Accounting Today

OCTOBER 18, 2024

Data Snipper releases AI-powered document validator; TaxPlanIQ announces 1-day virtual summit; IRS announces availability of 18 online seminars; and other accounting tech news.

Technology 124

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Accounting Today

JANUARY 21, 2025

Accounting and auditing analytics software company Caseware announced that it has bought Extractly.ai, an Australian-based AI startup that offers intelligent document processing solutions.

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CPA Practice

NOVEMBER 11, 2024

Audit Intelligence Analyze is an AI for risk analysis that automates transaction analysis and enhances audit quality by focusing on high-risk areas while saving 30-120 minutes documenting sample selections. Materia : Analyzes client documents and understands the guidance. Mangodoc.ai There are templates for prompt engineering.

accounting firms 111

accounting firms Technology Account accountant 111

RogerRossmeisl

JULY 17, 2024

5 schemes First, be aware of these five common real estate fraud schemes: Fake documents. Every real estate transaction requires extensive documentation. To make an acquisition more enticing, sellers could fake rent rolls, financial statements or other documents that indicate an asset’s profitability.

Real Estate 264

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RogerRossmeisl

SEPTEMBER 9, 2024

Governing documents A partnership is governed by a partnership agreement, which specifies the rights and obligations of the entity and its partners. These governing documents should address certain tax-related issues. These governing documents should address certain tax-related issues.

income tax 238

income tax Government CPA Tax 238

CPA Practice

OCTOBER 24, 2024

The three new resources include: Practice aid : This practice aid provides a high-level overview of certain features unique to QC 1000, including highlighting incremental requirements that QC 1000 imposes on firms that issued audit reports for more than 100 issuers in the prior calendar year.

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TaxConnex

FEBRUARY 13, 2025

Researchers seeking to document health benefits of the tax found that the tax generated more than $7.58 The Navajo Nation has also seen a detailed study of the junk food tax it enacted 11 years ago; a 2% tax was levied on foods and beverages with minimal-to-no nutritional value and the 6% tax was removed on water, fruits, and vegetables.

Sales 213

Sales Tax Wisconsin Oklahoma 213

CTP

OCTOBER 28, 2024

Your tax filings and related documentation might be relevant, so you would need to ensure that household payroll tax returns are filed, for example. This document can generate key topics for discussion when you participate in those quarterly meetings. A detailed trust document will be needed to establish this.

Tax 105

Tax Government Real Estate payroll tax 105

Going Concern

MARCH 20, 2025

Some of those folks showed up Thursday morning trying to get their tax documents back. Clients told WSOC they dropped off their documents weeks ago but nothing has been filed. And then there’s this today: The sheriff told Channel 9s Dave Faherty more than 300 people have been impacted by the closure.

North Carolina 124

North Carolina accounting firms Tax Account 124

RogerRossmeisl

AUGUST 6, 2023

For example, a spouse who owns a business might intentionally limit the opposing expert’s access to documents, facilities or management personnel. A valuation expert who’s involved in the discovery phase can compile a list of key documents and procedures to request from the judge.

CPA 240

CPA Account accounted accountant 240

Withum

JANUARY 30, 2025

Understanding your audits scope ensures you prepare the necessary documentation and meet compliance standards. Preparing for an audit requires time to review records, resolve discrepancies and gather documentation. Accurate documentation is essential for an efficient external audit process.

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MyIRSRelief

OCTOBER 11, 2024

Here’s a detailed look at what personal tax preparation entails: Gathering Financial Information: The first step in personal tax preparation is gathering all necessary financial documents. Gathering Financial Information: Just like with personal tax preparation, gathering all necessary financial documents is crucial.

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RogerRossmeisl

JANUARY 19, 2022

Paper evidence is generally easy Handling paper documents is relatively easy as long as you approach the task with care. Place any hard documents related to the possible fraud in a secure location. But before these professionals arrive on the scene, you may need to collect and secure evidence. The fewer people who touch it, the better.

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TaxConnex

SEPTEMBER 2, 2021

Many companies’ documentation is poorly organized and hard for an auditor to interpret. Documentation typically required by an auditor can include invoices, exemption certificates , summary reports, tax returns, and more. Missing documentation complicates an audit and may cause penalties that you may not actually owe.

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audit Sales auditor Tax 243

CPA Practice

NOVEMBER 8, 2024

And again, it’s a generative AI tool, so you can feed documents in a situation into it, and then it will reply to things. Here, you can actually upload client documents securely into this and use this platform for client communication, audit checks and secure document sharing. Randy Johnston 04:29 Yeah.

Technology 115

Technology Account accountant accounted 115

CPA Practice

NOVEMBER 26, 2024

Now we’re quite cognizant that there’s other portals that can cover all three of these areas as well, but this one is interesting because they do very tight integrations into practice management and document management. They do some conditional formatting and then some document routing in there.

Technology 111

Technology Account accountant accounted 111

TaxConnex

APRIL 28, 2022

“Rather than meeting in person with an audit committee, for example, an external auditor might use Zoom … Other audit processes, like reviewing financial reports, might require sharing documents more online rather than looking at physical printouts.”. Documentation should be well-organized and easy to interpret by an auditor.?Missing

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CTP

DECEMBER 2, 2024

For example, if you have requested an extension to provide supporting documentation for a response you submitted to the IRS, you will want to document who you contacted and what was agreed upon, down to the name of the IRS employee you spoke to, their employee number, the phone number you called, and the day you made the call.

