CPA Practice

OCTOBER 31, 2023

This article first appeared on the Thomson Reuters blog. more frequently “to help them with a wide range of employment matters, such as selecting new employees, monitoring performance, and determining pay or promotions.” Used with permission. According to the EEOC, employers are using automated systems (including those with A.I.)

Legal 116

Legal audit payroll Technology 116

Withum

MAY 9, 2024

Most people who receive a financial statement look first to see what the auditor’s report and opinion say. In two weeks, I will be teaching a graduate course on audit concepts and methods to accounting students at Fairleigh Dickinson University. I’ve taught this previously and certainly know the material.

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auditor audit financial statements forensic accounting 59

ThomsonReuters

APRIL 18, 2023

For accounting professionals, payroll services have long been viewed as a time-consuming, high-risk loss leader. Other factors would only be considered if the two core factors were not helpful in making a worker determination. For business owners, payroll is complex and often their greatest expense. What are common payroll errors?

payroll 107

payroll payroll tax Tax audit 107

ThomsonReuters

APRIL 24, 2023

At the core of every audit is the identification and assessment of risks of material misstatement, which is critical given the potential impact on a company’s financial position. Despite this, 25 percent of recent peer review comments have been related to failure to understand and/or document risk of material misstatement.

auditor 59

auditor audit financial statements Tax 59

ThomsonReuters

MAY 10, 2022

Who is affected by Superfund and what are their challenges? Determining the method for calculation on imports that imposes the least amount of tax liability. Risk of audit and penalties if not followed accordingly (i.e., What is Superfund? responsibility and when tax is owed). The way tax is calculated is complex (i.e.,

Technology 98

Technology Tax accounting and finance Manufacturing 98

TaxConnex

APRIL 20, 2021

This includes understanding your ongoing nexus footprint (it’s not always static) and determining the taxability of your products and services when states are continually adjusting their laws. Who do you want on your side? This time of year, everybody’s mind is on income tax preparation. They turn to experts. Managing a tax calendar.

Sales 139

Sales Tax tax return income tax 139

ThomsonReuters

DECEMBER 20, 2020

Both sales tax and VAT are types of indirect tax – a tax collected by the seller who charges the buyer at the time of purchase and then pays or remits the tax to the government on behalf of the buyer. Who collects and remits sales tax and VAT? What is the difference between sales tax and value-added tax (VAT)? VAT overview.

Sales 119

Sales South Dakota Tax corporation tax 119

Withum

FEBRUARY 29, 2024

There are many people who try to beat the market, and what they buy drops, or they sell stock short or sell or buy put-and-call options or do other things that add risk while chasing higher returns, hoping to outsmart the other investors. So, let me set some ground rules for my clients and the people who read my blogs.

Start-ups 59

Start-ups Sales Education Tax 59

ThomsonReuters

MAY 12, 2022

What triggers a sales tax audit and how do you reduce the risk of an audit? A sales tax audit determines whether a business has collected and paid the correct amount of sales tax owed to the state for taxable transactions. Almost all companies undergo a sales tax audit at some point. What is a sales tax audit?

audit 105

audit Sales Tax auditor 105

ThomsonReuters

SEPTEMBER 30, 2022

The trial court ruled for the insurer, determining that it was not a fiduciary. There was ample evidence showing that the insurer’s actuaries had tried to set the best rate for participants while also accounting for the insurer’s own anticipated costs and risks so it could fulfill its obligation to pay participants the guaranteed rate.

Account 52

Account accountant accounted Tax 52

ThomsonReuters

SEPTEMBER 22, 2023

more frequently “to help them with a wide range of employment matters, such as selecting new employees, monitoring performance, and determining pay or promotions.” in the hiring process may “run the risk of violating existing civil rights laws” unless certain precautionary measures are taken.

Legal 52

Legal audit payroll Technology 52

ThomsonReuters

JANUARY 18, 2024

In general, an accountant’s job description includes common accounting tasks such as: Performing risk analysis evaluations. In fact, more boards and audit committees are, or will be, looking for accountants who understand AI ’ s potential and limitations. Recording expenses and preparing financial reports.

Account 59

Account accountant accounted tax preparation 59

Withum

APRIL 19, 2022

The Power Platform, with its suite of low-code/no-code tools, is sparking a lot of interest lately; we have clients who have been using M365 for email and file management for years who are just now starting to ask us how to leverage the Power Platform. this blog is for you. First, some basics – what is Power Platform?

