ThomsonReuters

MAY 12, 2022

What triggers a sales tax audit and how do you reduce the risk of an audit? Almost all companies undergo a sales tax audit at some point. This sales tax audit guide can help indirect tax teams avoid common audit triggers and manage the sales tax audit as smoothly as possible.

audit 105

audit Sales Tax auditor 105

CPA Practice

APRIL 5, 2024

(TNS) A Kennewick tax preparer cost the United States $42 million in lost tax revenue between 2017 and 2020 after filing tax returns that were riddled with errors, fabrications and fraudulent entries, alleges the Department of Justice. The Department of Justice filed a civil complaint in Eastern Washington District U.S.

tax return 103

tax return Tax tax preparation income tax 103

Ronika Khanna CPA,CA

MAY 5, 2024

Also audit adjustments might all be reflected in one journal entry with several lines and numerous accounts. Additionally, depending on the amount of corporate tax you might also have to pay quarterly or monthly tax instalments. For example a transaction for opening balances might have many line items.

income tax 90

income tax Account accountant accounted 90

ThomsonReuters

JULY 6, 2023

If you’re a tax and accounting professional, you’ve likely found yourself answering numerous questions related to your clients’ tax returns. Whether it’s advising on residential energy tax credits or restructuring a partnership, your knowledge and expertise beyond the tax return are valuable.

Tax 98

Tax tax return income tax audit 98

CPA Practice

AUGUST 23, 2023

The study also found that partners were a greater factor in determining the likelihood of an IRS audit. “We We asked ourselves why some corporations pay more taxes and some pay less,” said Jaron Wilde, associate professor of accounting. Wilde’s team analyzed more than 94,000 tax returns of U.S.

Tax 98

Tax business tax North Carolina tax preparation 98

Going Concern

DECEMBER 2, 2022

It’s December 2022 and we’re now a good year into “The Great Accounting Shortage,” the depth of which won’t truly be known until the fines start rolling in for p**s-poor audit work performed by skeleton crews. What are we going to do, bring in the National Guard to do corporate tax returns?

accounting firms 112

accounting firms Account accountant accounted 112

CPA Practice

JANUARY 5, 2024

In exchange for those payments, Lewis’ co-conspirator, who was a member of a selection committee responsible for awarding government contracts to perform auditing services for USBR programs, steered an audit contract to L.L.

CPA 52

CPA Nevada Tax tax return 52

PYMNTS

OCTOBER 25, 2019

Treasury Inspector General for Tax Administration is calling into question the Internal Revenue Service’s corporate auditing performance. ” It emphasized that more efficient auditing tactics are even more important in this context. Finance predicting more IRS tax reforms ahead.

audit 40

audit corporation tax tax return Tax 40

CTP

NOVEMBER 15, 2023

The General Accounting Office estimates that Americans over-pay their taxes by almost a billion (yes, that’s billion) dollars each year! That’s why tax planning is gaining in popularity. Some obvious reasons are mistakes or oversights on their tax returns. Not all tax planning is the same!

tax planning 111

tax planning Tax tax preparation tax return 111

DuctTapeMarketing

JULY 14, 2018

 Services Online Audit. They’ll partner you with a dedicated accounting team and provide three simple monthly rates that include your bookkeeping, sales tax, planning support, corporate tax return, and unlimited access to your dedicated CPA team. Services Online Audit. Strategy First.

bookkeeping 238

bookkeeping accounting and finance accounting software bookkeeping services 238

Ronika Khanna CPA,CA

MAY 26, 2023

While submitting your tax return is accompanied by a significant sense of relief, one cannot completely relax until you receive the notice of assessment from Revenue Canada (and Revenue Quebec for those of you lucky enough to file two tax returns). It also provides information pertaining to future years.

tax return 52

tax return income tax Tax corporation tax 52

Going Concern

APRIL 12, 2024

The city’s audit committee, a monitoring body that tracks the findings and recommendations of Montreal’s auditor general, comptroller general and external auditors, makes the observation in its latest annual report. Firms also annually share information such as a list of their public-company audit clients and the addresses of their offices.

