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. Not expecting an audit – Why would you get tagged for audit?

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Going Concern

JANUARY 10, 2024

According to court documents and statements made in court, Gil instructed his manager and internal bookkeeper to create false sales numbers for his restaurants that underreported cash sales by approximately $5.1 In total, Gil caused a tax loss to the IRS of approximately $1.6 In addition to the term of imprisonment, U.S.

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tax return Tax Nevada income tax 64

MyIRSRelief

MARCH 15, 2024

In the bustling city of Whittier, California, individuals and businesses alike face the daunting task of navigating the complex world of taxes. From unfiled tax returns to unpaid back taxes, and from employment 941 payroll issues to the intimidating process of IRS, FTB, EDD, and CDTFA audits, the challenges can seem insurmountable.

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California Tax tax return payroll 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.

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audit Sales Tax auditor 167

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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Withum

MAY 14, 2024

As discussed in our previous article, The Case for Using a Forensic Accountant , confronting the prospects of a cash-based audit is fraught with potential traps and exposure to civil and criminal penalties, including incarceration. Some other indicia of the diversion of cash revenue will be evident from a review of the income tax returns.

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Withum

FEBRUARY 8, 2023

But as with any popular tax credit or deduction, the IRS is sure to be close behind. 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.

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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). This type of scheme was recently included on the IRS’ list of the Dirty Dozen tax scams to watch out for in 2023. Practical advice: If you’re tapped for an audit, don’t panic.

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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.

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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). This type of scheme was recently included on the IRS’ list of the Dirty Dozen tax scams to watch out for in 2023. Practical advice: If you’re tapped for an audit, don’t panic.

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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. Contact us for tax help today. Contact us for tax help today.

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TaxConnex

DECEMBER 12, 2023

Most states’ sales tax registration forms ask for Social Security or driver’s license numbers (or both) of at least one corporate officer or executive. Other states ask for company documentation verifying leadership. For example, in Georgia : “An individual can be liable for the unpaid taxes of a business.

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Sales Tax Ohio Georgia 193

Withum

APRIL 12, 2022

The tax due date for most individual tax returns this year is April 18. If you are unable to complete your return to file by April 18, you can file for an extension to submit your return by October 17. However, the extension does not cover the payment of the tax due.

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Withum

JULY 28, 2022

Multiple businesses notified us this week that their claims for the employee retention credit (ERC) are being audited by the IRS. It is not known whether they were randomly selected for audit or whether they were targeted for some reason. We have written previously about the topics the IRS is likely to inquire about on audit.

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audit income tax tax return Tax 121

MyIRSRelief

APRIL 22, 2024

Navigating tax issues can be daunting, especially when facing audits, unpaid taxes, or payroll problems. This FAQ guide provides insights into common tax problems and solutions available in Corona, CA. What is Audit Representation and How Can It Help Me in Corona, CA?

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xendoo

JULY 6, 2023

Generally, the chances of the Internal Revenue Service (IRS) auditing you are low. For most taxpayers, the audit rate is less than 1% to 2%. However, businesses tend to have more complex tax returns, so auditing is a concern. How far back can the IRS audit you? How far back can the IRS audit tax returns?

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xendoo

JULY 6, 2023

Generally, the chances of the Internal Revenue Service (IRS) auditing you are low. For most taxpayers, the audit rate is less than 1% to 2%. However, businesses tend to have more complex tax returns, so auditing is a concern. How far back can the IRS audit you? How far back can the IRS audit tax returns?

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audit tax return Entertainment income tax 52

SMBAccountant

MAY 17, 2024

Skimping here can lead to exponentially higher costs in the future trying to fix things or get ready for proper audits. Tax Compliance Filing your tax returns following local, federal, and state levels is paramount for your startup's success, so you must determine your company’s tax obligations.

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MyIRSRelief

JANUARY 2, 2023

Types of IRS tax problems and how to resolve them. There are many types of IRS tax problems that individuals and businesses may encounter. Some common tax problems include: Failing to file a tax return: If you fail to file a tax return (1040, 1120, 1065, 941, etc.),

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Tax tax return payroll tax audit 147

Dent Moses

MAY 30, 2023

How Long Does the IRS Have to Assess Additional Tax? In most cases, the IRS can audit, propose adjustments, and assess additional tax up to 3 years after the later of (a) the date a return was filed, or (b) the original due date. Also, retain W-2 copies and IRA documentation. What Should I Keep Indefinitely?

