TaxConnex

DECEMBER 23, 2021

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. Sales Tax Audit Triggers.

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audit Sales Tax auditor 244

TaxConnex

SEPTEMBER 2, 2021

Managing a sales and use tax audit can be challenging. First, you should always anticipate an audit – even if you’ve never been audited before. While they are definitely becoming more frequent as states try to crack down on economic nexus laws, rarely are you given advanced notice as to when an audit will occur.

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audit Sales auditor Tax 243

CTP

JANUARY 17, 2025

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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TaxConnex

SEPTEMBER 15, 2022

If you are a business that must collect and remit sales tax, an audit is probably one of your biggest fears. Rightly so: Sales tax audits can find fault with a variety of your operations and can cost you big– if the determination goes against you. Not expecting an audit. Why would you get tagged for audit?

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audit Sales Tax auditor 242

TaxConnex

FEBRUARY 3, 2022

So has the sales tax audit. Examiners can still show up and go over your books in person, and tax agencies will still send audit notices via snail mail. Many events can ignite a sales tax audit. But have sales tax audits changed over the last few years, through the pandemic and the introduction of economic nexus in 2018?

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audit Sales Tax auditor 245

ThomsonReuters

DECEMBER 10, 2024

Predictive AI can: Analyze historical data to make forecasts Identify patterns and trends in financial information Estimate future tax liabilities based on past performance Assumes potential audit risk using historical data Generative AI Generative AI creates human-like content based on prompts. Read full press release 3.

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CTP

DECEMBER 2, 2024

Despite your best efforts as a tax planner, your client may still end up facing an audit. Since some audits are randomly chosen, this is an unavoidable reality for those of us in the tax field. The question is: what is our role when it comes to supporting our clients through an audit? Where do our responsibilities begin and end?

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ThomsonReuters

DECEMBER 10, 2024

Predictive AI can: Analyze historical data to make forecasts Identify patterns and trends in financial information Estimate future tax liabilities based on past performance Assumes potential audit risk using historical data Generative AI Generative AI creates human-like content based on prompts. Read full press release 3.

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CPA Practice

NOVEMBER 11, 2024

In the coming months, my K2 organization and this column will continue to cover useful AI tools for Client Accounting Services (CAS), tax, and audit. Materia : Analyzes client documents and understands the guidance. AuditBoard : Offers robust risk management and audit automation features.

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CPA Practice

OCTOBER 24, 2024

Given the significant changes in the auditing environment since that time, the PCAOB made it a priority to modernize and update those rules. In 2023, only 14 audit firms out of a total of more than 1,600 registered with the PCAOB met the 100-issuer-or-more threshold. 1, A Firm’s System of Quality Management , adopted by the AICPA.

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MyIRSRelief

DECEMBER 27, 2024

When the IRS decides to audit your tax returns, the experience can be daunting and stressful. An IRS tax audit is essentially a review of an individual’s or organization’s accounts and financial information to ensure information is reported correctly according to the tax laws and to verify the reported amount of tax is accurate.

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TaxConnex

OCTOBER 24, 2023

Our third annual survey of financial professionals showed that although most companies (67%) reported that state sales tax audits have remained at the same level over the past two years, almost one in four respondents (23%) said they expect such audits to increase in coming months. “Scary” has five letters. Read the notice.

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audit Sales Tax auditor 147

MyIRSRelief

OCTOBER 11, 2024

Department of the Treasury to represent taxpayers before the Internal Revenue Service (IRS) for tax issues including audits, collections, and appeals. Here’s a detailed look at what personal tax preparation entails: Gathering Financial Information: The first step in personal tax preparation is gathering all necessary financial documents.

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ThomsonReuters

NOVEMBER 4, 2024

← Blog home In the rapidly evolving field of auditing, AI-powered technologies are revolutionizing traditional processes. The need for advanced technologies in modern auditing has never been more apparent, and artificial intelligence (AI) is at the forefront of this evolution.

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MyIRSRelief

JUNE 14, 2024

Receiving an audit notice from the Internal Revenue Service (IRS) can be a daunting experience for any taxpayer. However, understanding the audit process and knowing your rights and options can significantly ease the stress. What is an IRS Audit? Office Audits: These audits are conducted at an IRS office.

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MyIRSRelief

JUNE 3, 2024

Tax Audit Representation Learn how to navigate tax audits with confidence. Facing a tax audit can be a daunting experience, but with the right representation, you can navigate the process with confidence. For professional audit representation help call us at 1-877-788-2937.

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TaxConnex

JULY 20, 2023

Under audit, an otherwise exempt sale will be deemed taxable without such documentation from a customer – and just a few missing certificates can result in large penalties and interest. Properly documenting exempt sales is a hassle and a pain, but it matters. If you don’t, you could be in great trouble.

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audit Sales Tax auditor 130

Accounting Today

JANUARY 21, 2025

Accounting and auditing analytics software company Caseware announced that it has bought Extractly.ai, an Australian-based AI startup that offers intelligent document processing solutions.

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audit Account accounted accountant 104

Withum

MARCH 6, 2025

It is never too early for plan sponsors to start thinking about the organizations employee benefit plan audit. Generally, audits cant begin until the spring, when the recordkeepers have provided the audit package, which includes a collection of reports detailing the plan’s operations for the year.

