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ERC IRS Audit Representation: Your Comprehensive FAQ Guide

MyIRSRelief

ERC IRS Audit Representation: Your Comprehensive FAQ Guide The Employee Retention Credit (ERC) has been a lifeline for many businesses during challenging times, providing substantial relief. However, with the IRS actively scrutinizing ERC claims, it’s crucial for businesses to understand their rights and options when facing an audit.

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Sales tax ‘responsible party’ laws still going strong

TaxConnex

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. Know the nuances of the law in states where you have collect and remit sales tax, because states take this all seriously.

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Best Practices for Managing a Sales Tax Audit

TaxConnex

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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Friday Footnotes: Big 4 Culture Gets Slammed Again; Audit Leads the Way in AI; Small Firm Gripes | 11.10.23

Going Concern

“Financial reporting leaders, but also investors, regulators, and other stakeholders in the capital markets expect AI to drive audit quality. “Considering both the scope and scale of AI’s impact on financial reporting, enhancing audit quality by using technology to stay ahead of emerging risks is expected.”

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New IRS Employee Retention Credit (ERC) Claim Withdrawal Process

Cherry Bekaert

For non-audited taxpayers or those without a check to return, the withdrawal form should be faxed to 855-738-7609. If a refund check was received, void it, include a statement for “ERC withdrawal,” and return it with an explanation to Cincinnati Refund Inquiry Unit, PO Box 145500, Mail Stop 536 G, Cincinnati, Ohio, 45250.

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Florida Lawyer Gets 8 Years in Prison for Fraudulent Charity Tax Claims

CPA Practice

In some instances, Meyer backdated documents so that clients could claim purported donations on their prior years’ tax returns. Indeed, the IRS conducted several audits of Meyer’s charities, and found that the Ultimate Tax Plan was an economic sham. The court will determine restitution at a later date.

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House Ways and Means to Review Tax Documents of ‘High-Profile Individual’

CPA Practice

on Thursday to consider “documents protected under Internal Revenue Code section 6103,” which includes personal tax returns and related information. It’s the same statute that the Ways and Means panel under Democratic control last year invoked to review, and ultimately release to the public, former President Donald Trump’s tax returns.