CPA Practice

MAY 26, 2023

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. Subsequent legislation extended the ERC into 2021 and enhanced it. How does the ERC work?

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audit general ledger income tax tax return 138

Accounting Today

NOVEMBER 14, 2023

Average audit fees increased by 4.6% from 2021 to 2022, and more auditors are using data analytics in their audits, according to a new report.

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auditor audit Technology 129

Going Concern

OCTOBER 19, 2022

Yesterday, the PCAOB announced a settlement in which audit partner Jonathan B. Taylor added or modified approximately 80 audit work papers before providing the improperly altered documentation to PCAOB inspectors for a 2021 inspection. Wanna alter work papers and then double down when you’re caught?

audit 111

audit auditor Gaming 111

Going Concern

NOVEMBER 16, 2023

The Financial Education & Research Foundation (FERF) has released the findings of its 14th Annual Public Company Audit Fee Study , sponsored by Center for Audit Quality. The report is based on responses from 54 financial executives at public companies and an additional survey of 116 audit engagement partners.

audit 119

audit auditor accounting and finance Education 119

Going Concern

DECEMBER 28, 2022

The 2021 PCAOB inspection report season kicked off right before Christmas with the release of a batch of six big ones: PwC, Deloitte, EY, KPMG, BDO USA, and Grant Thornton. A includes discussion of deficiencies identified by the PCAOB in its inspection of issuer audits. Only one audit is included in Part 1.A Now that P.

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audit financial statements accounted Account 98

Going Concern

JANUARY 13, 2023

Of the six 2021 PCAOB inspection reports released before the holidays, we ’ve so far taken a look at five: PwC , Deloitte , EY, KPMG , and BDO USA. From 2016 until its 2020 inspection report, Grant Thornton had an average audit failure rate of about 21%. Seven of the 31 audits we reviewed in 2021 are included in Part I.A

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audit auditor Real Estate financial statements 105

CPA Practice

MAY 25, 2023

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. Subsequent legislation extended the ERC into 2021 and enhanced it. How does the ERC work?

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audit general ledger income tax tax return 130

CPA Practice

NOVEMBER 11, 2024

The Public Company Accounting Oversight Board (PCAOB) revoked the registration of a Chinese audit firm on Nov. auditing rules and for failing to cooperate with an investigation into those violations. 8 for repeated violations of U.S.

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audit auditor cpa firm public accounting 111

Withum

JULY 28, 2022

Multiple businesses notified us this week that their claims for the employee retention credit (ERC) are being audited by the IRS. It is not known whether they were randomly selected for audit or whether they were targeted for some reason. We have written previously about the topics the IRS is likely to inquire about on audit.

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audit income tax tax return Tax 121

CPA Practice

MAY 15, 2023

The Securities and Exchange Commission’s enforcement division cracked down on accounting and auditing rules violators in fiscal year 2022, as actions within that sector made up 15% of the 462 new or stand-alone cases initiated by the regulator last year, according to a new report from Cornerstone Research.

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audit Account accounted accountant 111

MyIRSRelief

MAY 19, 2023

Whether you are a small business owner, self-employed, or an individual taxpayer, you may face tax issues such as tax audits, back taxes, and 941 payroll tax problems. Regardless of the reason, a tax audit can be a stressful and time-consuming process, requiring you to gather and provide extensive documentation to support your tax returns.

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New York payroll tax payroll audit 147

Going Concern

JUNE 29, 2022

The hardworking human beings at Audit Analytics have released their analysis of initial public offering trends and IPO auditor market share for the first quarter of this year , a period in which the number of companies going public was minuscule compared to Q1 of 2021. Marcum and Withum combined audited 49.3%

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audit auditor New York financial statements 105

TaxConnex

SEPTEMBER 29, 2020

city council was also recently set to vote on giving a quarter of online sales tax revenue to the city’s schools in 2021. (A The city expects to get about $2 million in 2020 and again in 2021 from online sales tax. The Decatur, Ala., A portion of the funds must support child-related nonprofits.) Sales taxes were up 8.2

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Sales Tax Alabama Texas 246

MyIRSRelief

SEPTEMBER 1, 2022

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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audit tax return Tax Education 130

Going Concern

SEPTEMBER 8, 2023

Another tipster said CBIZ was trimming staff in audit “in connection with that” though we didn’t get any numbers because no one ever talks about CBIZ, you probably forgot they existed until just now. The top ten firms collectively audit 68% of the total population. I’ll do some digging in the meantime.