CPA 98

CPA auditor Tax audit 98

Shay CPA

MARCH 22, 2023

If your company receives the R&D Tax Credit, for example, this would mean that those costs will now be capitalized. Founders and their finance teams will need to provide an analysis of their research and experimental expenses (Section 174 Costs) to accurately prepare corporate tax returns. Okay, what’s next?

tax return 52

tax return payroll tax payroll Tax 52

Withum

JULY 24, 2023

If your plan requires an audit, make sure that you attach a copy of the audited financial statements to your Form 5500 to ensure your filling is complete. 3/15 – Deadline for filing corporate tax returns and contribution deadline for deductibility (without extension).

audit 52

audit tax return corporation tax financial statements 52

ThomsonReuters

DECEMBER 20, 2020

Both sales tax and VAT are types of indirect tax – a tax collected by the seller who charges the buyer at the time of purchase and then pays or remits the tax to the government on behalf of the buyer. Sales tax and VAT are a common cause of confusion within the corporate tax community.

Sales 119

Sales South Dakota Tax corporation tax 119

Ronika Khanna CPA,CA

FEBRUARY 23, 2023

It is a good practice to write the name of the client/customer or business purpose on all receipts in case of audit. Life insurance premiums are not tax deductible unless the beneficiary is the business. This form can be found in most online tax filing software including Ufile and TurboTax.

Tax 52

Tax tax return business tax income tax 52

CPA Practice

JUNE 1, 2023

BEPS also requires that companies itemize their revenues by country, and as taxation bodies develop more sophisticated models that compare BEPS data with corporate tax return data, there may be an increase in investigations. Further, teams need to adapt to a shifting landscape of rules as the framework evolves over time.

Tax 98

Tax corporation tax Technology accounting and finance 98

xendoo

FEBRUARY 15, 2022

The National Society of Accountants (NSA) reports that tax consultants typically charge between $176 and $457. It may cost more if you are filing more complex and specialized tax forms. It costs $323 on average for an individual filing a tax return Form 1040 and a state return with itemized deductions.

tax consultant 103

tax consultant Tax tax return business tax 103

ThomsonReuters

OCTOBER 24, 2023

Data is king in today’s fast-paced world of finance and tax. Yet, for many companies, the journey of data from disparate sources to financial close, tax returns, and reporting can be torturous. The ability to analyze data in seconds and quickly drill down from consolidated amounts to the supporting detail.

Technology 52

Technology Tax corporation tax accounting and finance 52

ThomsonReuters

JANUARY 30, 2023

As the burden of corporate tax compliance mounts, companies are increasingly turning to tax and accounting firms for help in complying with direct tax requirements. And so, we think about how accurate is the information on a tax return or a report that is ultimately filed with the taxing authority.

Tax 59

Tax corporation tax Technology tax return 59

Ronika Khanna CPA,CA

DECEMBER 9, 2021

Sending a diamond bracelet to a customer who has purchased something from you once, will very likely be audited and disallowed. This will jog your memory in the event of an audit and provide a documentary trail that auditors are fond of seeing. Sending a gift basket to a loyal recurring customer certainly makes sense.

Entertainment 52

Entertainment tax return audit auditor 52

RitaKeller

FEBRUARY 18, 2021

Some no-brainers in an accounting firm – Someone just has a knack for preparing corporate tax returns and another can quickly and accurately work their way throw a long list of individual tax returns. Someone seems simply loves working in the tax area and dreads being drafted to be on an audit team.

tax return 40

tax return accounting degree corporation tax public accounting 40

CPA Practice

FEBRUARY 27, 2024

These processes often include accounting and CFO services, financial planning, transaction services, corporate tax compliance and, increasingly, state and local tax compliance, including sales and use tax reporting. Since the Supreme Court’s S.

Technology 52

Technology Tax Sales tax return 52

Going Concern

JULY 21, 2023

PCAOB inspection reports provide investors, audit committees, and potential clients with important information they can use to make informed decisions. By making that information easier to find and compare, these new tools will empower users to hold firms accountable for producing high-quality audits,” said PCAOB Chair Erica Y.

audit 93

audit Tax Manufacturing Government 93

ThomsonReuters

NOVEMBER 16, 2023

In the second installment of our three-part series on e-invoicing, we will explore how e-invoicing and continuous transaction control (CTC) regulations impact tax compliance, and examine some of the challenges and considerations that corporate tax teams may encounter.

