TaxConnex

DECEMBER 21, 2021

Staying on top of the ever-evolving sales tax landscape takes constant time and attention. Hiring is on the minds of many executives as we end 2021. This growth could potentially impact your sales tax obligations in a way that your team can no longer efficiently manage the already growing responsibilities of sales tax compliance.

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Sales Tax cpa firm CPA 178

ThomsonReuters

APRIL 30, 2024

Auditors rely on data review to ensure the reliability and integrity of financial statements. Auditors must ensure that financial statements are free from material misstatements and that all relevant information is included. It helps auditors identify errors, irregularities, and potential fraud.

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auditor audit Technology financial statements 52

TaxConnex

OCTOBER 25, 2022

There’s always something changing in the world of tax, especially sales tax. The Urban Institute told news outlets that 25 states recently reported year-over-year declines in sales tax receipts, a jump of more than a third in just a month. Nationwide, sales tax receipts were up 1.5% Inflation bites. in real terms.

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South Dakota Sales South Carolina Tax 130

ThomsonReuters

DECEMBER 6, 2022

Today, ESG is resulting in significant opportunities for auditors, fueled by the widening range of stakeholders calling for ESG prioritization, an influx of laws and regulations pertaining to ESG, and a rise in ESG investment products. Then there’s the tax implications. More specifically, ESG-related tax incentives.

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auditor accountant Account accounted 59

Going Concern

OCTOBER 14, 2022

KPMG UK has promoted a historically modest 25 new equity partners this year as it makes greater use of the salaried partner badge which it introduced in 2021. Whistleblowers have accused EY of whitewashing suspicions of money laundering and tax evasion in an investigation it conducted this year for longstanding client Leonteq.

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auditor Legal audit South Carolina 98

Going Concern

APRIL 7, 2023

The alliance is part of PwC UK’s technology-driven strategic plan to reframe the way traditional tax, legal and people services are delivered. Signature and First Republic were both led by former KPMG partners, and KPMG was the auditor for Silicon Valley Bank for nearly 30 years. If Your Job Exposed to ChatGPT?

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Going Concern

JANUARY 9, 2023

Deloitte announced today that Anna Taylor — former tax and economic policy principal advisor to Senate Majority Leader Chuck Schumer (D-N.Y.) — has joined Deloitte’s Washington National Tax practice as the deputy managing principal of the Tax Policy Group. What is the secret to a good PPT?

CPA 105

CPA auditor Tax accountant 105

Going Concern

JULY 2, 2024

BDO racked up deficiencies for more than half of the audits inspected by the PCAOB for its 2021 inspection report. For the second straight inspection cycle, the PCAOB found significant mistakes in more BDO audits than ones without (16 out of 30 in 2021 and 13 out of 24 in 2020 ). As a result, BDO followed its 54.2% See: Rise Up!

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TaxConnex

MAY 18, 2021

As we entered 2021, many industry experts believed that state? sales tax audits ?were sales tax audits to become more common over the next two years. evidence of tax jurisdictions’?ramping Like most things in sales tax, there’s not an easy answer. Likewise, in a recent? TaxConnex survey we saw that two out of five?respondents?agree

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audit auditor Missouri Sales 209

ThomsonReuters

JANUARY 3, 2023

Too many of today’s auditors are stressed and overworked. Therefore, firms need to ensure that auditors can access the tools they need and achieve the greater work-life balance they desire should they wish to retain top talent. . Auditors are no exception. What challenges do auditors face today?

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auditor audit Technology Gaming 59

Going Concern

APRIL 30, 2024

Here’s a snapshot from 2019 that shows how much cannabis companies were paying to which auditors: A look at 40 Canadian cannabis companies and what they paid to their auditors over their past fiscal year. Note that many companies switched auditors so not all fees listed went to the current auditor.)

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auditor audit Legal Tax 111

Going Concern

MAY 5, 2022

On top of the overall pipeline issue, we’ve heard grumblings of auditor shortages for years. Bloomberg Tax wrote about the issue earlier this year citing the Great Resignation and a turnover rate double what it usually is as risks to financial statements themselves. The post Are Auditors Becoming as Hard to Find as a PS5?

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auditor audit cpas CPA 52

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 105

CPA auditor Tax audit 105

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. EY moved to a hybrid work policy in 2021 “with the expectation that most of its people will normally spend at least two days a week working remotely”.

