RogerRossmeisl

OCTOBER 20, 2024

The IRS has been increasing its audit efforts, focusing on large businesses and high-income individuals. By 2026, it plans to nearly triple its audit rates for large corporations with assets exceeding $250 million. Under these plans, partnerships with assets over $10 million will also see audit rates increase tenfold by 2026. This ramp-up in audits is part of the IRS’s broader strategy, funded by the Inflation Reduction Act, to target wealthier entities and high-dollar noncompliance.

audit 264

audit CPA Tax business tax 264

Acterys

OCTOBER 20, 2024

Reliable financial data is the compass that guides strategic decisions. But what happens when that compass is inaccurate? Errors in financial planning and analysis (FP&A) reports can set entire departments, or even the whole company, off course. More than half (59%) of accountants admit to making several errors per month, Gartner research found.

financial statements 130

financial statements accounting and finance accounting standards Sales 130

RogerRossmeisl

OCTOBER 20, 2024

Discounts for lack of marketability are well established when valuing minority interests in closely held businesses. But many valuation experts believe that controlling business interests also warrant a marketability discount to reflect the uncertainty and risk associated with the timing of the sale and the ultimate price. Here’s a closer look at this issue.

CPA 263

CPA Sales 263

VJM Global

OCTOBER 20, 2024

Fake firms have increased substantially under GST which are formed merely to pass on the Input Tax Credit without any underlying supply of goods and services. The Government is taking all possible steps to prevent these fake firms from obtaining registration, operating their business, and surrendering GST smoothly. To ensure that no phony firm is operating, the Government runs Special physical verification drives to ensure that businesses operate in the given registered office.

E-commerce 52

E-commerce Tax Government Legal 52

Speaker: Joe Wroblewski, Sales Engineer Manager

Automating time-consuming manual tasks can save your firm hundreds of hours–and thousands of dollars. But it can also have longer-lasting benefits, like helping you attract and retain the next generation of CPAs, and we don’t need to tell you how important that is amid the current generational staffing crisis in the tax and accounting profession. You'll want to save your seat for this new webinar with industry expert Joe Wroblewski, where we'll explore how to: Maximize ROI with Cost-Effective Te

Tax

RogerRossmeisl

OCTOBER 20, 2024

Let’s say you have an unincorporated sideline activity that you consider a business. Perhaps you offer photography services, create custom artwork or sell handmade items online. Will the IRS agree that your venture is a business, not a hobby? It’s an essential question for tax purposes. If the expenses from an activity exceed the revenues, you have a net loss.

income tax 264

income tax tax return CPA Tax 264

VJM Global

OCTOBER 20, 2024

The government is constantly amending GST provisions related to renting immovable property, whether commercial or residential, to bring renting immovable property under the GST purview in every aspect. As per the recommendation of the GST Council in the 54th GST Council meeting , the CBIC has now imposed GST on renting commercial property by unregistered persons to registered persons through RCM.

Tax 52

Tax Government 52

RogerRossmeisl

OCTOBER 20, 2024

In 2021, Congress passed the Corporate Transparency Act (CTA). The CTA requires many entities doing business in the US to report information about the individuals who ultimately own or control them (the entity’s “beneficial owners”). The CTA’s expanded anti-money laundering laws require that small businesses report this beneficial owner information to the Financial Crimes Enforcement Network (FinCEN) in an effort to create a national database for use by national security

CPA 261

CPA cpa firm business tax Tax 261