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.

South Dakota 130

South Dakota Sales South Carolina Tax 130

CPA Practice

JUNE 6, 2024

A new academic study found that companies increase their tax risk profile—thus more tax aggression and a higher likelihood of tax fraud—when they believe IRS scrutiny will be lower due to budget cuts. They also collected data on IRS budgets from the Treasury Department. “We

Tax 116

Tax forensic accounting audit corporation tax 116

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.

auditor 98

auditor Legal audit South Carolina 98

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 Account 105

Going Concern

JULY 31, 2023

Related: PwC settled ‘false LPP’ penalties days before bid to suppress emails [ Australian Financial Review ]: The Tax Office signed a confidential settlement with PwC in March involving the firm’s false claims for legal professional privilege over 150 documents related to tax advice to a multinational client.

auditor 98

auditor Account accounted accountant 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?

auditor 105

auditor chartered accountant audit accounting and finance 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!

audit 116

audit auditor financial statements Construction 116

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.)

auditor 111

auditor audit Legal financial statements 111

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”.

auditor 116

auditor audit tax return cpas 116

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 accounting and finance 105

CPA Practice

APRIL 7, 2023

In 2021, there was a 17 percent drop in employed accountants and auditors from a 2019 peak, according to a Bloomberg Tax analysis. Auditors can do their work in as little as two or three hours, as opposed to the days or weeks they would typically spend auditing accounting by sifting through file cabinets and chasing paper.

accounting firms 139

accounting firms CPA Technology Account 139

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.

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Florida Tax North Dakota Account 105

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.,

audit 105

audit auditor accounting firms Tax 105

CPA Practice

APRIL 3, 2023

In 2021, there was a 17 percent drop in employed accountants and auditors from a 2019 peak, according to a Bloomberg Tax analysis. Auditors can do their work in as little as two or three hours, as opposed to the days or weeks they would typically spend auditing accounting by sifting through file cabinets and chasing paper.

accounting firms 135

accounting firms CPA Technology Account 135

CPA Practice

OCTOBER 29, 2024

State-owned enterprises have ditched PwC as their auditor as a result of the scandal, and PwC China last month had its licence to operate suspended for six months. Chinese regulators ruled PwC had helped conceal a fraud at the collapsed property developer Evergrande, one of its largest audit clients in the country.

Legal 52

Legal Government auditor Tax 52

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.”

tax preparation 105

tax preparation Gambling Account accounted 105

CPA Practice

SEPTEMBER 17, 2024

During its inspections of public accounting firms’ audits of issuers from 2021 to 2023, the Public Company Accounting Oversight Board (PCAOB) saw a year-over-year increase in the number of comment forms related to auditor independence problems, the audit regulator said in a staff report released on Sept.

auditor 52

auditor audit Technology accounting firms 52

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.

auditor 59

auditor Account accounted accountant 59

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 Sales Tax 111

Withum

OCTOBER 3, 2023

Remember that there are two separate filing deadlines for 2020 claims and for 2021 claims. The deadline to file 2020 claims is April 15, 2024, and the deadline to file 2021 claims is April 15, 2025. The IRS was already on heightened alert for improper ERC claims, and IRS auditors are already working these cases on expedited timelines.

income tax 122

income tax audit tax return Tax 122

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

audit 111

audit auditor Illinois CPA 111

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.

auditor 111

auditor audit New York 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.

audit 96

audit auditor Education Tax 96

Going Concern

NOVEMBER 30, 2022

The report makes clear that complaints are up compared to 2021 [ 2021 report ] because people are back in the office together doing complaint-worthy things which they weren’t doing as much of during fiscal 21: We have seen an increase in misconduct and disciplinary complaints in FY22. We’ll take their word on that.

accounting degree 111

accounting degree auditor Start-ups accounting firms 111

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?

auditor 59

auditor audit Technology Gaming 59

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!

audit 105

audit auditor Account accounted 105

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.

cpa firm 105

cpa firm CPA auditor North Carolina 105

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 Account accounted 105

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 South Dakota Tax 80

CPA Practice

JANUARY 17, 2023

The increased need for accountants and auditors is driven by factors such as globalization, an expanding economy, and a complicated tax and regulatory environment. accounting and tax credentials: Certified Public Accountant (CPA). This is where skilled CPA, CMA AND EA professionals shine. The three primary U.S.

cma 126

cma CPA accounting and finance public accounting 126

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

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

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.

audit 98

audit auditor accounting firms cpas 98

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

Going Concern

NOVEMBER 11, 2022

The next generation of accountants and auditors is in demand, but Ben Lansford, an accounting professor and director of the Master of Accounting program at the Jones Graduate School of Business at Rice University explained why some are hesitant. Many auditors responding to the FERF study noted an increase in effort by their teams (68%).

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audit auditor Louisiana cpas 98

Withum

SEPTEMBER 8, 2022

Tonight I will conduct my second Auditing class session of this semester at Fairleigh Dickinson University, and I will be teaching what the auditor’s opinion means and what auditors do to arrive at their opinion. By way of illustration, you can pick any Company’s annual report and follow along with its Auditor’s Report.

accounting principles 119

accounting principles auditor financial statements audit 119

Going Concern

JULY 17, 2023

.” Partner pay figures were provided to the Senate as part of an inquiry related to the firm’s sharing of confidential government tax information. It’s understood PwC’s ex-CEO Tom Seymour was the highest-paid partner at the firm in the 2021-2022 financial year, with a salary of between $4.45 million and $4.5

Account 96

Account accounted accountant auditor 96