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auditor audit tax return cpas 116

Going Concern

OCTOBER 18, 2024

Why ‘Trust’ in Data is Even More Important in an Era of Global Taxes [ PwC ] We are in a time of unprecedented change in the global tax and compliance landscape — exemplified by the OECD’s Pillar Two. However, Pillar Two is not the only emerging data challenge.

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audit auditor New York accounting firms 104

CPA Practice

SEPTEMBER 20, 2023

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% Executives and researchers cite multiyear contracts that have locked auditors into lower fees and pushback from clients at a time when companies are also wrestling with rising costs. in the U.S.,

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audit auditor accounting firms Tax 105

Going Concern

SEPTEMBER 25, 2023

TPB slaps 5-year ban on accountant involved in $26m fraud [ Accountants Daily ] The Tax Practitioners Board has slapped a five-year ban on a Sydney accountant charged with stealing $26 million through his firm to fund a lavish lifestyle and gambling addiction. We were not willing to let Mr Carter continue practising.”

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tax preparation Gambling accountant Account 105

Going Concern

APRIL 1, 2022

ARB’s auditor Messrs BDO voluntarily resigns after failure to reach agreement on proposed increase of audit fees [ The Edge ] Expect to see a lot of this going forward: ARB Bhd on Friday (April 1) announced its auditor Messrs BDO PLT (BDO) has voluntarily resigned. public companies more than doubled in 2020, according to the 2021 U.S.

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auditor accounting jobs accounts jobs accountant jobs 52

Going Concern

NOVEMBER 8, 2024

PwC accused of interfering in Australian tax leaks probe [ Financial Times ] PwC has been accused of interfering in Australia’s political and regulatory affairs after documents revealed the Big Four accounting group warned its local firm against co-operating with investigations into a damaging tax leaks scandal without permission.

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Florida Mississippi audit auditor 98

CPA Practice

NOVEMBER 14, 2024

The Financial Accounting Standards Board (FASB) is calling on academics, accountants, auditors, lenders, financial statement preparers, and other stakeholders to provide their views on financial key performance indicators (KPIs). The FASB on Nov.

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financial statements auditor accounting standards financial accounting 52

Going Concern

FEBRUARY 10, 2023

Talent As tax season approaches, accounting firms are short on staff [ Marketplace ] Oh hey! Audit Americanas’ $4 Billion Accounting Scandal Puts More Scrutiny on PwC’s Auditing Record [ Bloomberg ] A $4 billion accounting shortfall would typically raise alarm bells for an auditor.

Florida 105

Florida Tax North Dakota accountant 105

Going Concern

SEPTEMBER 23, 2024

Jack Castonguay, who used to be a favorite follow of ours on Twitter before he dipped out from the platform in protest, has written about FTX for CoinDesk : In situations like this, it’s always easy to play Monday morning quarterback and say this could have happened to any auditor and any client. But here, the failure was idiosyncratic.

auditor 104

auditor accountant Account accounted 104

Going Concern

JANUARY 12, 2024

Long Reads How Auditor Deloitte Missed A Nigerian Company’s Massive Fraud [ Forbes ] Hindenburg Research, known for sniffing out corporate scams, took aim in June at an obscure Nigeria-based outfit named Tingo Group. These issues were apparently not glaring enough for the company’s auditor, however.” in 2021/22. Tingo paid $1.6

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audit auditor Illinois CPA 111

ThomsonReuters

JUNE 15, 2023

Increased focus on ESG There are a number of issues and challenges around ESG that tax and accounting firms need to consider. Auditors are having to expand the scope of their work as ESG is increasingly under the scrutiny of stakeholders and investors. Here is a brief summary of the top five: 1.

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audit auditor Education Tax 96

Withum

NOVEMBER 6, 2024

If a business issues the wrong type of compensation, it may have exposure for failure to withhold state taxes on nonresidents and may also overpay the employer’s portion of Social Security taxes. Professional service corporations, such as law firms, often choose the S corporation structure for its tax advantages.

