TaxConnex

MARCH 1, 2023

The best way to manage risk associated with potential disruptions within your sales tax department is to maintain thorough documentation of your department’s compliance processes.  Document Management:  List all documentation and backup workpapers that are stored for each return and where they are located.

Sales 130

Sales Tax audit tax return 130

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.

audit 130

audit auditor Account accountant 130

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.

audit 130

audit Tax auditor tax return 130

TaxConnex

APRIL 4, 2023

You just got notice of a sales tax audit. Wherever you are in your sales tax compliance, these steps will help your audit process run smoother. Many happenings can ignite an audit. An audit of one of your suppliers could turn up one of your exemption certificates for something the auditor may think is taxable.

audit 130

audit Sales auditor Tax 130

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?

audit 163

audit Sales Tax auditor 163

TaxConnex

APRIL 11, 2023

If you are a business that must collect and remit sales tax, an audit is probably one of your biggest fears. In fact, our annual survey of financial professionals on sales tax trends has ranked sales tax audits as a top worry for the third year in a row. If the number of audits has remained the same, why is it a top worry?

audit 130

audit Sales Tax auditor 130

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.

audit 168

audit Sales Tax auditor 168

CPA Practice

DECEMBER 1, 2023

Technologists Randy Johnston and Brian Tankersley, CPA, discuss TeamMate Document Linker for External Audit, a solution from Wolters Kluwer designed for CPAs, saving junior auditors time, strengthening audit quality, and improving auditor satisfaction. The team mate document linker for external audit.

Technology 98

Technology auditor audit CPA 98

ThomsonReuters

MAY 2, 2023

In this second post, we’ll dig into ensuring audit quality. Specifically, we’ll look at the need for auditors to maintain professional skepticism and document their work thoroughly to improve audit effectiveness and efficiency. Again, this is an opportunity for firms to improve audit efficiencies and effectiveness.

audit 52

audit auditor financial statements Account 52

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.

audit 166

audit Sales auditor Tax 166

MineralTree

NOVEMBER 2, 2023

That’s where accounts payable audits come into play. What Is an Accounts Payable Audit? An accounts payable audit is the process of validating invoices to ensure they are accurate and that the right controls are in place to guarantee an organization’s financial records are in order. Audits uncover and rectify these inaccuracies.

accounts payable 81

accounts payable audit AP Automation auditor 81

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?

audit 173

audit Sales Tax auditor 173

Going Concern

OCTOBER 19, 2022

Yesterday, the PCAOB announced a settlement in which audit partner Jonathan B. We’re guessing no one really cares about this but thought it worth documenting as the words “largest civil money penalty against an individual in PCAOB history” are likely to appear in many, many PCAOB press releases to come.

audit 109

audit auditor Gaming 109

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?

audit 138

audit general ledger income tax tax return 138

Airbase

JANUARY 31, 2023

Kelly Hicks and Robin Sharma share advice after Airbase successfully completes its first external audit. Few milestones in a company’s lifecycle demand a more focused response from finance and accounting than the first external audit. When is the right time for a company’s first audit? The lead-up: Choosing auditors and timing.

audit 130

audit auditor Spend Management Platform accounting and finance 130

Withum

FEBRUARY 8, 2023

We’ve written about IRS audits rolling out last July, and the IRS followed up our article with a warning to taxpayers regarding third-party promotion of improper ERC claims. An IRS audit can be scary, but this is especially true with ERC audits. How Do I Know I’m Being Audited? What Supporting Documents Will I Need?

audit 121

audit income tax tax return payroll tax 121

LSLCPAs

FEBRUARY 13, 2023

In this instance, we are talking about the five things people need to have in order to transition smoothly from not needing an audited. The post You’re Now Eligible for a 401(k) Audit: Five Documents You Need appeared first on LSL CPAs. The best way to do that is to prepare our clients so they know what’s coming.

audit 52

audit cpas Account accountant 52

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?

audit 130

audit general ledger income tax tax return 130

ThomsonReuters

MARCH 20, 2024

When it comes to Single Audits of local governments, nonprofits, school districts, and HUD engagements, auditors must navigate through a complex set of rules that are constantly changing. These challenges compound quickly as the volume of audits increases. However, there is an answer: audit automation.

audit 52

audit auditor cpas financial statements 52

MyIRSRelief

MAY 22, 2023

Chicago, Illinois is home to numerous businesses and individuals who may face tax-related challenges such as tax audits, back taxes, and payroll tax problems. In this article, we will explore the benefits of professional tax help for Chicago taxpayers facing tax audits, back taxes, and 941 payroll tax problems.

payroll tax 147

payroll tax payroll audit Tax 147

CPA Practice

JULY 9, 2023

the developer of the award-winning cloud-based audit automation platform, has announced aquired Advantage Audit from John Wiley & Sons, Inc. Advantage Audit is an audit planning aid and audit program series designed to help auditors comply with risk-based professional standards in a straightforward and efficient manner.

audit 111

audit auditor Technology financial statements 111

Withum

JANUARY 12, 2024

DOL CAP Audit Series Having learned the possible reasons for your Union’s selection for a CAP audit , you are ready to proceed to the next section, which outlines the steps involved in the audit process. CAP audits generally begin with a phone call from the investigator to a union official to discuss arrangements for the audit.

