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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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Recent Cases Show You Shouldn't Mess with Sales Tax Obligations

TaxConnex

States may be getting tougher on sales tax delinquents as the pandemic drags on and tax revenues, in many places, take hits. area company must pay back more than $95,000 after pocketing sales tax money owed to the state, according to authorities. Just ask Fiorella’s Landscaping in western New York. The Buffalo, N.Y.-area

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Friday Footnotes: EY’s Six CEO Candidates; Deloitte UK Partner Payouts Increase Again; IIA Gets Their Way | 9.29.23

Going Concern

The company expects each of its roughly 1,300 Orrville, Ohio-based corporate workers to be on site for 22 “core” weeks a year. The accounting firm subsequently used the information to advise clients on how to sidestep the tax changes.

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Friday Footnotes: ‘KPMG Did Not Know What They Were Doing’; Are You Boring?; PCAOB Warns About Confirmations | 3.25.22

Going Concern

I would have thought that accountants would be seen as boring, but effective and the perfect person to do a good job on your tax return,” Wijnand Van Tilburg, a study co-author and senior lecturer in the university’s psychology department, said in a statement last week. PCAOB Spotlight PDF here.

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Friday Footnotes: The Profession vs. Gen Z; CPA Firms Get Back to the Office; Deloitte Quits | 6.23.23

Going Concern

Audit “When you are a hammer, the world is a nail” – SEC and PCAOB Senior Staff Signal Increased SEC and PCAOB Gatekeeper Enforcement [ Lexology ] SEC Enforcement and PCAOB Enforcement both are pursuing more significant sanctions against auditors, particularly with respect to civil money penalties. 31 is still not finished.

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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

They also expect auditors to understand and evaluate processes and controls, analyze transaction-level data for anomalies, and test more data in real-time,” said Scott Flynn, KPMG vice chair—Audit, in a news release. Now’s the time so check out Accountingfly’s top remote accounting candidates of the week.

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Friday Footnotes: Working 100 Hours a Week (For Real); 99% of Firms Short on Staff; The EY Power Struggle | 8.4.23

Going Concern

The survey, from alliantTalent, an affiliate of the tax advisory firm alliantgroup, used research firm CensusWide to poll 250 top CPA firm leaders in the country. Trump-Tied SPAC Hits Another Snag as Auditor Abruptly Resigns [ Bloomberg ] Special-purpose acquisition company Digital World Acquisition Corp.