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IRS Audits May Be Increasing, So Be Prepared

RogerRossmeisl

The IRS just released its audit statistics for the 2020 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage of returns are being chosen for audit these days, that will be little consolation if yours is one of them. For example, in 2020, 2.2%

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Sales and Use Tax in 2020: A Look Back

TaxConnex

Someday people will probably use a lot of words to describe 2020. “Un-eventful” Some for the better as many online businesses have seen positive growth in 2020. Predictions for sales tax revenue in states remained rosy into the rest of the year, as e-commerce was expected to represent 12% of total retail sales nationwide in 2020.

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How to Be Prepared for an ERC Audit

CPA Practice

It is stepping up efforts to audit employers as aggressive promoters continue to make a pitch for fraudulent refunds (IR-203-40, 3/7/23). The IRS is actively auditing and conducting criminal investigations related to these false claims. Practical advice: If you’re tapped for an audit, don’t panic. How does the ERC work?

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How to Be Prepared for an ERC Audit

CPA Practice

It is stepping up efforts to audit employers as aggressive promoters continue to make a pitch for fraudulent refunds (IR-203-40, 3/7/23). The IRS is actively auditing and conducting criminal investigations related to these false claims. Practical advice: If you’re tapped for an audit, don’t panic. How does the ERC work?

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The PCAOB Is Not Impressed with the Quality of Firms’ 2021 Audits

Going Concern

The PCAOB should be dropping the first batch of 2021 inspection reports soon, and as an appetizer before the main course, the audit cops issued a report Dec. 8 on how the 141 annually and triennially inspected firms did overall during the most recent inspection cycle, in which portions of 690 audits were reviewed. In Part I.B

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Four years since Wayfair: A trend takes hold

TaxConnex

Companies also wondered if they were collecting and remitting the correct sales tax – and if they were at risk for audit. States and jurisdictions, once slow to ramp up penalties for non-compliance, were becoming more serious by the spring of 2020. retail e-commerce sales hit some $160 billion in the first quarter of 2020.

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IRS Audit & Appeals Help – How the Inflation Reduction Act Affects

MyIRSRelief

In particular, the expansion of the IRS and it tax enforcement arm will result in more taxpayers seeking IRS audit & appeals help as it comes into effect starting next year. Understanding the expansion of the IRS and how it affects you will assist in reducing the chances that you will be audited. Services to Taxpayers: +$3.2

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