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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audit general ledger income tax tax return 130

SMBAccountant

DECEMBER 16, 2020

These programs are offered by the government to encourage innovation with the potential for commercialization. These programs often result in technology or products that begin with government use and then become commercial items. More information regarding these programs can be found at sbir.gov/about.

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Government Account accountant accounted 246

MyIRSRelief

APRIL 29, 2024

But for these go-getters, navigating the complexities of running a business, especially the ever-challenging world of taxes and accounting, can feel overwhelming. This is where specialized tax and accounting firms step in, becoming a crucial partner for small businesses with under 100 employees.

Tax 130

Tax bookkeeping Account accountant 130

TaxConnex

JULY 29, 2021

Sales tax is complex for any business selling into multiple states. Chicago is a home rule city and taxes several items that are not taxable at the state level. To further complicate this, Chicago does not apply sales tax to SaaS rather they apply a personal property lease transaction tax which is currently 9%.

Sales 242

Sales Tax Illinois audit 242

MyIRSRelief

SEPTEMBER 1, 2022

In particular, the expansion of the IRS and it tax enforcement arm will result in more taxpayers seeking IRS audit & appeals help as it comes into effect starting next year. Understanding the expansion of the IRS and how it affects you will assist in reducing the chances that you will be audited. Services to Taxpayers: +$3.2

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audit tax return Tax Education 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

Going Concern

JUNE 1, 2023

In the WaPo opinion pages yesterday one Duncan Mavin, who got his start in the 90s, says the best way to solve the audit industry’s many conflicts is to kill it altogether. He starts the piece summoning the ghost of Enron, as all writers do when discussing what happens when audit goes wrong. billion in global revenue.

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auditor audit Government Transportation 113

CPA Practice

APRIL 15, 2024

Progress was cited in eliminating most of its tax return backlog, more on-time tax refunds, and improvements in customer service availability and responsiveness. Explosion in data sharing Tax agencies worldwide recognize the untapped potential of integrating new data sources into their processes.

Tax 119

Tax Kansas Real Estate Government 119

MyIRSRelief

OCTOBER 3, 2022

If you own a property, a business, or are employed, you’ll likely have to pay taxes. According to the 16th Amendment in our Constitution, individuals are required to pay taxes from income sources. Taxes can be broken down into three categories: what you purchase, what you own, and what you earn. Call us today at 1-877-788-2937.

tax services 147

tax services California Tax tax preparation 147

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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Tax tax return cpas audit 147

Going Concern

FEBRUARY 15, 2023

The only other listed entity we found that it audits has a market capitalization of about INR 640 million (U.S. Shah Dhandharia hardly seems capable of complex audit work. 24 report by Hindenburg that accused it of improper use of offshore tax havens and stock manipulation. Records show it pays INR 32,000 (U.S.

audit 113

audit auditor accounting firms Government 113

TaxConnex

JUNE 28, 2022

Complying with your sales tax obligations involves a lot of variables – your nexus, taxability of your products, type of customer you are selling to, etc. Another key factor that effects your sales tax obligations is related to exempt transactions and exemption certificates. This is where the XYZ letter comes into play.

Sales 188

Sales Tax audit been audited 188

Cherry Bekaert

JULY 27, 2023

Unfortunately, a notable oversight has been observed among these consultants, where they have neglected to adequately document any supporting evidence pertaining to government mandates. The IRS does not consider these government mandates for purposes of determining ERC.

audit 93

audit Government Tax 93

Going Concern

APRIL 15, 2024

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. We’re so proud of you. Now, some news. They’re private entities specifically designed to serve the public interest.

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audit Account accountant accounted 62

TaxConnex

MAY 5, 2022

You’re trying to run a business and sales tax is not at the forefront of your plans. Make sure you aren’t making these common mistakes to ensure you have sales tax in order and aren’t at risk for penalties and fees in the case of an audit. SaaS), you deal with one of the most complex sales tax situations today.

Sales 169

Sales South Dakota Tax Hawaii 169

SMBAccountant

AUGUST 12, 2020

When working as a government contractor, these processes and policies need to be written, reviewed, and updated regularly to ensure compliance with the company’s own requirements, and the accounting standards demanded of contractors spending tax dollars.

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Government Account accountant accounted 190

TaxConnex

JULY 7, 2022

If it feels to you like the whole economic nexus and sales tax landscape is one-sided, the U.S. Government Accountability Office and many small businesses seem to agree. A GAO report states that all states with a statewide sales tax and D.C. A GAO report states that all states with a statewide sales tax and D.C.

Sales 175

Sales Tax audit Legal 175

TaxConnex

NOVEMBER 22, 2022

In our blog last week, we looked at how sales and use tax advisory services might be a good new field for CPAs and accounting firms. Another cost-effective approach to adding sales and use tax advisory services: partnering with sales and use tax experts. Compare the state income tax return filings to the state sales tax filings.

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accounting firms Sales Tax tax return 130

TaxConnex

SEPTEMBER 29, 2020

In Alabama , rising pandemic-related online shopping has been a “life saver” for the state’s municipal governments and a “financial vaccine for Alabama’s counties,” the state said. The state’s SSUT has taken in more than $309 million overall during the current fiscal year – almost double the tax generated during all of fiscal 2018-19.