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tax return Tax audit Sales 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?

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Withum

JANUARY 25, 2024

Using a forensic account is essential in developing a strategy to handle and defend the findings of a cash-based audit. This becomes even more critical in instances where additional non-tax related charges may be possible or if the audit may result in criminal charges. Why a Forensic Accountant?

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MyIRSRelief

MARCH 29, 2024

In the bustling city of Whittier, California, businesses face a myriad of tax-related challenges that can significantly impact their operations and financial health. From business tax preparation to dealing with unpaid back taxes and navigating complex audits, the tax landscape can be daunting.

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California tax services business tax Tax 130

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.

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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.

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CPA Practice

MAY 16, 2023

Following the release of the Stanford University study in early February, Wyden and other lawmakers demanded the IRS review and make changes to its auditing processes. The higher audit rate for Black taxpayers is due to a flawed artificial intelligence algorithm used by the IRS to decide who gets audited, the study’s authors said.

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CPA Practice

MAY 17, 2023

Following the release of the Stanford University study in early February, Wyden and other lawmakers demanded the IRS review and make changes to its auditing processes. The higher audit rate for Black taxpayers is due to a flawed artificial intelligence algorithm used by the IRS to decide who gets audited, the study’s authors said.

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audit tax return Tax accounting and finance 98

TaxConnex

MARCH 30, 2021

When you think about tax compliance, of any kind, the first thing that comes to mind is filing, or even the tax return itself. Compliance with sales tax goes way beyond that. Here are some other aspects of sales tax that you shouldn’t overlook when trying to ensure your company remains compliant.

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tax return Tax audit Sales 241

Withum

MARCH 7, 2024

Has the IRS Ramped up the Number of ERC Audits? The IRS has significantly increased the number civil and criminal audits, and it has centralized the audit process. We are now seeing the IRS issue standardized information and document requests (IDRs) from a centralized office in Austin, Texas. Yes, but very slowly.

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Tax income tax tax return audit 126

MyIRSRelief

FEBRUARY 1, 2023

Tax anxiety, TAXIETY, comes in different forms of tax problems such as: What is an IRS audit taxiety? An IRS audit is a review or examination of an individual’s or organization’s tax return to ensure that the information is accurate and that the tax return is being filed in compliance with the tax laws.

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Menzies

AUGUST 12, 2022

The UK Government has tabled draft legislation setting out new transfer pricing documentation requirements that will affect the largest UK businesses. Senior Tax Manager. The post UK Transfer Pricing Documentation Changes Ahead was written by Menzies Demi Fossitt and appeared first on Menzies LLP. Emma McCartney. View profile.

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Dent Moses

JUNE 29, 2023

IRS audit rates remain historically low. According to the 2022 General Accounting Office,25% of all individual returns were audited in 2019 versus.90% Letters for matching errors or return discrepancies are much more common. So how does the IRS check returns and decide who gets a letter or audit?

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audit tax preparation tax return Tax 52

Dent Moses

JUNE 28, 2023

IRS audit rates remain historically low. According to the 2022 General Accounting Office,25% of all individual returns were audited in 2019 versus.90% Letters for matching errors or return discrepancies are much more common. So how does the IRS check returns and decide who gets a letter or audit?

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audit tax preparation tax return Tax 52

ThomsonReuters

APRIL 13, 2023

These two words can strike fear in the hearts of your tax and accounting clients: IRS audit. Understanding how to manage client expectations and concerns and how to get through the process is an essential skill in the tax and accounting professions. Most IRS audits are not random, although that is possible.

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MyIRSRelief

NOVEMBER 1, 2019

If you or your company are being audited by the Internal Revenue Service, this is when proper IRS tax audit representation can help. And while having a trained tax preparer, an accountant, or even a CPA is beneficial, that all changes when the IRS decides to conduct an audit. Audit Tax Issues.

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xendoo

MAY 16, 2023

Most small businesses have a low probability of going through an IRS audit, but it’s possible. What happens if you get audited and don’t have receipts to back your expenses? The best way to avoid headaches during an IRS audit is to keep accurate business records and bookkeeping year-round , and that includes tracking receipts.

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xendoo

MAY 16, 2023

Most small businesses have a low probability of going through an IRS audit, but it’s possible. What happens if you get audited and don’t have receipts to back your expenses? The best way to avoid headaches during an IRS audit is to keep accurate business records and bookkeeping year-round , and that includes tracking receipts.

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audit bookkeeping tax return cpas 52