audit 52

audit payroll auditor Start-ups 52

CPA Practice

AUGUST 15, 2023

Shortly after criticizing audit firms for the number of errors they made on public company audits reviewed by PCAOB inspectors last year, the audit watchdog doled out sanctions to 12 accounting firms from July 28 to Aug. 11 for breaking various auditing rules. Snodgrass, Mancera S.C.,

audit 98

audit auditor accounting firms cpas 98

ThomsonReuters

JUNE 28, 2023

In a rapidly changing and increasingly competitive business environment, it is essential for audit firms to stay ahead of the curve and remain competitive. What is the role of innovation in auditing? Innovation is a crucial element of any successful business, and the auditing process is no exception.

audit 98

audit Technology auditor Start-ups 98

CPA Practice

SEPTEMBER 12, 2023

Technologists Randy Johnston and Brian Tankersley, CPA, discuss Audit Sight , a technology platform that eliminates manual work for auditors, diligence and private equity providers by automating financial transaction verification. My co host and I are so pleased to be with you today as we discuss a new audit platform called Audit Site.

audit 111

audit Technology auditor sage accounting 111

CPA Practice

JANUARY 30, 2024

auditing standards over a 10-year period. According to the SEC, Hackert served as the engagement partner for at least 240 audits of public companies, including both operating companies and special-purpose acquisition companies (SPACs). These failures violated PCAOB auditing standards, the SEC said.

audit 52

audit accounting standards Sales accounting firms 52

Going Concern

JANUARY 8, 2024

Hey remember the Bloomberg story last March about how staff shortages at audit firms were causing municipal credit ratings to tank ? Refresher: Municipalities across the US are at risk of having their credit ratings downgraded or withdrawn by S&P Global Ratings because staffing shortages have delayed financial disclosure documents.

Wyoming 125

Wyoming audit Government Montana 125

TaxConnex

FEBRUARY 23, 2021

M any industry experts believe that as state tax revenues continue to dry up from the economic shutdown and continuing pandemic , state sales tax audits are likely to increase sharply in the coming months. No audit numbers – yet. Jurisdictions can discover your company’s nexus through audit – and not just an audit of you.

audit 130

audit Sales Tax auditor 130

Withum

JANUARY 12, 2024

DOL CAP Audit Series Having learned the possible reasons for your Union’s selection for a CAP audit , you are ready to proceed to the next section, which outlines the steps involved in the audit process. CAP audits generally begin with a phone call from the investigator to a union official to discuss arrangements for the audit.

audit 59

audit payroll auditor Start-ups 59

Cherry Bekaert

JULY 27, 2023

While the IRS mandates the submission of Form 941-X as the primary means of applying for the credit, it is widely understood that businesses must also maintain: Accurate documentation pertaining to a partial suspension of operations due to COVID-19. Contact Us The post Be Prepared for IRS ERC Audits appeared first on Cherry Bekaert.

audit 93

audit Government Tax 93

Withum

FEBRUARY 5, 2024

DOL CAP Audit Series While CAP audits can examine any financial, business and compliance aspects of a Union, there are a handful of topics that tend to be examined frequently among unions. Contact Us For more information on CAP Audits or to discuss your union’s needs, contact Withum’s Labor Unions Services Team.

audit 52

audit Expense Reimbursements accounting firms Account 52

inDinero Tax Tips

NOVEMBER 4, 2021

Even if your books are perfectly accounted for, an IRS audit letter will fill anyone with a sense of dread. However, most businesses are unprepared and need IRS tax audit help. Having proper documentation of all your income and expenses is the easiest way to pass an audit. What is an Audit? What is an Audit?

audit 98

audit Tax tax return tax preparation 98

CPA Practice

JUNE 21, 2023

The PCAOB said on Wednesday that the $3 million penalty it gave Marcum is the largest doled out to a “non-affiliate firm,” meaning an audit firm that isn’t a member of a global network. The SEC’s order said Marcum’s quality control failures were not limited to SPAC clients. “[T]he

audit 96

audit Non-Profits auditor accounting firms 96

MyIRSRelief

MAY 19, 2023

Whether you are a small business owner, self-employed, or an individual taxpayer, you may face tax issues such as tax audits, back taxes, and 941 payroll tax problems. Regardless of the reason, a tax audit can be a stressful and time-consuming process, requiring you to gather and provide extensive documentation to support your tax returns.

payroll tax 147

payroll tax New York audit payroll 147

ThomsonReuters

APRIL 19, 2023

The accounting and audit profession is undergoing significant changes as a result of the rapid advancement of technology. So, then, how do audit firms evolve to make sure they are prepared for when the right technology can help them prosper? Standardization can help firms save significant time and reduce inefficiencies.

audit 105

audit Technology auditor Start-ups 105

Anders CPA

FEBRUARY 6, 2024

Once your business reaches 80 to 120 employees, it must undergo an audit of its 401(k) plan , but securing a 401(k) audit firm’s services can be a challenge in certain locations. As important due dates get closer, it’s not uncommon to find that 401(k) audit firms have already reached capacity on their client workload.

audit 64

audit auditor Education Legal 64

CPA Practice

FEBRUARY 23, 2024

million earlier this week for breaking various Public Company Accounting Oversight Board auditing rules. Grant Thornton’s India arm and an Australian audit firm also received penalties from the PCAOB. 21 for “pervasive” quality control violations found in its audits of special-purpose acquisition companies (SPACs) in 2020 and 2021.

audit 69

audit auditor Tax accounting firms 69