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audit auditor payroll 69

Shay CPA

FEBRUARY 19, 2025

Enter: a financial audit. Whether youre facing an external trigger (like an audit request from an investor or bank) or youre ready to have an outside expert look over your books, your startup can probably benefit from an audit. Thats not to say that audits arent burdensome. Thats not to say that audits arent burdensome.

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MyIRSRelief

JULY 3, 2023

ERC IRS Audit Representation: Your Comprehensive FAQ Guide The Employee Retention Credit (ERC) has been a lifeline for many businesses during challenging times, providing substantial relief. However, with the IRS actively scrutinizing ERC claims, it’s crucial for businesses to understand their rights and options when facing an audit.

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Going Concern

OCTOBER 18, 2024

SEC’s Dropped Auditing Charges Shows Damage of Jarkesy Decision [ Bloomberg Law ] The Securities and Exchange Commission’s recent decision to drop misconduct charges against a handful of auditors proves the SEC v. Sign up for Always-On Recruiting to get more great candidates like these in your inbox every week.

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MyIRSRelief

JUNE 28, 2024

Tax audits can be a daunting experience for any taxpayer. The California Franchise Tax Board (FTB) conducts audits to ensure compliance with state tax laws and to verify the accuracy of tax returns. Understanding the audit process and knowing your rights can significantly ease the stress associated with an audit.

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ThomsonReuters

MARCH 17, 2025

Blog home With regulatory bodies intensifying their focus on audit quality , todays audit professionals face a growing level of scrutiny around their work. To adapt to an industry in flux, audit professionals must harness modern solutions that offer robust documentation frameworks, advanced technology, and proven audit methodology.

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Accounting Today

DECEMBER 22, 2022

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MyIRSRelief

MAY 15, 2023

If you receive a notice of an IRS or state FTB-CDTFA-EDD tax audit, it’s important to understand your rights and options. Tax audits can be stressful and intimidating, but with the right representation, you can navigate the process with confidence.

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audit Tax auditor tax return 130

CPA Practice

MAY 26, 2023

It is stepping up efforts to audit employers as aggressive promoters continue to make a pitch for fraudulent refunds (IR-203-40, 3/7/23). The IRS is actively auditing and conducting criminal investigations related to these false claims. Practical advice: If you’re tapped for an audit, don’t panic. How does the ERC work?

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CPA Practice

DECEMBER 11, 2024

Wolters Kluwer, a provider of professional information, software solutions, and services, has announced two significant enhancements to its TeamMate+ audit management platform: Multi-Year Audit Planning and the Business Rules Engine. This new functionality enables audit teams to ensure data integrity throughout the audit cycle.

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CTP

DECEMBER 2, 2024

Tax audits are, unfortunately, a possibility that every taxpayer should be prepared for. Even if you’ve crossed your t’s and dotted your i’s, the IRS does sometimes choose tax returns at random for an audit. Many tax planners offer audit support as an add-on service. How can you ensure you are ready if this happens to you?

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audit Tax auditor tax return 52

ThomsonReuters

MARCH 3, 2025

Access white paper An agentic AI solution for tax professionals To successfully apply agentic AI, accountants need a broadly capable solution that is purpose-built for tax, audit and accounting professionals. Conduct large-scale document analysis, allowing users to process and assess high volumes of information.

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SMBAccountant

AUGUST 4, 2023

Internal audits play a crucial role in the success and sustainability of a company. Conducting regular internal audits helps identify potential risks, improve operational efficiency, and ensure compliance with laws and regulations. Internal audits can be small random audits, or audits of the system as a whole.

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MyIRSRelief

APRIL 11, 2025

Whether its unfiled tax returns, back tax debt, 941 payroll tax issues, IRS levies, garnishments, or audits, these challenges can feel overwhelming. Many taxpayers delay filing due to fear of owing money or lack of proper documentation, but this only exacerbates the problem. These actions can disrupt personal and business finances.

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payroll tax Tax tax return payroll 130

ThomsonReuters

JANUARY 21, 2025

Blog home In the ever-evolving landscape of auditing, the integration of artificial intelligence (AI) has emerged as a transformative force. AI-powered risk identification tools are revolutionizing the audit process, enhancing efficiency, accuracy, and overall effectiveness.

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CPA Practice

SEPTEMBER 5, 2024

Keeping up with sales tax changes can be difficult and, even if you’re careful, your business can be selected for a state audit. Just the thought of being selected for a sales tax audit can be intimidating.

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ThomsonReuters

DECEMBER 19, 2024

Blog home As audit firms prepare for the upcoming season, peer review challenges remain at the forefront. Changes in standards, increased regulatory scrutiny, and advancements in audit technologies are shaping the landscape and leaving firms wondering how they can stay ahead.

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MyIRSRelief

JANUARY 7, 2024

Tax audits can be a daunting experience for any taxpayer, and when it comes to the Employment Development Department (EDD) audits, the stakes can be particularly high. An EDD tax audit focuses on ensuring that businesses comply with CA state payroll tax laws, which can be complex and multifaceted.

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CPA Practice

MAY 25, 2023

It is stepping up efforts to audit employers as aggressive promoters continue to make a pitch for fraudulent refunds (IR-203-40, 3/7/23). The IRS is actively auditing and conducting criminal investigations related to these false claims. Practical advice: If you’re tapped for an audit, don’t panic. How does the ERC work?

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