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audit Gaming Real Estate Construction 122

TaxConnex

DECEMBER 28, 2021

More than $1 in every $4 spent on retail purchases during the 2021 holiday season will come from online orders, by some estimates (with about two out of every five of those done via a smartphone, other industry observers add ). Then there’s the danger of sales tax audits. billion in U.S. Give yourself the gift of compliance.

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Sales Tax audit tax return 246

Going Concern

FEBRUARY 15, 2023

435 in 2021) in monthly office rent. The only other listed entity we found that it audits has a market capitalization of about INR 640 million (U.S. Shah Dhandharia hardly seems capable of complex audit work. The post Grant Thornton Scores Coveted ‘Hot Garbage’ Audit appeared first on Going Concern.

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audit auditor accounting firms Government 116

TaxConnex

DECEMBER 16, 2021

2021 has been another year of tumultuous change. As financial teams were forced to do more with fewer resources in 2021, sales tax complexities did not slow down, so why are they continuing to manage sales tax in-house? How are they currently managing sales tax? Benefits of Outsourcing.

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Sales Tax audit Start-ups 241

CPA Practice

JUNE 15, 2023

The IRS miscalculated 2021 child tax credit payments for thousands of eligible taxpayers as of May 5, 2022, according to a new report from the Treasury Inspector General for Tax Administration. The results of a TIGTA audit, which was released on June 14, found that: 6,833 taxpayers potentially received $10.5 This process uncovered 3.8

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tax return Tax tax accountant Technology 131

CPA Practice

OCTOBER 16, 2023

The projected gross tax gap—the difference between the total taxes owed to the federal government and how much is collected on time—increased to $688 billion for tax year 2021, the IRS said on Oct. That estimated compliance behavior is projected forward to taxpayers in tax years 2020 and 2021, the IRS said.

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Tax audit Government accountant 116

Going Concern

NOVEMBER 14, 2023

The PCAOB today announced settled disciplinary orders sanctioning Greece-based PricewaterhouseCoopers Auditing Company SA (PwC Greece) and its partner Nicos George Komodromos for violations of PCAOB rules and standards in connection with the audit of the 2016 financial statements of Aegean Marine Petroleum Network Inc.

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audit financial statements auditor accounting and finance 118

TaxConnex

JULY 7, 2022

adopted remote sales tax laws covering online sellers in the wake of 2018’s Supreme Court Wayfair decision – and due to those adoptions, 33 states reported $23 billion in remote sales tax revenue in 2021. Costs of collecting the tax, such as software and audits, are the sellers’ responsibility,” the report adds.

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Sales Tax audit Legal 245

CPA Practice

AUGUST 8, 2023

Champions of audit quality will not be happy with this news from the Public Company Accounting Oversight Board (PCAOB). A staff report released by the audit regulator late last month shows a year-over-year increase in the number of audits with deficiencies at audit firms that the PCAOB inspected in 2022. In Part I.B

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audit accounting firms Account accounted 98

Going Concern

JANUARY 8, 2024

Hey remember the Bloomberg story last March about how staff shortages at audit firms were causing municipal credit ratings to tank ? S&P has placed 149 long-term, underlying and program ratings on a negative credit watch this year because the ratings company hasn’t received 2021 financial statements from the issuers.

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Wyoming audit Government Montana 126

CPA Practice

SEPTEMBER 20, 2023

billion—that was the total audit fees paid by the S&P 500 companies in fiscal year 2022, a record-high amount, according to a recent analysis from Ideagen Audit Analytics. However, the nearly 4% increase in audit fees over FY 2021 was less than the year-over-year inflation rate in 2022 of 6.5% in the U.S.,

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audit auditor accounting firms Tax 105

CPA Practice

MARCH 11, 2024

The results of The 2024 North American Pulse of Internal Audit Survey , from the Internal Audit Foundation, finds a growing profession, with Chief Audit Executives (CAEs) more than twice as likely to have increased staff (26%) than to have decreased staff (9%). These results point to a dynamic and evolving profession.”