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Withum

DECEMBER 18, 2024

Start Planning Our Income Tax Accounting Expertise Preparing U.S. Start Planning Our Income Tax Accounting Expertise Preparing U.S. Meet our team and let us cross the tax provision off your to-do list, so you can focus on the things that matter the most.

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TaxConnex

MAY 20, 2021

Gather your documentation – This includes the tax calendar, registration numbers, filing and payment requirements, and logins and passwords. Have a plan in place to get copies of this documentation. Making the transition to a new sales tax outsourcing provider is much simpler than you’d imagine. Be clear on the end date.

South Dakota 246

South Dakota Sales Tax tax return 246

CPA Practice

DECEMBER 6, 2024

Or most non technical documentation, okay? So its this AI generation of emails and documents and things like thats pretty is pretty helpful. Its called teammate, document Linker. So its going to, its going to extract from, from the PDFs of the the individual PDFs of the documents. Its going to populate it into Excel.

Technology 98

Technology Account accountant accounted 98

VJM Global

APRIL 21, 2025

The CBIC has received complaints that GST officers are asking for additional documents that are not prescribed in the List of Documents appended to FORM GST REG-01. Officers are following varied practices for the verification of documents. Documents to be sought from the Applicant while processing the Application: 1.1

Government 52

Government Tax 52

TaxConnex

DECEMBER 23, 2021

One of your customers undergoing their own audit might produce one of your invoices, resulting in the auditor possibly contacting you for an exemption certificate or other documents. Missing documentation complicates an audit and may cause penalties that you may not actually owe. Get to work on this first and fast.

audit 244

audit Sales Tax auditor 244

TaxConnex

AUGUST 20, 2024

To qualify for the exemption, the contractor is required to obtain and present to the vendor some form of documentation from the government or nonprofit entity substantiating the exempt use of the tangible personal property being purchased by the contractor. The form of documentation varies by state.

Sales 264

Sales Tax Construction Government 264

CPA Practice

NOVEMBER 11, 2024

When the PCAOB’s Division of Enforcement and Investigations attempted to investigate those violations, JTC Fair Song failed to cooperate with the investigation, refusing to produce documents and information in response to formal demands, the board said.

audit 111

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Xero

DECEMBER 17, 2024

Prepare and give out P60s A P60 is a document that summarises how much an employee has earned, plus how much tax and National Insurance Contribution they have paid, in a year. Its the employers legal duty to provide the document by this deadline. Once the final payslip and any corrections are complete, it is time to issue P60s.

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TaxConnex

NOVEMBER 9, 2021

Once a return is filed, some form of documentation must support the reported tax liabilities in case the return is audited. This documentation must easily show a trail from the core business transactions – customer invoices or vendor invoices, for instance – to the lines on the tax returns. Audit work papers.

Sales 246

Sales general ledger Tax tax return 246

TaxConnex

SEPTEMBER 15, 2022

Once hit by an audit notice, companies often fail to immediately assess their sales tax records and documentation – which in some companies is poorly organized and hard for an auditor to interpret. Documentation typically required can include invoices, exemption certificates , summary reports, tax returns and more.

audit 242

audit Sales Tax auditor 242

RogerRossmeisl

MAY 31, 2022

A qualified appraisal is a complex and detailed document. You must: Get a “qualified appraisal,” Receive the qualified appraisal before your tax return is due, Attach an “appraisal summary” to the first tax return on which the deduction is claimed, Include other information with the return, and Maintain certain records.

tax return 246

tax return CPA Tax 246

RogerRossmeisl

JULY 27, 2021

In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In doing so, they fail to meet the strict substantiation requirements set forth under tax law.

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CPA Practice

NOVEMBER 11, 2024

But like any business continuity plan, succession plans need to be treated like living documents. Make it official — and secure stakeholder buy-in You’ll also want to document your plan in writing to ensure clarity and accountability. That’s especially the case if identified successors decide to move on from your firm.

cpa firm 111

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RogerRossmeisl

SEPTEMBER 26, 2022

The list is not a legal document or a literal listing of agency enforcement priorities. The IRS has compiled the annual Dirty Dozen list for more than 20 years as a way of alerting taxpayers and the tax professional community about scams and schemes.

Tax 243

Tax CPA Legal Sales 243

ThomsonReuters

APRIL 28, 2025

Tools like 1040SCAN use advanced Optical Character Recognition (OCR) technology to extract data from tax documents to automate data entry and work paper preparation. AI-powered tools like CoCounsel Tax integrate multiple knowledge sources and analyze documents to provide clear, accurate answers to complex tax questions.

accounting firms 100

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RogerRossmeisl

JULY 16, 2023

These include excess inventory, a large number of write-offs, an unusually high number of voided discounts for returns, insufficient documentation of sales and increased purchases from new vendors. The post Good Acquisition? Not if your Seller’s Hiding Something appeared first on Roger Rossmeisl, CPA.

forensic accounting 238

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RogerRossmeisl

JANUARY 26, 2022

Tip 2 Gather all documents needed to prepare an accurate return. If you haven’t prepared yet for tax season, here are three quick tips to help speed processing and avoid hassles. Tip 1 Contact us soon for an appointment to prepare your tax return. This includes W-2 and 1099 forms.

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