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Preparing for an audit is a critical step for businesses navigating regulatory compliance, pursuing mergers and acquisitions or completing significant business transactions. Understanding the financial statement audit process and planning ahead can save time, reduce stress and ensure accurate results.
State and local governments are being squeezed by a shortage of accounting professionals, making it difficult at times to find staff CPAs who can prepare critical financial information or outside firms to conduct audits. But accountants who do government work face unique challenges that require more specialized solutions.
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So has the sales tax audit. Examiners can still show up and go over your books in person, and tax agencies will still send audit notices via snail mail. Many events can ignite a sales tax audit. But have sales tax audits changed over the last few years, through the pandemic and the introduction of economic nexus in 2018?
By Mike Varney, Vice President, Finance and Operations at Extend. The alarm bells in accounting have been ringing for years: fewer people want to join – or stay – in the profession. The American Institute of Certified Public Accountants (AICPA) said in its “2023 Trends” report that the percentage of accounting graduates fell 7.8%
If you and your company haven’t been hit with a sales tax audit yet, congrats. In TaxConnex’s recent market survey more than one in four (26.7%) top finance professionals in a variety of industries report seeing an increase in state sales tax audits in the past two years. Sales Tax Audit Triggers.
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Whether its unfiled tax returns, back tax debt, 941 payroll tax issues, IRS levies, garnishments, or audits, these challenges can feel overwhelming. IRS Levies and Garnishments : When taxpayers fail to address their tax liabilities, the IRS can take aggressive collection actions, such as levying bank accounts or garnishing wages.
Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default. Firm Watch Accountancy firm BDO fined €1.3 BDO is going to appeal the decision.
for most of this year, unemployment among accountants has historically been less than half of that. More than a third of respondents (35%) added that the major reason theyre unsatisfied with how they handle sales tax is lack of internal expertise (their biggest subsequent worry: lack of preparedness for a sales tax audit).
What is the fastest-growing challenge facing accounting firms and internal audit departments today? More than 90% point to hiring and retaining skilled accountants and auditors. Responses were gathered from more than 4,100 accountants and 2,300 auditors. Some are even turning away business due to a shortage of staff.
Enter: a financial audit. This tool gives you a way to validate that your company is following proper accounting practices and that your books are accurate. Thats not to say that audits arent burdensome. Thats not to say that audits arent burdensome. And this isnt just an audit-specific to-do. As of 2022, all U.S.
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HR Dive discusses the recent CPE situation at EY : A recent scandal involving online training at Ernst & Young has pulled back the curtain on the time and ethical pressures accountants and finance teams are under to balance the demands of client work with ongoing professional training requirements. Should that be allowed?
People familiar with the matter told the Financial Times the UK firm had introduced the new grade to hold on to a key layer of senior accountants and consultants and to bring in external hires with higher salaries. In a matter of weeks, we should be hearing that the Pentagon has failed yet another audit. forces dominant.
This webinar will be held on Thursday, December 12, 2024 at 12:00pm ET Sponsor: Avalara Duration: 1 Hour Register Now This webinar is designed for accountants using QuickBooks, Xero, or similar accounting software. He also co-founded Acuity Invests, which invests in accounting tech, SaaS, fintech, and crypto companies.
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However, for finance leaders, this shift presents a challenge: how to manage unpredictable cloud costs while ensuring financial discipline and strategic investment. It brings together finance, IT, and business teams to align financial accountability with operational efficiency.
This webinar will be held on Tuesday, December 3, 2024 at 1:00pm ET Sponsor: Avalara Duration: 1 Hour Register Now We’ll demonstrate how automation integrates with popular accounting platforms to save time, reduce risk, and enhance efficiency. Plus, earn free CPE credit! Join us for best practices and a live demo.
The field of public accounting is undergoing significant change, from rapid advancements in technology to evolving client expectations, including increasing demand for strategic advisory services. Research for the 2025 Salary Guide From Robert Half found that 85% of finance and accounting managers in the U.S. By Steve Saah.
Why accurate, connected financial data drives business success The growing importance of data confidence in finance Accurate, real-time financial data has become essential to making sound decisions and driving strategic growth in the economic landscape of 2024. Whats more, they can also result in reputational damage.
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Grant Thornton, a provider of end-to-end audit, assurance, tax and advisory services, has appointed Greg Davis to lead the firm’s Workday practice. Since 2019, Grant Thornton has teamed up with Workday , a leader in enterprise cloud applications for finance and human resources.
Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default. Others work 50 hours per week and some even as low as 30 hours, MP Kemper Rojas says. “It
Services Online Audit. Small Business Finances. Cloud-based accounting software can provide a whole suite of tools to help business owners get ahead. Handle payments and manage accounts payable. If you liked this post, check out our Guide to Managing Your Small Business Finances. Strategy First.
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AICPA & CIMA, which together form the Association of International Certified Professional Accountants, are rolling out Career Launchpad , an artificial intelligence-guided program for students interested in accounting and finance.
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Thanks to the person on r/accounting who recommended it. IGN reviews The Accountant 2. The TLDR: “Theres less bean counting in The Accountant 2, but far more blood and bullets.” For example, KPMG Canada audited such household names as the Bank of Montreal, Suncor Energy, and IAMGOLD. percent in 2017 and 45.2
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The individual acknowledged that he was the corporation’s sole shareholder and was ultimately responsible for the business operations, but that he wasn’t liable for the tax delinquency because he was duped by an employee who handled the corporation’s finances.
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