TaxConnex

MAY 18, 2021

sales tax audits ?were sales tax audits to become more common over the next two years. of respondents said they believe audit levels?will already seen an increase in the number of audits in the past two years. evidence of tax jurisdictions’?ramping ramping up audits remains?anecdotal,?but

audit 205

audit auditor Missouri Tax 205

Withum

AUGUST 2, 2023

On July 25, 2023, the Office of Fraud Enforcement and National Fraud Counsel of the IRS hosted a webinar on the Employee Retention Credit (ERC) and discussed the current landscape of enforcement for tax professionals. If you want a more robust analysis of these rules, read our article here or watch our ERC Audits on-demand webinar.

audit 96

audit auditor income tax tax return 96

Withum

DECEMBER 8, 2022

Withum’s State and Local Sales Tax Team will discuss developments related to how the Wayfair decision has affected businesses and the related sales tax compliance requirements including collections, remittance, and software solutions. View More On-Demand Webinars. Recognize nexus creating activities for sales/use tax purposes.

Sales 59

Sales Tax audit 59

TaxConnex

JANUARY 10, 2023

We have completed our third annual survey of top financial professionals on how they are managing sales tax. The nationwide survey, conducted by In90Group in October of 2022, is composed of responses from 100 top finance professionals in a variety of industries regarding their thoughts and experiences in managing sales tax.

Sales 180

Sales Tax audit Finance 180

Withum

MAY 10, 2022

I am scheduled to present four free webinars primarily for CPAs, but anyone in business that uses financial statements might also find them interesting and insightful. Also, I am presenting an IRA/401k webinar for the general public and not accountants or tax professionals. There will be 1 A&A CPE credit for each webinar.

financial statements 105

financial statements audit auditor CPA 105

Withum

MARCH 22, 2023

Withum’s Healthcare Services Team discuss the 2023 Healthcare Industry Tax Updates. List and categorize potential Clean Energy Refundable Tax Credits and other opportunities for healthcare organizations as a result of the Inflation Reduction Act of 2022.

Healthcare 52

Healthcare Tax Hospitality CPA 52

TaxConnex

OCTOBER 12, 2023

And one thing that can pound a stake through the heart of a promising M&A is unearthing past tax liability during due diligence. Enter past-due sales tax, a sometimes-overlooked and haunting liability that might not get the attention of, say, overdue income or property tax, until it’s too late. Requirements can vary widely.

Sales 113

Sales Tax audit tax return 113

Cherry Bekaert

OCTOBER 25, 2023

Recent legislation, through the Inflation Reduction Act (IRA), greatly enhanced and created energy tax credits and incentives available to many industries through the U.S. Contact Us The post Sustainable Manufacturing: Harnessing Energy Tax Credits appeared first on Cherry Bekaert.

Manufacturing 111

Manufacturing Tax audit 111

TaxConnex

APRIL 6, 2023

The 2018 Supreme Court Wayfair decision gave us a bright line standard for determining sales tax nexus: Generate a set amount of revenue in a state in a set amount of time and your company has to collect and remit the applicable sales tax. Managing sales tax is burdensome. Seems clear. Who handles compliance?

Technology 130

Technology Sales Tax tax return 130

TaxConnex

NOVEMBER 9, 2023

Exactly how long will it take you to set up a process to evaluate and comply with your sales tax obligations? Depends on your business and where you are in your sales tax journey. Do you need a sales tax solution? Typically, a triggering event causes a company to investigate whether it needs a sales tax process.

Sales 147

Sales Tax Missouri Start-ups 147

TaxConnex

NOVEMBER 18, 2021

Most businesses don’t set out to be non-compliant with sales tax, or anything for that matter. In fact, you probably have the best of intentions of meeting your sales tax obligations in the future. But what about sales tax liability from prior months? When do your sales tax obligations and liability start?

Sales 178

Sales Tax Non-Profits audit 178

ThomsonReuters

DECEMBER 8, 2023

Jump to: How AI is transforming audit AI-Assisted Decision Making in Thomson Reuters Cloud Audit Suite Ready to transform audit? How AI is transforming audit Traditionally, auditors have heavily relied on manual processes to uncover risk in financial statements and business operations.

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audit auditor financial statements Technology 98

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.