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payroll tax Florida New York payroll 72

Withum

SEPTEMBER 16, 2022

It is no surprise that states are seeing significant growth in sales tax revenue, a trend fueled by changes in consumer spending during the pandemic. The third reason for higher sales tax revenue was the Wayfair decision in which the Supreme Court expanded the physical nexus requirement to include economic nexus (e.g.,

Sales 80

Sales Retail Tax South Dakota 80

Going Concern

JULY 5, 2023

Google is one of the PwC Australia clients that received confidential information about the start date of a new tax law leaked from Australian government tax briefings, reported Reuters. Point to TaxNotes for this headline: IRS to Beyoncé: Pay Your Tax ‘Bills, Bills, Bills’ S&P 500 companies paid $5.3 That’s only 3.2%

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auditor Tax accountant Account 52

Going Concern

MAY 20, 2024

Earlier: The CPA Credential and the Profession Are in a Race For Relevance, Says ICPAS CEO Todd Shapiro (October 2021) UK audit firms are asleep at the wheel according to a new report. Michael Shaub of Texas A&M University talks about the PCAOB’s new standards in Bloomberg Tax. TL;DR It’s about time!

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audit auditor accountant Account 105

Going Concern

SEPTEMBER 29, 2023

Big 4 ‘Shadow’ culture at consulting giant PwC led to tax-leaks scandal: Ziggy Switkowski [ News.com.au ] Consulting giant PwC has been savaged in an independent review that exposed the firm’s “shadow” culture contributing to its infamous tax leaks scandal.

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auditor audit New York CPA 111

CPA Practice

APRIL 11, 2024

McGarry, InsideSources.com (TNS) Tax Day looms, and the taxman cometh. This year, the IRS has launched a pilot program dubbed “Direct File” through which Americans can opt to have the IRS prepare their taxes for free (well, except for the billions of taxpayer dollars used to create the program). billion through October 2021.

South Dakota 98

South Dakota audit tax preparation Legal 98

CPA Practice

OCTOBER 10, 2023

The demand for skilled tax practitioners in the accounting profession has never been more critical. It provides essential services due to the complexity of tax laws and the importance of offering valuable tax-saving advice to clients; and that’s just the tax half of the industry. By Richard Lavina and Ralph Carnicer.

Technology 105

Technology accounting firms accountant Account 105

Going Concern

MAY 31, 2024

Municipal Dumpster Fires Woonsocket city council respond to auditors abruptly quitting [ WLNE Providence ] Shout-out Mary Sahady who finally had enough of this b t and told this messy client to get bent. Woonsocket officials are hoping city auditors will change their mind, after they abruptly quit this past week.

auditor 106

auditor audit accounting and finance New York 106

CPA Practice

AUGUST 11, 2023

The Department of Justice recently arrested a New Jersey tax preparer for allegedly seeking more than $124 million from the IRS. The multi-millions came from filings of over 1,000 false tax forms claiming the pandemic-related employee retention credit, also referred to as the ERTC or ERC. Treasury Department.

New Jersey 98

New Jersey tax preparation Tax auditor 98

Going Concern

APRIL 29, 2022

4 Ways CPAs Can Explain the Tax Benefits of Direct Indexing to Clients [ Parametric ] Let’s unpack what CPAs should know about direct indexing from a tax perspective—and explore some unique and effective methods for explaining it to your clients. Less work for EY auditors?

auditor 52

auditor audit accountant Account 52

CPA Practice

AUGUST 15, 2023

Snodgrass —failed to obtain audit committee pre-approval in connection with providing audit and/or non-audit services to issuer audit clients, in violation of PCAOB Rule 3520, Auditor Independence , and for two of the three firms (BPM and Plante Moran) PCAOB Rule 3524, Audit Committee Pre-Approval of Certain Tax Services.

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audit auditor accounting firms cpas 98

Going Concern

JUNE 29, 2023

Reports Financial Times : The firm’s junior auditors were told on a webcast last week that the pay band for one cohort would be frozen while others would increase by 3 or 6 per cent, resulting in real-terms pay cuts, firm insiders told the Financial Times. billion ($2.2 billion ($2.2

auditor 111

auditor audit Tax Sales 111

Going Concern

JUNE 23, 2023

Audit “When you are a hammer, the world is a nail” – SEC and PCAOB Senior Staff Signal Increased SEC and PCAOB Gatekeeper Enforcement [ Lexology ] SEC Enforcement and PCAOB Enforcement both are pursuing more significant sanctions against auditors, particularly with respect to civil money penalties. 31 is still not finished.

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