Sales 231

Sales Tax Alabama Texas 231

Going Concern

DECEMBER 15, 2023

As reported by Canadian Accountant, PwC Canada has already paid Canadian and US audit regulators more than one million dollars in fines, after disclosing widespread sharing of answers by its accountants on internal training tests. Market studies would help drive improvements in the audit market, the FRC said.

audit 109

audit Technology accounting and finance Legal 109

Going Concern

SEPTEMBER 22, 2023

In addition to his new role, he will continue to serve as co-director of the firm’s DC-Metro tax practice. James Greiner said he was not shocked about the layoff, but was surprised it happened right before the third quarter tax deadline for clients. Greiner was a client-relationship manager for Croft and Frost for a year and a half.

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audit accounting and finance Virginia auditor 104

Going Concern

JULY 7, 2023

PwC Tax Scandal PwC tipped off Google on timing of Australian tax law [ Financial Times ] A Google employee received an email from a PwC partner in August 2015 that said Canberra would be pressing ahead with a tax clampdown on multinationals the following year, despite pressure to delay the new legislation.

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audit Account accountant accounted 104

TaxConnex

OCTOBER 6, 2022

It’s a common scenario: A company has decided to sell, then due diligence turns up a $2 million risk in past sales tax obligations and compliance. Do you have solid positions and reasons for your sales tax decisions? Can you defend your sale tax position to minimize the escrow’s impact? Let’s say you’re the seller.

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Sales Tax tax return audit 198

CPA Practice

MAY 18, 2023

A great example of divisions trending toward automation is tax departments and government agencies. Digital journeys for tax teams While many of the processes that tax teams deal with are good candidates for BPR, in some cases tax administration requirements are driving automation and more digital requirements.

Technology 126

Technology Tax B2C audit 126

Going Concern

NOVEMBER 6, 2023

The tax and audit practice, through affiliate BSR & Co, will be excluded from the merged entity and could be made into a separate entity, though that is still under discussion, the people said requesting anonymity. Governance Overhauls After Failed Split Ernst & Young is stepping up its U.S. billion including debt.

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audit Account accountant accounted 107

CPA Practice

OCTOBER 13, 2023

By Clint Rainey, Fast Company (TNS) Way back in 2012, the IRS launched the largest-ever audit in history, accusing Microsoft of stashing billions in offshore tax havens to dodge U.S. It possessed documents where giddy executives had reveled in their “pure tax play.” billion in back taxes plus penalties and interest.

Tax 111

Tax audit Legal been audited 111

FraudFiles

JUNE 21, 2022

Tax audits are scary, especially if you’ve got unusual income or deductions. The assumption is that at the end of the process, you’re going to owe the government money. You can help yourself in the audit process, however, by following 4 simple rules: 1. You’re not. You’re not. Let her answer questions for you.

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audit auditor Tax CPA 52

ThomsonReuters

JUNE 28, 2023

If you’re a tax firm leader looking to differentiate yourself from the competition, providing your clients with insight into their ESG data is a great way to set your firm apart. When you look at ESG through the lens of a tax and accounting firm, reporting on environmental, social, and governance factors is enabled by data.

Tax 98

Tax auditor audit Technology 98

MyIRSRelief

OCTOBER 30, 2023

Income Tax Return for Estates and Trusts, is a complex tax form that is used to report the income and expenses of estates and trusts. Trust tax preparation can be a challenging task, even for experienced tax preparers. Third, a tax preparer can help you to avoid costly tax penalties and errors.

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tax preparation Tax tax return income tax 130

CPA Practice

OCTOBER 16, 2023

The projected gross tax gap—the difference between the total taxes owed to the federal government and how much is collected on time—increased to $688 billion for tax year 2021, the IRS said on Oct. And the IRS said last Thursday that it will provide tax gap estimates on an annual basis going forward.

Tax 116

Tax audit Government Account 116

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. By Annette Cary, Tri-City Herald, Kennewick, Wash. The complaint also asks that U.S.

tax return 103

tax return Tax tax preparation income tax 103

Going Concern

APRIL 30, 2024

It’s been almost six years since the Canadian government legalized recreational cannabis and ever since, a microcosm of financial reporting and auditing has been growing (no pun) beside it. One issue is producers failing to pay their excise taxes and racking up a debt of $273.4 billion Canadian dollar ($3.7

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auditor audit Legal Tax 108

ThomsonReuters

FEBRUARY 16, 2024

Pillar, or the ongoing tax industry talent shortage, tax departments are under stress like never before. The proper utilization and deployment of technological solutions alongside valued tax professionals is how successful tax departments deliver valued analysis, insights, and guidance for their organizations.

corporation tax 96

corporation tax Technology Tax accounting and finance 96

TaxConnex

MAY 26, 2022

However, certain exemptions could apply making the sale of TPP exempt from sales tax in some situations. An exemption could be related to the type of business that is buying the TPP – a non-profit or government entity in certain states for example. Sales tax obligations start with nexus. Assessing your footprint.

South Dakota 167

South Dakota South Carolina Sales Illinois 167

TaxConnex

FEBRUARY 29, 2024

While not at all related to sales tax, we thought that as we spend a day to align our seasons and the Earth’s orbit of the sun, we should also discuss how to ensure your processes align with maintaining sales tax compliance in 2024! You should only be collecting sales tax for states and jurisdictions in which you have an obligation.

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Tax Sales audit CPA 198

TaxConnex

JANUARY 27, 2022

The explosion of the e-commerce market alone would’ve made handling sales tax obligations in-house tough. 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.

Sales 163

Sales E-commerce Tax Florida 163

ThomsonReuters

DECEMBER 19, 2023

Jump to: What are green taxes? How are environmental taxes calculated? Current ESG tax credits and initiatives What are the benefits of an ESG tax strategy? Accountants play a critical role in helping their clients navigate ESG tax credits and green taxes. What are green taxes? In the U.S.,

Tax 52

Tax Account accountant accounted 52