Tax 59

Tax Technology AP Automation accounts payable 59

Going Concern

JUNE 10, 2022

The jury also convicted Todd and Julie Chrisley and their accountant, Peter Tarantino, of a number of tax crimes, including conspiring to defraud the IRS. The Chrisleys were found guilty of tax evasion, and Peter Tarantino was found guilty of filing two false corporate tax returns on behalf of the Chrisleys’ company.

auditor 57

auditor accounting and finance audit CPA 57

LyfeAccounting

MAY 18, 2021

When you work for someone else as an employee, your taxes are automatically withheld and paid by your employer to the IRS and state agencies throughout the year. For most employees, this is why little to no taxes are due when they file their tax returns. Tax Mistake #5: Filing late. Yes, unnecessary tax penalties.

Tax 52

Tax tax return accounting and finance Real Estate 52

ThomsonReuters

DECEMBER 17, 2021

The Global Minimum Tax is the latest initiative spinning off of the Base Erosion and Profit Shifting (BEPS) initiative from the Organisation for Economic Co-operation and Development (OECD). This international alignment on corporate taxation will come with unprecedented global transparency and reporting requirements,” she said. “It

Tax 52

Tax corporation tax Delaware Washington 52

inDinero Tax Tips

APRIL 11, 2023

And there’s no state corporate income tax on goods and services provided by Delaware corporations that operate outside of the state. Delaware holding companies benefit from no corporate tax on interest and other investments. The state also doesn’t impose personal property tax.

Delaware 52

Delaware Nevada Tax Sales 52

inDinero Tax Tips

NOVEMBER 15, 2021

Claiming deductions can save your company thousands of dollars in income taxes. However, if you’re claiming ineligible business expenses , you risk facing an audit. If the thought of filing your taxes is enough to make you sweat, you’re not alone. . Many of them may affect the 2021 tax year.

Tax 52

Tax income tax Legal Entertainment 52

PYMNTS

SEPTEMBER 20, 2017

The tool integrates bookkeeping and management of financial statements, as well as both personal and corporate tax returns, the company added, and acts as a platform to facilitate collaboration between accountants, bookkeepers, business owners and other service providers.

payroll 43

payroll Account accountant accounted 43

inDinero Tax Tips

APRIL 26, 2023

S-corps can save on taxes because their taxable income is taxed only once. The owners of an S corp report income or losses on their personal tax returns, which are taxed at individual tax rates, not corporate rates. It allows for flow-through taxation, which helps retain more money in the company.

Tax 52

Tax Utah Kansas Missouri 52

Withum

AUGUST 23, 2022

The burning question on everyone’s mind is whether the $80 billion of increased funding for the IRS will meaningfully increase IRS audit rates. Audit rates across the board typically have been less than 1%. For years 2011 through 2019, the IRS examined 0.55% of individual tax returns and 0.92% of corporate tax returns.

audit 126

audit Tax tax return corporation tax 126

Accounting Insight

FEBRUARY 1, 2024

A large business tax enquiry / corporate tax enquiry is carried out by HMRC’s ‘Large Business’ directorate and ‘Wealthy & Mid-sized Business Compliance’ directorate. Remember, a corporate tax enquiry is not routine, despite what HMRC may suggest. What is a business tax enquiry / hmrc corporate enquiry ?

corporation tax 52

corporation tax tax return accounting and finance business tax 52

ThomsonReuters

DECEMBER 13, 2021

If the business sells goods in any state — even if there is no physical presence in that state and the transaction is conducted entirely online — the company may still be obligated to register, collect sales tax, and file a sales tax return in that state if the economic nexus threshold is exceeded.

Tax 52

Tax Sales Technology South Dakota 52

ThomsonReuters

APRIL 12, 2021

Greater government scrutiny: Aggressive indirect tax audits are expected as soon as this year. Governments seeking to bolster their revenue streams also are likely to increase the number and intensity of indirect tax audits, LeCompte noted. “We’ve Corporate Tax Technology: Stepping into the Future.

Tax 98

Tax Technology corporation tax audit 98

inDinero Tax Tips

MAY 24, 2023

You need to have a clear picture of what you’re spending on your business, not to mention the IRS requires documentation for all business expenses claimed on tax returns. Costs To Subtract From Gross Revenue To calculate gross revenue, you’ll need to identify the expenses you put toward your business over the course of a tax year.

Tax 52

Tax income tax tax return Legal 52