Technology 105

Technology Expense Reimbursements Start-ups accounting and finance 105

ThomsonReuters

JANUARY 12, 2023

Environment, Social and Governance (ESG) is a framework for evaluating risks and opportunities related to a company’s operational impact on the environmental, social issues, and governance factors. . Environmental risks include pollution of the air, water, or soil, as well as climate impact, carbon footprint, and energy use. .

audit 52

audit auditor Technology Government 52

ThomsonReuters

JANUARY 14, 2021

In 2017, a federal court determined that the EEOC failed to show that the permitted incentives (generally 30% of the total cost of self-only coverage) were a reasonable interpretation of the laws’ voluntariness requirements. Family members’ eligibility for wellness incentives is also taken into account in determining cost.

Legal 80

Legal Tax Account accountant 80

ThomsonReuters

OCTOBER 12, 2023

Paying taxes on money earned abroad Avoiding double taxation Helping clients who live abroad with their taxes U.S. Your income, filing status, and age generally determine whether you must file a return. Jump to: Do U.S. expats pay taxes? income tax returns, just like individuals living in the United States. expats pay taxes?

Tax 75

Tax tax return income tax tax preparation 75

ThomsonReuters

JANUARY 12, 2023

And what tools and resources are available for accountants who want to specialize in audit? Accounting provides information on the financial health, profitability and performance of a company, while auditing aims to determine whether or not the financial data provided by accounting is correct. Let’s start from the beginning. .

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audit auditor Account accountant 59

inDinero Tax Tips

NOVEMBER 4, 2021

Numerous cash transactions: Because there is no independent record of cash transactions, businesses who deal largely with cash are more likely to be subject to an audit. However, most businesses are unprepared and need IRS tax audit help. Having proper documentation of all your income and expenses is the easiest way to pass an audit.

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audit Tax tax return tax preparation 98

ThomsonReuters

FEBRUARY 23, 2023

As background, responsible reporting entities (RREs) for group health plans—typically insurers or third-party administrators (TPAs)—are required to report information to CMS about individuals who are both entitled to Medicare and covered under a group health plan. 10868 (Feb. Contributing Editors: EBIA Staff.

Tax 52

Tax Account accountant accounted 52

ThomsonReuters

AUGUST 15, 2022

Recently issued guidance clarifies that the 80 hours of leave is not per year but per PHE. The Colorado Department of Labor and Employment (CDLE) has updated its webpage to clarify that state law requires supplemental paid leave for a federal public health emergency that is declared a “highly fatal infectious agent.” California.

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Rhode Island Colorado Vermont Washington 97

ThomsonReuters

MARCH 20, 2024

In the personnel department, Kleppel says most of his omnichannel clients have reduced their headcount and are not hiring, so those who remain “are constrained on the amount of time they have, especially for compliance.” Tax professionals involved in omnichannel retail industries face an unprecedented number of challenges these days.

Retail 52

Retail Tax Technology auditor 52

ThomsonReuters

DECEMBER 12, 2023

“The pay issue is a really interesting question because the statute itself provides non- seniority employment benefits for service members who need to go and perform military service,” said Kopp, a retired Colonel in the U.S. Jeff Kopp, a partner at Foley and Lardner, LLP, explained that USERRA generally does three things.

Legal 52

Legal payroll Tax Account 52

ThomsonReuters

JANUARY 28, 2021

CMS Bulletin: Treatment of Risk Corridors Recovery Payments in the Medical Loss Ratio and Rebate Calculations (Dec. CMS has advised that insurers must revise their medical loss ratio (MLR) and rebate calculations and pay recipients additional rebate amounts based on any recovered risk corridor payment amounts. Available at [link].

Government 52

Government Tax Account accountant 52

ThomsonReuters

JANUARY 13, 2022

The IRS has issued its annual update and restatement of the revenue procedures governing letter rulings, determination letters, and other guidance, including guidance about employee benefit plans. References to paper submissions on Form 5310 (Application for Determination for Terminating Plan) have been removed. 1 and 161 (Jan.

Tax 52

Tax Government Account accountant 52

ThomsonReuters

DECEMBER 13, 2021

On one hand, tax automation saves time, minimizes the risk of human error, and can help elevate indirect tax from a back-office compliance function to a more valuable strategic advisory role. So when is the right time to invest in indirect tax automation ? How to successfully make the business case for an indirect tax tech investment.

