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The new breed of audit

TaxConnex

Even though many audits have shifted to remote audit, the fundamentals of the sales tax audit haven’t changed. The consultancy Agile has cited several stats on sales tax audits, including that one in five small-to-midsize businesses have been audited within the past five years. Fear and loathing.

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Why Microsoft’s $29 Billion Tax Bill Could Be the Big Knockout Punch in Fight with the IRS

CPA Practice

By Clint Rainey, Fast Company (TNS) Way back in 2012, the IRS launched the largest-ever audit in history, accusing Microsoft of stashing billions in offshore tax havens to dodge U.S. Former CEO Steve Ballmer got summoned.

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Wirecard Forces ‘Radical’ Reboot Of German Accounting Regs

PYMNTS

As the fallout from Wirecard ’s troubles unfold, Germany’s deputy finance minister has called for radical solutions to fix how accounting firms are regulated, the Financial Times reported. We have reached an agreement with the Finance Ministry to terminate the contract,” a Justice Ministry official told Reuters.

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More Businesses Are Turning to Automation to Manage Tax on Purchases

CPA Practice

That’s according to a new survey from Avalara of accounts payable departments, accounting, finance, and tax professionals that focus on managing use tax obligations. Nearly a third (32%) of respondents also indicated that audit risks are high, especially when managing consumer use obligations. Avalara, Inc. ,

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Friday Footnotes: Florida Man’s Tax Problem; Accountants Are Walking Out; BDO Assures on Tether | 2.10.23

Going Concern

The gap came in part from supplier financing that wasn’t reflected the right way in the company’s financial statements, which have been audited by PwC since 2019. of those polled say their organizations’ accounting and finance teams work closely and consistently with their peers in cybersecurity. Yet just 20.3%

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When You Need to Hire a Pro: Online Accounting Service for Small Business

xendoo

An accountant can determine areas for growth within your small business by providing insight on cash flow patterns, inventory management, pricing, and business financing, as well as providing advice on property and equipment leasing and purchasing. You’re spending too much time on your finances and not enough time on your business.