know His Own Salary | 2.19.24

Going Concern

Fun President’s Day fact: although the third Monday in February is meant to recognize the birthdays of both first president George Washington and original hipster Abraham Lincoln, only Washington’s birthday — February 22 — is officially recognized in federal law ( 5 U.S. Everyone’s out buying mattresses.

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