TaxConnex

FEBRUARY 24, 2022

But sometimes, the deal is held up for various reasons – including sales tax exposure within the company being acquired. But many business owners have been gut-punched during due diligence when an unanticipated sales and use tax? This could all be avoided if founders know their potential risk with sales and use tax?beforehand

Sales 193

Sales Tax tax return payroll 193

MyIRSRelief

MARCH 15, 2023

As a trucker, filing taxes can be a daunting task. The paperwork, deadlines, and complex tax laws can leave you feeling overwhelmed and uncertain about your tax obligations. However, failing to file your taxes can have severe consequences, including back taxes, penalties, and even legal action.

tax accountant 130

tax accountant Tax bookkeeping Account 130

Going Concern

APRIL 12, 2024

ICYMI: These are the most-read articles on Going Concern this week: Tax Preparer Finds Out in the Worst Way Possible That ERC Wasn’t a Free Money Glitch Survey Says: Which Group of Auditors Are Most Satisfied With Their Salaries? the auditor of Tesla Korea, about the company’s financial statements for last year.

CPA 94

CPA auditor Tax audit 94

Going Concern

APRIL 30, 2024

It’s been almost six years since the Canadian government legalized recreational cannabis and ever since, a microcosm of financial reporting and auditing has been growing (no pun) beside it. The accounting firm confirmed the move in a statement to MJBizDaily , citing “elevated risk” in Canada’s adult-use cannabis industry.

auditor 96

auditor audit Legal Tax 96

ThomsonReuters

JULY 6, 2023

Tax teams prepare tax provisions by gathering data, performing calculations, and entering the results into forms. However, corporate tax teams find it difficult to automate this process. What are the benefits of tax provision software? How can tax provision APIs streamline calculations?

Tax 92

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CPA Practice

DECEMBER 13, 2023

Tax season can be exhilarating for its intensity but stressful if your firm has all its balls in one court. Diversifying with tax-adjacent advisory services can add value to your existing clients, build recurring revenue streams and increase the likelihood of your tax clients returning next season. By Alex Loewenstein.

Tax 105

Tax tax preparation managerial accounting bookkeeping 105

Withum

OCTOBER 5, 2023

This model has been essential to growing virtual health businesses that need to remain in compliance with the Corporate Practice of Medicine (CPOM) laws; however, there are several legal and tax considerations to be aware of when considering whether to file a consolidated federal income tax return for the entities within the structure.

income tax 59

income tax tax return Tax Legal 59

Going Concern

FEBRUARY 17, 2023

.” Big Four: EY, Deloitte, KPMG, and PwC step on law firms’ toes increasing legal revenue to £1.25bn [ City A.M. ] The Big Four accounting firms – EY, Deloitte, KPMG, and PwC – are capturing an ever-larger share of the global market for legal services. Those creditors include the UK tax authority, HMRC.

Legal 95

Legal audit auditor South Carolina 95

Going Concern

OCTOBER 14, 2022

Whistleblowers accuse EY of whitewashing suspicious trades at longstanding client [ Financial Times ]. Whistleblowers have accused EY of whitewashing suspicions of money laundering and tax evasion in an investigation it conducted this year for longstanding client Leonteq. appeared first on Going Concern.

auditor 86

auditor Legal audit South Carolina 86

xendoo

FEBRUARY 15, 2022

If you own a business or earn a significant income, you may be wondering how to manage your tax situation and how much a tax consultant costs. There is a lot to consider when weighing the costs and benefits of hiring a tax consultant. A tax consultant can help with any of these issues. What Does a Tax Consultant Do?

tax consultant 103

tax consultant Tax tax return business tax 103

ThomsonReuters

MAY 16, 2024

When it comes to the tax and accounting profession, GenAI is ushering in a new era of increased productivity, efficiency, and data-driven insight. When it comes to tax research, it also opens the door to instant access to guidance on tax law and related analysis, revolutionizing the way accountants approach their work.

Tax 52

Tax Account accountant accounted 52

Withum

JANUARY 12, 2024

The purpose of a PPA is to determine the fair value of the acquired assets and liabilities, which is essential for accurate financial reporting. Legal and Tax Compliance Accurate allocation of the purchase price is important for legal, tax, and regulatory compliance. Why Do I Need One?

