RogerRossmeisl

NOVEMBER 13, 2022

IRS audit rates are historically low, according to a recent Government Accountability Office (GAO) report, but that’s little consolation if your return is among those selected to be examined. From tax years 2010 to 2019, audit rates of individual tax returns decreased for all income levels, according to the GAO.

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audit tax return CPA Tax 223

RogerRossmeisl

MAY 16, 2022

And you want to make sure you can defend the amounts reported on your tax returns in case you’re ever audited by the IRS. The post Keeping Meticulous Records is the Key to Tax Deductions and Painless IRS Audits appeared first on Roger Rossmeisl, CPA. Be aware that there’s no one way to keep business records. Here are two.

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audit Tax tax return CPA 246

RogerRossmeisl

OCTOBER 13, 2024

As appearing at the IRS web page entitled “IRS Audits” An IRS audit is a review/examination of an organization’s or individual’s books, accounts and financial records to ensure information reported on their tax return is reported correctly according to the tax laws and to verify the reported amount of tax is correct.

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audit tax return CPA Tax 262

RogerRossmeisl

APRIL 28, 2024

And you want to make sure you can defend the amounts reported on your tax returns in case you’re ever audited by the IRS. Specifically, you should carefully record expenses to claim all the tax deductions to which you’re entitled. Be aware that there’s no one way to keep business records.

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audit tax return CPA Tax 185

TaxConnex

OCTOBER 24, 2023

Our third annual survey of financial professionals showed that although most companies (67%) reported that state sales tax audits have remained at the same level over the past two years, almost one in four respondents (23%) said they expect such audits to increase in coming months. “Scary” has five letters. Read the notice.

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audit Sales Tax auditor 147

CPA Practice

OCTOBER 16, 2024

Fodera, CPA , retired partner from Baker Tilly US LP, received the Lifetime Leader Award, which recognizes an outstanding NJCPA member who is credited with extraordinary contributions to the accounting profession over the course of their career. Vaccaro, CPA — Manager, Forvis Mazars US, Iselin Emerging Leaders Michael Caro, Jr.,

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RogerRossmeisl

SEPTEMBER 6, 2021

In order to prepare for a business audit, an IRS examiner generally does research about the specific industry and issues on the taxpayer’s return. Examiners may use IRS “Audit Techniques Guides (ATGs).” The post What IRS Auditors Know About Your Business Industry appeared first on Roger Rossmeisl, CPA. Unique issues IRS.

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auditor audit Construction CPA 238

MyIRSRelief

JUNE 3, 2024

Tax Audit Representation Learn how to navigate tax audits with confidence. Facing a tax audit can be a daunting experience, but with the right representation, you can navigate the process with confidence. For professional audit representation help call us at 1-877-788-2937.

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audit Tax tax return public accounting 130

CPA Practice

APRIL 22, 2024

The Illinois CPA Society (ICPAS)—one of the largest state societies serving the certified public accountant (CPA) community—has announced the honorees of its annual Outstanding Leadership Awards program, which celebrates distinguished leaders within the CPA profession through a variety of prestigious awards. Wolfe, Ltd.

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Illinois CPA Indiana audit 116

Withum

JANUARY 30, 2025

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.

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CPA Practice

NOVEMBER 19, 2024

By Monte Swain, PhD, CMA, CPA, CGMA. Invest your time and effort into stacking the Certified Public Accountant (CPA) and Certified Management Accountant (CMA) letters behind your name. When I learn that someone has “CPA” or “CMA” behind their name, I immediately know a lot about that individual.

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cma CPA accounting and finance management accounting 122

RogerRossmeisl

AUGUST 11, 2024

The IRS is continuing to work denials of improper ERTC claims, intensifying audits and pursuing civil and criminal investigations of potential fraud and abuse. The post IRS Resumes Processing of ERTC Claims appeared first on Roger Rossmeisl, CPA.

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audit CPA Tax business tax 254

CPA Practice

JULY 16, 2024

The American Institute of CPAs and the National Association of State Boards of Accountancy have expanded international testing availability of the U.S. CPA Exam to the Republic of the Philippines. Passing the Uniform CPA Examination is a prerequisite to becoming a licensed Certified Public Accountant (CPA) in the United States.

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CPA cpas Education public accounting 122

RogerRossmeisl

AUGUST 11, 2024

As appearing in IR-2024-198 Businesses urged to proactively resolve erroneous claims to avoid penalties, interest, audits As the Internal Revenue Service intensifies work on the Employee Retention Tax Credit (ERTC), the agency today shared five new warning signs being seen on incorrect claims by businesses.

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CPA audit Tax cpa firm 226

RogerRossmeisl

OCTOBER 6, 2021

Shorten time, minimize costs Active methods include IT controls, data monitoring and analysis, account reconciliation, management review, surprise audits and internal audit. The post Actively Look for Fraud and Reduce Financial Losses appeared first on Roger Rossmeisl, CPA.