Sales 198

Sales Tax tax return audit 198

TaxConnex

NOVEMBER 4, 2021

TaxConnex is pleased to announce the completion of their second annual sales tax survey finding that the increasing sales tax complexities, growing nexus, fear of sales tax audits and limited resources to do what is necessary to remain compliant are among the top worries of financial professionals heading into 2022.

Sales 182

Sales Tax audit Finance 182

ThomsonReuters

FEBRUARY 6, 2024

Jump to: When to consider an automated tax software solution Benefits of sales tax automation software What if you don’t have a complex business model? Amidst a rapidly changing regulatory landscape, it can seem more challenging than ever to understand your sales tax obligations in every jurisdiction in which you do business.

Sales 98

Sales Tax audit Account 98

TaxConnex

MARCH 16, 2023

Many manufacturers, wholesalers, and distributors believe they have minimal sales tax obligations due to the likelihood of  sales tax-exempt transactions. The concept to consider is whether the sales by these types of businesses are exempt or not from sales tax collection. There could be a sales tax obligation here as well.

Manufacturing 130

Manufacturing Sales Tax E-commerce 130

ThomsonReuters

DECEMBER 22, 2023

As emerging technologies continue to reshape industries, tax departments are not exempt from the transformative power of innovation. In this era of rapid change, corporate tax professionals must stay ahead of the curve and leverage the latest tools and strategies to navigate the complex landscape of tax compliance. REGISTER NOW!

Tax 52

Tax Technology corporation tax audit 52

Withum

SEPTEMBER 13, 2022

While there are myriad reasons for why individuals choose to relocate, if a change in state residency is not done correctly, the individual may remain subject to tax in the state they intended to leave as well as become taxable in the state the individual moved to. View More On-Demand Webinars. View Slide Deck. Meet Our Presenters.

New York 52

New York audit Tax 52

TaxConnex

MAY 26, 2022

However, certain exemptions could apply making the sale of TPP exempt from sales tax in some situations. The buyer wants to make the original purchase exempt from sales tax, and they expect to then charge sales tax when they sell the item. Sales tax obligations start with nexus. Assessing your footprint.

South Dakota 167

South Dakota South Carolina Sales Illinois 167

ThomsonReuters

MARCH 20, 2024

Tax professionals involved in omnichannel retail industries face an unprecedented number of challenges these days. Calculating sales tax across different retail channels is complex due to various regulations, frequent changes in product data, and outdated systems, especially with increasing sales volume and shrinking budgets.

Retail 52

Retail Tax Technology auditor 52

TaxConnex

DECEMBER 2, 2021

Many manufacturers, wholesalers, and distributors believe they have minimal sales tax obligations due to the likelihood of sales tax-exempt transactions. The concept to consider is whether the sales by these types of businesses are exempt or not from sales tax collection. However, there are numerous pitfalls to be aware of.

Manufacturing 173

Manufacturing Sales Tax Non-Profits 173

ThomsonReuters

MAY 10, 2023

The AICPA’s Auditing Standards Board has issued SAS 145 to provide additional guidance on a number of audit-related topics. In this third blog, we’ll examine balancing the scope of an audit with the complexity of an entity’s activities. To learn more, view our webinar offering early guidance on SAS No.

audit 52

audit auditor Account accountant 52

TaxConnex

APRIL 26, 2022

Not paying attention to your sales tax obligations is never wise. True, it’s a relatively new requirement to collect sales and use tax from remote customers, but it’s one the taxman has always taken seriously from businesses – and that seriousness is only intensifying. Your sales tax obligation starts with nexus. Services are?not?tangible

audit 172

audit Tax Sales Start-ups 172

TaxConnex

AUGUST 8, 2023

Valid exemption certificates from your customers are critical in managing your overall sales tax risk. Under audit, an otherwise exempt sale will be deemed taxable without such documentation. Plan across There are a lot of moving pieces to consider: sales, order entry, billing, credit, tax, customer service, etc.

auditor 130

auditor audit Tax Sales 130

TaxConnex

APRIL 27, 2021

Sales tax obligations are getting more complicated for businesses of all industries. In this blog, we’ll talk to some of the common missteps businesses make when trying to manage sales tax on their own. Figuring out where you have nexus is key to determining your sales tax liability. Not evaluating economic nexus.

