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QSBS Exemption Explained: What Investors and C-Corp Executives Should Know

inDinero Accounting

Here is the list of states that do not conform to the federal rules: California Mississippi Alabama Massachusetts New Jersey Pennsylvania Wisconsin QSBS Tax Treatment The QSBS exemption shields the greater of $10M of gains, or 10x the cost basis of purchased stock, from capital gains tax. It may put you at heightened risk of an audit.

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Friday Footnotes: Accountants Are Into AI; KPMG Atlanta MP on ICE T; 150 Hour Inequity | 8.18.23

Going Concern

In total, the audit reportedly suggested that 20th Century underpaid TSG “by at least $40 million.” This is a strategy Leiter uses as a leader of the audit, tax and advisory services firm, which he joined from Ernst & Young over 20 years ago. million for being negligent in giving advice over a stock-sale transaction.

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Friday Footnotes: Ex-Deloitte Partner Stole Military Documents on His Way Out; KPMG Reveals Its Partnership Deed | 7.21.23

Going Concern

PCAOB inspection reports provide investors, audit committees, and potential clients with important information they can use to make informed decisions. By making that information easier to find and compare, these new tools will empower users to hold firms accountable for producing high-quality audits,” said PCAOB Chair Erica Y.

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What's new in July for state sales and use taxes

TaxConnex

There’s always something changing in the world of tax, especially sales tax. State sales tax holidays fail to live up to the hype. in favor of conveniently popular yet ultimately ineffective sales tax holidays.”. Several states tinkered with their sales tax exemptions this summer. Holiday hucksterism? Path to simplicity.

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Five Ways to Help Clients Maintain Accuracy in Financial Reporting

CPA Practice

In the case of an external audit, having this information readily available and up-to-date saves both time and money instead of paying one or more people to trace records from months or even years prior. Conduct regular internal audits. He earned a BSc in accounting from the University of Mississippi.