Real Estate 75

Real Estate accounting standards financial statements accounting principles 75

Withum

MAY 16, 2024

As part of the launch process you made quite a few decisions and absorbed a lot of information, including the best tax structure, what management fees to charge and when, etc. One of the things you may have already given some thought to is whether or not your annual financial statements are required to be audited.

audit 52

audit financial statements New York Legal 52

CPA Practice

OCTOBER 16, 2023

Accountants are crucial for guiding clients through the various financial and administrative aspects of running a business. Tasks like meeting minutes might not be the most exciting part of running a business, but they are crucial for ensuring transparency, accountability, and legal compliance. Which Companies Need Meeting Minutes?

Legal 116

Legal payroll tax audit payroll 116

Snyder

DECEMBER 28, 2022

Many small business owners often feel like they might be a heartbeat away from the IRS tax audit. percent of small businesses are getting tax audited. What’s interesting is that the less income you have, the higher the chance of a tax audit. What is a tax audit? Meeting a tax auditor is as frightening as meeting a ghost.

audit 98

audit Tax tax return auditor 98

CPA Practice

OCTOBER 18, 2023

Accountants are crucial for guiding clients through the various financial and administrative aspects of running a business. Tasks like meeting minutes might not be the most exciting part of running a business, but they are crucial for ensuring transparency, accountability, and legal compliance. Which Companies Need Meeting Minutes?

Legal 105

Legal payroll tax audit payroll 105

SkagitCountyTaxServices

JANUARY 5, 2024

I’m here to pick up that subject again, this time addressing more of the financial elements, like taxes and business valuation. We could tackle any number of topics related to a business sale, but today I want to address three: tax implications, business valuation, and terms and conditions.

Tax 81

Tax financial statements Sales Legal 81

SMBAccountant

NOVEMBER 17, 2021

This typically happens in at least 2 withdrawals; net pay and payroll taxes. You would post the net pay to a labor expense account and the payroll taxes to a payroll expense account. This is incorrect and causes labor to be understated and taxes to be overstated. 190 would be withdrawn for taxes.

payroll 130

payroll payroll tax income tax Expense Reimbursements 130

Going Concern

MARCH 8, 2024

Deloitte Legal Chief Sees Opportunity in GCs’ Need to Modernize [ Bloomberg Law ] GC = general counsel The new global head of Deloitte’s legal services arm said he’s focused on delivering more integrated consulting to general counsel while acknowledging the Big Four’s entry into legal services has gone slower than many anticipated.

audit 73

audit auditor New York Legal 73

Accounting Insight

MAY 1, 2024

In modern accounting, AI is being used to automate several tasks, including data entry, invoice processing and financial statement analysis. Automation of these routine tasks has allowed accountants to focus on more complex financial analysis and strategic decision-making.

Account 64

Account accountant accounted bookkeeping 64

MyIRSRelief

AUGUST 14, 2023

Dealing with tax-related issues can be overwhelming, and one such issue is an IRS wage garnishment. An IRS wage garnishment, also known as a wage levy or wage attachment, is a legal action taken by the Internal Revenue Service (IRS) to collect unpaid taxes. What is an IRS wage garnishment?

tax return 130

tax return Tax Legal audit 130

MyIRSRelief

AUGUST 14, 2023

Dealing with tax-related issues can be overwhelming, and one such issue is an IRS wage garnishment. An IRS wage garnishment, also known as a wage levy or wage attachment, is a legal action taken by the Internal Revenue Service (IRS) to collect unpaid taxes. What is an IRS wage garnishment?

tax return 130

tax return Tax Legal audit 130

Shay CPA

DECEMBER 7, 2022

Before you shut down your tech company, you need to take some final tax steps. . We’ve seen founders left holding the bag in resolving tax issues, even years after they thought they had closed their companies. Sales tax accounts. State franchise and income tax accounts. File a final corporate tax return.

tax accountant 59

tax accountant Tax tax return Account 59

CPA Practice

MAY 29, 2024

Compliance Staying up-to-date with the latest regulations is crucial in the accounting profession to ensure compliance with evolving requirements and to avoid costly penalties or legal issues. Unauthorized access to this data can compromise the integrity of a company’s financial statements and expose clients to financial loss.