Sales 130

Sales Tax Wisconsin Missouri 130

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. Consider everything that you do on a typical day during tax season and the rest of the year. Extended hours.

Tax 71

Tax Technology payroll tax accounting careers 71

TaxConnex

DECEMBER 3, 2020

Alpharetta, GA - TaxConnex, Inc today released the results of a new survey finding that the increasing sales tax complexities, growing nexus, limited resources and additional audits are among the top worries of financial professionals in 2021. 71% of companies are not fully satisfied with their current approach to sales tax.

South Dakota 138

South Dakota Sales Tax audit 138

Anders CPA

AUGUST 17, 2022

Join us on Wednesday, September 14 from 10:00-11:00am CT for the second segment of our Not-for-Profits in the Know webinar series. While some of the hype around cryptocurrency has cooled off, we believe it’s here to stay and have dedicated resources to understanding the tax, audit and financial accounting effects of digital currencies.

accounting standards 52

accounting standards financial statements audit Education 52

ThomsonReuters

SEPTEMBER 2, 2021

Is this an audit, and what should we expect if it is? ANSWER: The request for documents probably does signal the beginning of a DOL civil investigation (often referred to as an “audit”). We strongly advise seeking the assistance of experienced legal counsel to assist with a DOL audit. Contributing Editors: EBIA Staff.

audit 98

audit payroll Legal Tax 98

ThomsonReuters

MARCH 19, 2024

As open-source generative AI platforms (like ChatGPT) gain momentum, there are concerns around accuracy, security, and privacy — especially when it comes to handling clients’ sensitive tax information. The basics of generative AI in tax So, what exactly is generative AI and how does it work within the tax and accounting profession?

Tax 52

Tax Technology Education auditor 52

Cherry Bekaert

MAY 23, 2023

Situation: Sales Tax Obligations Spanning Multiple States The Company was only registered with and reporting sales tax to its home state. With customers spanning 33 states and a workforce of more than 50 remote employees, all of the Company’s sales tax obligations were not being met.

Sales 98

Sales Tax Technology tax return 98

TaxConnex

AUGUST 31, 2021

A Voluntary Disclosure Agreement (VDA) can be a great tool to address past sales tax obligations, but it’s important to consider all the plusses and minuses and ensure you make the right decision for your business when it comes to mitigation efforts. You’ve collected the sales tax but have yet to register and remit to the state.

audit 170

audit Tax Sales Legal 170

ThomsonReuters

MAY 2, 2023

In this second post, we’ll dig into ensuring audit quality. Specifically, we’ll look at the need for auditors to maintain professional skepticism and document their work thoroughly to improve audit effectiveness and efficiency. Again, this is an opportunity for firms to improve audit efficiencies and effectiveness.

audit 52

audit auditor financial statements Account 52

KROST

JANUARY 26, 2021

Paren Knadjian ( Practice Leader, M&A, and Capital Markets ), Stacey Korman, CPA ( Principal ), Sossi Bekarian, CPA ( Senior Manager ), and Jeff Kamin, CPA ( Manager, Accounting, ERTC ) hosted a second session on the PPP Second Draw Program & Employee Retention Credits webinar. Tax provisions related to government-backed loans.

Entertainment 62

Entertainment CPA Manufacturing accounting and finance 62

Cherry Bekaert

DECEMBER 11, 2023

Navigating Accounting & Auditing Trends and Future Standards: How Will New Standards Affect Your Business in 2024? Elevate your expertise by watching our webinar focused on accounting trends and upcoming audit standard updates for companies in the technology and life sciences industries.

Technology 52

Technology audit accounting standards Tax 52

ThomsonReuters

MARCH 25, 2024

Section 174 Capitalization of the Tax Cuts and Jobs Act (TCJA) has created confusion for many corporate tax specialists to work through in the coming months. TCJA changed how research and development expenses are treated for tax purposes, requiring taxpayers to capitalize and amortize those expenses over different time periods.

Tax 45

Tax Technology audit corporation tax 45

Going Concern

DECEMBER 19, 2023

445 professional staff — 93 percent auditors and seven percent tax and advisory — participated in answer sharing during mandatory, open-book internal training assessments between 2016 and 2020. auditing curriculum. Here’s what happened. So we kinda already knew there was some cheating going on over there.

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auditor audit CPA Government 90