CPA Practice

JULY 19, 2023

a SaaS software company with a next-generation tax and accounting automation platform , has launched Gateway. The centralized dashboard empowers CPA firms of all sizes, providing seamless navigation across the audit and tax landscape. HubSync Co.,

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Menzies

DECEMBER 6, 2023

Importance of an Audit A lot of business owners think audits are much of a muchness, however their quality can vary significantly. The annual audit is occasionally considered as a commodity purchase. Financial reporting council (FRC) The FRC is planning to tighten its ethical standards further to improve audit quality.

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Withum

MARCH 8, 2024

Let’s explore five key features that make the NetSuite ERP system a game-changer for in-house accounting. Its built-in audit trails, tax management capabilities and real-time monitoring tools ensure you can maintain high compliance standards and quickly adapt to regulatory changes.

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TaxConnex

AUGUST 19, 2021

In the fall of 2020, I published an article on how the sales tax picture is changing due to COVID-19. Now that we’re over a year into the pandemic, I wanted to provide an update on the sales tax landscape, what predictions have remained the same and what’s changed. sales tax economic nexus on remote sellers. Latest developments.

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TaxConnex

JULY 6, 2023

In part 1, we looked at the mounting financial costs of maintaining sales tax compliance with the thousands of tax jurisdictions nationwide. Now let’s look at how some companies have tried to game the system – and what to do so you don’t have to run that risk. Do not collect sales tax and fail to remit it. That’s fraud.

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FraudFiles

DECEMBER 10, 2021

You are being audited. These are some of the most dreaded words an individual or business will ever hear from a state or federal tax auditor. Blame and shame have no place in a tax audit. The task at hand is getting through the audit in a way that achieves the best possible result for the business. It happens.

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CPA Practice

AUGUST 9, 2023

AuditClub, the Audit Service Center for CPA firms and companies, has launched a new alliance model designed to connect tax and non-attest accountants with AuditClub One assurance professionals to improve service delivery options to clients. “In

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ThomsonReuters

MARCH 6, 2024

In the corporate tax space, just as the regulatory compliance landscape becomes more challenging and reporting requirements become more demanding, technology is advancing rapidly to crunch vast amounts of data in no time and streamline labor-intensive processes. AI is adept at supporting both.

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Accounting Today

MARCH 14, 2024

This new standard changes the game for auditors to make risk assessments even more effective.

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ThomsonReuters

JULY 13, 2023

If you’re part of a small or medium-sized tax and accounting firm, you may think artificial intelligence (AI) solutions are solely designed for large organizations – but think again. Boost tax workflow efficiency through automation Empower and engage staff Wow clients with enhanced services 1.

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ThomsonReuters

DECEMBER 6, 2023

James Creech, a senior manager with Baker Tilly’s tax advocacy and controversy team, explained that the origin of the current issues with the ERC can be traced back to before the health emergency and the absence of tax preparer oversight. “Tax preparation is kind of the Wild West,” Creech began.

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Withum

SEPTEMBER 14, 2022

Before this new funding, taxpayers of all stripes and income brackets enjoyed a period of very low audit rates due to the IRS’s shrinking workforce, which further exacerbated the audit statistics. As a result, the chances of getting audited became about the same as the odds of winning the Power Ball lottery.

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ThomsonReuters

JANUARY 4, 2024

Stress management for tax professionals is critical for avoiding burnout. You’re tasked with doing a full audit for one of your firm’s biggest clients and are told you’ll have 60 days to complete it. That coincides with your son or daughter’s soccer games, throwing your work-life balance into disarray.

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ThomsonReuters

JANUARY 3, 2023

What’s more, having additional time to unplug and pursue personal interests outside of work can actually improve audit quality , according to 2021 research by the American Accounting Association. Depending on the size of the firm and engagement, audit teams can have as many as seven professionals. According to the findings: .

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Going Concern

JUNE 9, 2022

The rumor mill got fired up a mere 14 days ago when the Wall Street Journal reported EY was considering splitting its audit and advisory arms (pesky regulators and conflicts of interest and whatnot). This is the weirdest game of tag ever. Well, we might have that answer. You’re it! No, you’re it!

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ThomsonReuters

APRIL 2, 2024

While the exact details of the investigation remain undisclosed, the IRS’s involvement suggests potential tax evasion and money laundering charges. In the case of the investigation into Shohei Ohtani’s former interpreter, the IRS’s involvement suggests that there may be evidence of tax evasion or money laundering.

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Going Concern

JANUARY 11, 2023

“They have already distinguished themselves as first-choice advisors to our clients and teams, and I am confident they will help lead us into the future as we become a digital firm providing assurance, tax and consulting services. Technology, Media and Telecommunications; Gaming. of the class. Line of Business. Adams, David.

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Going Concern

FEBRUARY 10, 2023

Talent As tax season approaches, accounting firms are short on staff [ Marketplace ] Oh hey! 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.

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Going Concern

SEPTEMBER 29, 2023

Big 4 ‘Shadow’ culture at consulting giant PwC led to tax-leaks scandal: Ziggy Switkowski [ News.com.au ] Consulting giant PwC has been savaged in an independent review that exposed the firm’s “shadow” culture contributing to its infamous tax leaks scandal. KPMG offered video game training to some employees.