Account 59

Account accountant accounted Technology 59

Going Concern

APRIL 14, 2023

EY Decision to Call Off Auditing Split Leaves Investors Stranded [ Bloomberg Tax ] Now that EY has deserted any plans to assuage these concerns through a thoughtful split, it’s created a contentious environment for other firms to pursue well-advised efforts to separate their business lines.

Tax 99

Tax auditor audit accounting firms 99

Going Concern

DECEMBER 23, 2022

The KPMG Law business has experienced a tremendous period of growth, with revenue growing by in excess of 80% in the last two financial years. It recently revealed an ambitious investment programme to double in size over the next two years by taking on a further 220 legal professionals, including 45 new Partners and Directors.

Tax 82

Tax auditor audit tax return 82

Cherry Bekaert

JUNE 10, 2024

Communicate openly : The accounting team should take the lead in preparing the financial statements, but every department of the company has a role to play for a seamless process. Having an internal control framework includes having accurate policies and procedures that are shared with everyone that touches the reporting process.

financial statements 52

financial statements audit auditor Technology 52

Shay CPA

MARCH 22, 2023

As part of the Tax Cuts and Jobs Act (TCJA), there was a change to Section 174 that directly impacts the R&D tax credit many startups take. As a result, this change affects your 2022 tax filings. Additionally, if you live in a state that imposes a Capital Base Tax (e.g., New York), this also impacts that base rate.

Tax 52

Tax accounting principles accounting and finance income tax 52

Basis 365

JULY 28, 2023

Ensuring compliance with accounting standards and accurately reflecting revenue on financial statements is crucial to maintain transparency and trust with stakeholders. Incorrect inventory valuation can lead to inaccurate financial statements, affecting profitability and decision-making.

Account 52

Account accountant accounted financial statements 52

Going Concern

JANUARY 4, 2024

Tax Credits & Incentive Services). Antonache manages federal and state tax consulting and compliance matters related to incentives for renewable energy development. International Tax Services). Financial Services Practice). Mo Huda (Dallas, Texas, State & Local Tax Services). Financial Services Practice).

Real Estate 57

Real Estate Hospitality Construction Texas 57

ThomsonReuters

APRIL 30, 2024

Jump to: The role of emotional intelligence (EQ) in client relationships The evolution of client service in accounting firms Leveraging technology for enhanced client service Forward-looking accountants are increasingly realizing the importance of harmonizing technical tax expertise with interpersonal relationship skills.

Technology 52

Technology accounting firms financial statements Tax 52

Cherry Bekaert

JANUARY 29, 2024

Reconciling items are required to be presented on a gross basis with two exceptions (unrecognized tax benefits and effects of certain cross-border tax laws).

income tax 95

income tax financial statements Tax accounting standards 95

Going Concern

DECEMBER 8, 2022

People on the inside have said that the split is delayed as the firm hammers out the details, mostly legal. While the headline points have been agreed, negotiations over several detailed issues have not been completed, a person familiar with the matter said.

auditor 100

auditor audit Legal financial statements 100

Going Concern

MAY 2, 2024

Struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can help! With our Always-On Recruiting service, access a pool of skilled remote accountants without any upfront costs. Sign up now to see the complete candidate list and connect with potential hires.

Real Estate 57

Real Estate Account accountant accounted 57

Anders CPA

MAY 21, 2024

Qualifying as a real estate professional allows you access to a powerfully beneficial tax status but strict requirements around active and material participation determine who is eligible for the designation. Real Estate Professional Tax Status: Do You Qualify? Tax considerations may vary for short-term rental property owners.

Real Estate 64

Real Estate Non-Profits Tax accounting and finance 64

Going Concern

NOVEMBER 24, 2023

Bonuses will also be cut, with staff in KPMG’s 2,900-strong tax and legal arm receiving 55 per cent of the full amount that could have been paid, an insider said. Tax Court Provides Evidentiary Lesson On Professional-Reliance Defense [ Forbes ] Reasonable cause is a common defense to civil tax penalties.

auditor 105

auditor audit tax return cpas 105

Cherry Bekaert

JUNE 9, 2023

Companies are becoming extremely sophisticated and those leveraging DeFi technology can cause unseen, added complexity with accounting, reporting and tax compliance matters. tax return and financial statement reporting. How Cherry Bekaert Can Help?

Account 98

Account accountant accounted accounting and finance 98