CPA Practice

DECEMBER 2, 2024

government operate more proficiently. The study is an accounting of the cost of in-person audits carried out by the Internal Revenue Service relative to the taxes paid as the result of the audits. The researchers found in-person audits take just under 30 hours of labor on average and cost the agency $5,900. on the dollar.

Government

CPA Practice

NOVEMBER 4, 2024

million to the Internal Revenue Service after a rare IRS audit of the state found it owed millions of dollars in taxes in 2020. Smith School of Business, told The Baltimore Sun he wasn’t surprised to see the IRS conduct a payroll audit, even if he wasn’t sure how often the agency examines state governments.

Maryland

Going Concern

MARCH 10, 2025

New York Times tells the story of an industry accountant turned IRS auditor in Stalled Audits and a Skeleton Staff: Inside Trumps War on the I.R.S. She wanted to help collect more money for the federal government. Crowell, 64, joined a team that had started an audit of a company earning roughly $3 billion a year.

audit

TaxConnex

JUNE 28, 2022

Other exemptions can apply to transactions with special entities like government organizations and nonprofits. An XYZ letter is a letter sent to a seller’s customers and serves as an affidavit that the sales tax obligation has been satisfied by the customer. XYZ letters are a great tool to help minimize sales tax exposure.

Sales

CPA Practice

OCTOBER 13, 2023

By Clint Rainey, Fast Company (TNS) Way back in 2012, the IRS launched the largest-ever audit in history, accusing Microsoft of stashing billions in offshore tax havens to dodge U.S. Microsoft’s accounting firm KPMG had spelled out explicit steps to convince the government that the Puerto Rico venture was “real.”

Tax

Going Concern

FEBRUARY 10, 2023

Audit Americanas’ $4 Billion Accounting Scandal Puts More Scrutiny on PwC’s Auditing Record [ Bloomberg ] A $4 billion accounting shortfall would typically raise alarm bells for an auditor. We have seen an immense commitment from the government to invest in the metaverse and explore the technology’s public utility.

Florida

PYMNTS

JUNE 29, 2020

The government is expected to end its contract with the Financial Reporting Enforcement Panel (FREP), the country’s accounting watchdog, as early as Monday, sources told the Times. “We German regulators have faced accusations that they failed to adequately supervise Wirecard, which has been audited by Ernst & Young , the Times reported.

accounted