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audit auditor CPA Government 95

TaxConnex

NOVEMBER 4, 2021

TaxConnex is pleased to announce the completion of their second annual sales tax survey finding that the increasing sales tax complexities, growing nexus, fear of sales tax audits and limited resources to do what is necessary to remain compliant are among the top worries of financial professionals heading into 2022.

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Sales Tax audit Finance 246

TaxConnex

AUGUST 16, 2022

In fact, 24% of finance professionals rank one of their top concerns of managing sales tax as keeping up with their evolving nexus footprint, according to a TaxConnex blind survey conducted at the end of 2021. But technology alone lacks the insight needed to manage sales tax from registration to remittance and audit to penalty resolution.

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Technology Sales Tax audit 246

Going Concern

DECEMBER 29, 2022

Lara Abrash, and other Deloitte audit folks happy (bold part added by us for emphasis): In the 2021 inspection of Deloitte & Touche LLP, the PCAOB assessed the firm’s compliance with laws, rules, and professional standards applicable to the audits of public companies. 2021: 3.6%. Uh-oh, this can t’t make Joe U.,

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audit financial statements accountant accounted 135

TaxConnex

JANUARY 27, 2022

The Great Resignation continues, with millions quitting their jobs every month into the last quarter of 2021. Nearly 8% growth was expected in 2021. Can audits and stricter enforcement be far off? Retirement is increasing, and retirees fearing COVID are not returning to the workplace like they did before the pandemic.

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Sales E-commerce Tax Florida 242

CPA Practice

AUGUST 9, 2023

billion between April 1 and June 30, according to a recent analysis from Audit Analytics. billion) 2021 : 181 ($85.7 billion, while six special purpose acquisition company (SPAC) IPOs raised total proceeds of $980 million, according to Audit Analytics. PwC is the company’s audit firm, according to Kenvue’s Form 8-K.

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audit cpas accounting firms accounted 98

Going Concern

FEBRUARY 3, 2023

We are here to talk about how Hindenburg sniffed out Adani’s audit firm and what it found. 435 in 2021) in monthly office rent. . 435 in 2021) in monthly office rent. The only other listed entity we found that it audits has a market capitalization of about INR 640 million (U.S. Records show it pays INR 32,000 (U.S.

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audit auditor accounting firms Government 124

TaxConnex

JANUARY 28, 2021

Also in Illinois – January 1, 2021 was the beginning of the “Leveling the Playing Field for Illinois Retail Act” in which remote sellers (those that have established economic nexus within the state of Illinois) and marketplace facilitators are required to also submit State and Local retailer’s occupation tax as well.

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Sales Alaska Tax Illinois 233

TaxConnex

MAY 4, 2021

At the end of last year, my company commissioned a survey of 100 finance leaders to understand the growing concerns they face related to sales tax heading into 2021. State sales tax audits could increase sharply in the coming months to help states recoup lost revenue. Companies expecting growth. What can you expect?

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Sales Tax South Dakota E-commerce 246

RogerRossmeisl

MAY 23, 2022

The tax filing deadline for 2021 has passed. You can throw some tax records away now You should hang onto tax records related to your return for as long as the IRS can audit your return or assess additional taxes. Now that your tax return has been successfully filed with the IRS, there may still be some issues to bear in mind.

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tax return Tax California audit 189

Going Concern

OCTOBER 26, 2023

A gent who spent nine months as an audit associate at Grant Thornton’s Manchester office got a letter from them a year after leaving that apologized for inadvertently paying him less than minimum wage. Yavinka Mendis, a University of Manchester economics graduate, joined KPMG’s Manchester office as an audit associate in 2019.

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audit Start-ups accounting firms accounted 110

Accounting Today

NOVEMBER 24, 2023

Financial restatements, which have generally been on a downward trend since 2003, spiked in 2021.

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audit Technology 101