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Withum

JULY 20, 2022

As far as the IRS is concerned, not all tax scams should be treated equally. Last month the Service announced which scams made the list comprising the IRS’s “Dirty Dozen” for tax season 2022, meriting extra scrutiny. Included on the list is a wide range of tax evasion tactics. Abusive Micro-captive Arrangements.

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Going Concern

DECEMBER 22, 2023

PwC posted its summer 2025 internships for areas including tax and consulting in September, the earliest the firm has ever advertised internship positions, said Rod Adams, who leads hiring for the U.S. HEY it’s not too late to snag some tax talent before busy season hits. and Mexico. PwC declined a request by Sen.

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CPA Practice

AUGUST 30, 2023

But they also overwhelming said it’s boring, it’s stuffy, you do taxes or audit. There’s a lot more to it than doing audit and tax. Clearly the profession has evolved into forensics, you have risk advisory, ESG, internal audit, cybersecurity. But that should be the game plan.” It’s not glamorous.

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Withum

NOVEMBER 16, 2023

After a decade of budget cuts and watching audit rates of wealthy taxpayers decline due to fiscal constraints, the IRS announced earlier this year its plans to establish a special unit to focus on large or complex pass-through entities. IRS data released for the tax years 2012 – 2020 shows the Service examined 0.3 The IRS audited.4

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Snyder

NOVEMBER 10, 2022

The biggest tax season challenge for a small business is tax preparation and filing. Most SMB owners fall into the trap of putting off taxes until the last minute because they don’t have professional tax accounting software backing them up. What is tax software? Tax filing software vs. tax preparation software.

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ThomsonReuters

OCTOBER 4, 2023

Artificial Intelligence (AI) has become a game-changer, helping accounting firms streamline processes, improve accuracy, and deliver more value to their clients. Auditing : AI-powered audit tools analyze large volumes of financial data quickly and accurately. How do smaller accounting firms use AI? How does AI impact workflow?

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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. . Check out these blogs: Year-End, Capital Gains Tax and Iffy Choices.

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Going Concern

JANUARY 12, 2023

That group includes these 23 men and 13 women : Matt Billings , Denver; National Tax. Erin Clayville , Seattle; Internal Audit. Halie Garcia , Albuquerque, NM; Internal Audit. Ryan Luetkemeyer , Albuquerque, NM; Tribal and Gaming. Chris Parker , Sacramento, CA; State and Local Tax. Derek Groff , Denver; Valuations.

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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. How can direct tax software help tax reporting?

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Going Concern

SEPTEMBER 8, 2023

Little Rock housing authority will provide auditing firm with range of requested documents [ Arkansas Advocate ] HUD assessed Little Rock’s federally-funded public housing authority’s physical condition, financial condition, management and use of its capital fund and gave it 40 points out of a possible 100.

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Going Concern

SEPTEMBER 15, 2023

Audit Comments Raise Concerns About PCAOB’s Proposal To Expand the Scope of Audits and the Role of Auditors [ JD Supra ] In June 2023, the Public Company Accounting Oversight Board (PCAOB) proposed sweeping amendments to its auditing standards. The administration did not present a budget for Internal Audit during the hearings.

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ThomsonReuters

JULY 25, 2023

To keep pace in an increasingly competitive landscape, forward-looking firms are investing in artificial intelligence (AI) solutions to automate tax workflow, open up additional revenue streams, and better serve clients. If your firm is considering an investment in tax technology, the time is now.

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Going Concern

MARCH 21, 2023

TurboTax and QuickBooks are full of rudimentary AI features and already have reduced the need for some bookkeepers and tax preparers. The products can sort accounts, predict the other side of a journal entry, and populate a tax form with high accuracy. It isn’t just another game, it’s a different sport. ChatGPT is Usain Bolt.

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CPA Practice

APRIL 28, 2023

Like salaried wages, tips are subject to income and payroll taxes. Waiters, for instance, are technically required to report tips to their employer, who then withholds and pays the proper taxes. Tax gap studies conducted by the IRS found that the agency collects 55% of the taxes owed on tips, compared with 99% for salaried wages.

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Going Concern

MAY 5, 2023

Entry-level CPAs in advisory practices are making $11,000 more than CPAs starting out in audit and tax, and $20,000 more than non-CPAs in advisory. Entry-level CPAs in advisory practices are making $11,000 more than CPAs starting out in audit and tax, and $20,000 more than non-CPAs in advisory. Don’t sweat it.

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PYMNTS

NOVEMBER 27, 2019

The ‘Game of Keystrokes’ Strategy. Our work] is a game of keystrokes,” Noymer said. “If The expense reporting capabilities and controls enable the organization to illustrate effective spending practices to oversight groups such as external auditors, the Massachusetts attorney general and tax return preparers.

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Going Concern

NOVEMBER 28, 2022

Several US audit firms told the Financial Times that they had elevated some or all of their crypto-related clients to the status of “high risk”, triggering a more thorough audit that will take longer and lead to higher bills; some clients could ultimately be dropped altogether. Yes, Uncle Carl, we heard you – taxes are theft…”.

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inDinero Tax Tips

APRIL 26, 2023

Navigating the world of taxes can be overwhelming for small businesses, especially when it comes to understanding which forms to file and the implications of making certain elections. One such tax form, IRS Form 2553, can significantly impact a company’s tax strategy, potentially saving them from double taxation.

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