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Why Microsoft’s $29 Billion Tax Bill Could Be the Big Knockout Punch in Fight with the IRS

CPA Practice

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 111
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Blog: The 'XYZ Letter' and your sales tax compliance

TaxConnex

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.

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Friday Footnotes: Florida Man’s Tax Problem; Accountants Are Walking Out; BDO Assures on Tether | 2.10.23

Going Concern

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 96
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Wirecard Forces ‘Radical’ Reboot Of German Accounting Regs

PYMNTS

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.

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When You Need to Hire a Pro: Online Accounting Service for Small Business

xendoo

They can help you prevent getting audited by the IRS by setting up your bookkeeping system right the first time and preparing and guiding you through an audit, if necessary. . When you need to deal with government red tape. This year has been so hard on small businesses. When you have been audited.

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What ‘Patchwork’ eCommerce Taxes Mean For Black Friday – And Beyond

PYMNTS

States have been defining their parameters for economic nexuses. Lawsuits have arisen over disputed back taxes owed to state and local governments, as noted in the Next-Gen Sales Tax Tracker , produced in collaboration between PYMNTS and Avalara. In an interview with PYMNTS, Scott Peterson, vice president of U.S.