Technology 52

Technology Tax corporation tax audit 52

ThomsonReuters

MARCH 1, 2024

To the IRS, S corporations (S corps) are considered “ pass-through entities ”, which means any deductions, losses, income, credits, and profits pass through directly to shareholders, who report their share of the business’s performance on their own personal tax returns. What IRS tax forms do S corps file?

corporation tax 52

corporation tax Tax tax return income tax 52

ThomsonReuters

AUGUST 5, 2021

As background, certain insurers, TPAs, plan administrators, and fiduciaries are required to report group health plan coverage information (which now includes information about prescription drug coverage) for individuals who are also entitled to Medicare. Contributing Editors: EBIA Staff.

Tax 52

Tax Account accountant accounted 52

Mark Lee

AUGUST 15, 2023

Regular readers will know that, on this blog I share, what I hope is, constructive and unbiased advice for accountants in practice. Bullies in Pinstripes More recently I was chatting with an IT supplier who shared his views of such marketing focused suppliers. You were very different and so much more believable,” she said.

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Account accountant accounted Construction 52

ThomsonReuters

JANUARY 12, 2023

With advanced data analytics, however, auditors can now efficiently obtain client data down to the transactional level, store it securely in the Cloud, and apply analytics against the data to identify risk, including potential fraud risk. If you work in the professional services sector, you’re well aware of the rise of automation.

Technology 52

Technology audit auditor Tax 52

ThomsonReuters

JUNE 16, 2022

The plan did not argue that the TPA was a functional fiduciary based on those activities, but because it “made benefit determinations that exceeded negotiated rates,” and made decisions regarding recovery of overpayments, actions the plan said involved the exercise of discretion. Laborers’ Health and Welfare Fund v. 2022 WL 952247 (D.

Tax 52

Tax Account accountant accounted 52

ThomsonReuters

MARCH 21, 2023

Absent: Do you have a team member who is frequently calling out sick or is routinely late to meetings? Absent: Do you have a team member who is frequently calling out sick or is routinely late to meetings? In fact, the World Health Organization (WHO) has officially classified burnout as an occupational phenomenon.

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Account accountant accounted accounting and finance 52

ThomsonReuters

MARCH 3, 2022

Distributions over the life of the beneficiary are limited to the new category of “eligible designated beneficiaries”—designated beneficiaries that are spouses, children who have not reached majority, individuals who are disabled or chronically ill, and individuals who are not more than 10 years younger than the participant.

Tax 52

Tax income tax Government Account 52

Mark Lee

JUNE 6, 2023

And accountants need to determine their willingness, or otherwise, to respond to clients who start communicating via other services including, for example any or all of the following: Mobile phone calls, Text (SMS), WhatsApp, Facebook messenger and Linkedin Direct messages. And, if that’s how they feel, then it’s true.

Start-ups 52

Start-ups Account accountant accounted 52

ThomsonReuters

SEPTEMBER 7, 2023

Who qualifies for the child tax credit? Who qualifies for the child tax credit? Y ou can claim the child tax credit for each qualifying child who has a Social Security number that is valid for employment in the United States. Jump to: What is the child tax credit? How much is the child tax credit? citizen, U.S.

Tax 52

Tax tax return income tax tax preparation 52

ThomsonReuters

DECEMBER 19, 2023

Used clean vehicle credit Since January 1, 2023, individuals who buy a qualified used electric vehicle (EV) or fuel cell vehicle (FCV) from a licensed dealer for $25,000 or less, may be eligible for a used clean vehicle tax credit (also referred to as a previously owned clean vehicle credit).

Tax 52

Tax Colorado accounting and finance tax return 52

ThomsonReuters

MARCH 16, 2021

The past few years have been extraordinarily challenging for the professionals who oversee supply chains at multinational corporations. Data is the key to managing trade compliance and supply chain risk. In addition, the trade compliance data that these AI-enabled platforms generate has value far beyond risk management.

Technology 81

Technology Construction Manufacturing Sales 81

ThomsonReuters

DECEMBER 19, 2023

These credits are designed to reward homeowners who invest in energy efficient improvements to their residences. Who qualifies for Form 5695? Jump to: What environmental tax breaks are available? What is Form 5695? What is Form 843? What is Form 6627? What environmental tax breaks are available?  What is Form 6627?

Tax 52

Tax income tax tax return Manufacturing 52