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Mnuchin Now Says All PPP Loan Recipients Will Face Audits

PYMNTS

Businesses that borrow money through the federal Paycheck Protection Program (PPP) can expect to be audited before the loans are forgiven, Treasury Secretary Steven Mnuchin told The Wall Street Journal. But Tuesday night, Mnuchin told the paper all loans will be audited.

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Monday Morning Accounting News Brief: Capping Busy Season Hours FTW; Open the Books on Audit Firms? | 4.15.24

Going Concern

The audit opinions they issue typically have meaning and value because the firms operate with public trust. In the public company audit arena, this transparency is maintained through PCAOB inspections of auditors. They’re private entities specifically designed to serve the public interest. billion to Intel Corp.,

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DA’s Office In Pennsylvania Pays Ransom In Bitcoin

PYMNTS

At a time when the IRS is trying to find out the identities behind bitcoin users, the Pennsylvania Allegheny County District Attorney’s office revealed it had to use bitcoin to pay a ransom to get its data back. According to a report by Reuters , which cited the U.S.

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Sales tax concerns if you sell through multiple channels

TaxConnex

The exemption question Sales tax obligations start with nexus, the concept that enables state and local governments to require businesses to collect and remit sales tax on the products and services they sell. These forms are especially important in sales tax audits. And there’s an infinite number of forms.

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Friday Footnotes: Accountant Shortage Ramps Up Work Pressure; Celebrities’ Trusted CPAs; ERC Reverse Card | 12.8.23

Going Concern

companies while hindering recruitment and retention, according to 78% of audit partners surveyed by the Center for Audit Quality. The CAQ surveyed 748 audit partners at eight of the largest accounting firms about conditions for their clients. 15, when money will be sent out to county governments and other localities.

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Friday Footnotes: RSM Layoffs; The Leader Who Cried On His First Day; Advisory Pays Better (Duh) | 5.5.23

Going Concern

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. Accountingfly is connecting audit professionals at all experience levels with forward-thinking firms for strictly REMOTE audit roles. Don’t sweat it. Pajamas forever!

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Handling Sales Tax In-House: Job Market Challenges Continue

TaxConnex

Previous government pandemic relief efforts have fortified individual savings and allowed people to remain out of work longer, even as wages remain largely stagnant and potentially unappealing to would-be laborers. Can audits and stricter enforcement be far off? Domestically, that’s turned into a lot of tax revenue.

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