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Evolution of the Sales Tax Audit: Have Audits Changed with Economic Nexus?

TaxConnex

So has the sales tax audit. Examiners can still show up and go over your books in person, and tax agencies will still send audit notices via snail mail. Many events can ignite a sales tax audit. But have sales tax audits changed over the last few years, through the pandemic and the introduction of economic nexus in 2018?

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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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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. Sales Tax Audit Triggers.

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State CPA Society News & Updates – September 2023

CPA Practice

The Wisconsin Institute of Certified Public Accountants or WICPA has announced a series of upcoming conferences including the following: Business & Industry Fall Conference – September 18, 2023 at the Brookfield Conference Center in Brookfield, Wisconsin, which will be livestreamed for those not able to attend the conference in person.

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States ease nexus thresholds

TaxConnex

Two years ago, for instance, Wisconsin studied how halving its 200-transaction threshold would hurt coffers. South Dakota joins California, Colorado, Iowa, Maine, North Dakota, Washington and Wisconsin in eliminating transaction-based nexus thresholds. The conclusion: “minimal fiscal effect.” Who’s taken the latest action?

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Sales tax ‘responsible party’ laws still going strong

TaxConnex

New York’s Division of Tax Appeals considered whether an individual who was both an officer and the sole shareholder of a corporation was personally responsible for the corporation’s sales tax liability. Willful failure in sales tax duties counts more heavily in some states than in others, as does the phrase “duty to act” for corporate officers.

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2024: What’s coming up in sales tax

TaxConnex

Weaker state revenue The kind of year it’s going to be for state coffers could greatly influence such future sales tax trends as new levies, tougher nexus thresholds and intensifying audits. In 2021, Wisconsin and Maine both removed their transaction threshold; in 2023, South Dakota and Louisiana joined suit. If so, watch out for 2024.