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audit CPA Account accountant 245

CPA Practice

JULY 11, 2024

a provider of assured integrated reporting, has added the Global Internal Audit Standards to the Workiva platform, making it the first SaaS company to incorporate the newest standards into its suite of GRC (governance, risk, and compliance) solutions. Workiva Inc., from July 15-17, 2024.

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audit auditor Washington Government 111

MyIRSRelief

JUNE 14, 2024

Receiving an audit notice from the Internal Revenue Service (IRS) can be a daunting experience for any taxpayer. However, understanding the audit process and knowing your rights and options can significantly ease the stress. What is an IRS Audit? Office Audits: These audits are conducted at an IRS office.

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audit tax return Tax Education 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

RogerRossmeisl

SEPTEMBER 9, 2024

This includes any tax deficiency that the IRS assesses after an audit, as well as any penalties and interest. The post One Spouse’s Tax Errors May Qualify the Other for Innocent Spouse Relief appeared first on Roger Rossmeisl, CPA. There may be relief In some cases, spouses are eligible for “innocent spouse.

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Tax tax return audit CPA 241

CPA Practice

OCTOBER 28, 2024

Greensburg, IN-based accounting firm RBSK Partners has acquired fellow Indiana firm Hash CPA Group, based in Franklin. Established in 1965, RBSK Partners is a full-service accounting firm that offers a comprehensive range of services, including tax planning and preparation, business advisory, audits and reviews, and more.

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Indiana CPA audit tax planning 98

MyIRSRelief

MAY 22, 2023

Chicago, Illinois is home to numerous businesses and individuals who may face tax-related challenges such as tax audits, back taxes, and payroll tax problems. The process of resolving tax issues can be overwhelming and stressful for taxpayers, and seeking professional (EA, CPA, Lawyer) tax help can be a wise decision.

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payroll tax payroll audit Tax 147

CPA Practice

APRIL 30, 2024

In a landmark experiment, researchers at AIGENCY have tested the limits of artificial intelligence (AI) by challenging state-of-the-art AI models with the rigorous Certified Public Accountant (CPA) exam. Their study, “Can LLMs Pass the CPA Exam? The criterion for success was a passing score (75%).

CPA 116

CPA public accounting audit accounted 116

MyIRSRelief

JANUARY 7, 2024

Tax audits can be a daunting experience for any taxpayer, and when it comes to the Employment Development Department (EDD) audits, the stakes can be particularly high. An EDD tax audit focuses on ensuring that businesses comply with CA state payroll tax laws, which can be complex and multifaceted.

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audit payroll tax Tax auditor 130

CPA Practice

AUGUST 6, 2024

State CPA Society News & Updates is a selection of recent announcements and initiatives by CPA associations in the United States and its territories. CPA of the Year Award The CPA of the Year Award recognizes a CPA who has made outstanding contributions toward advancing the accounting profession.

CPA 111

CPA Tennessee South Carolina cpas 111

CPA Practice

SEPTEMBER 12, 2024

The AICPA and the National Association of State Boards of Accountancy (NASBA) said on Thursday they are asking the public for feedback on a proposed new option for CPA candidates to meet their initial licensure requirements. The candidate also must have completed 150 credit hours and one year of professional experience.

CPA 116

CPA cpas Education public accounting 116

CPA Practice

OCTOBER 8, 2024

According to a new report from top six accounting firm BDO USA, company finance leaders are expecting technology like artificial intelligence to be used by their external auditors now to enhance their audit engagement and consider it the second-most important factor when choosing an audit firm. Graph courtesy of BDO USA.

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audit Finance auditor Technology 143

CPA Practice

FEBRUARY 11, 2025

The audit regulator on Feb. 11 imposed a permanent bar and a $10,000 fine on audit partner and CPA Heber Maughan for improperly altering workpapers before providing them to PCAOB inspectors in two inspections and to enforcement staff during a related investigation.

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audit CPA accounting firms Account 106

RogerRossmeisl

AUGUST 9, 2022

Reasonable (or replacement) owners’ compensation can be a hot button during IRS audits, divorces, shareholder disputes and other litigation matters involving the value of a private business. For S corporations, The post Valuators Know How to Evaluate Compensation Levels appeared first on Roger Rossmeisl, CPA.

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income tax audit CPA Tax 241

CPA Practice

SEPTEMBER 5, 2024

Keeping up with sales tax changes can be difficult and, even if you’re careful, your business can be selected for a state audit. Just the thought of being selected for a sales tax audit can be intimidating.

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audit Sales Tax auditor 116

RogerRossmeisl

MAY 23, 2022

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. The post Issues to Consider After Your File Your Tax Return appeared first on Roger Rossmeisl, CPA. Here are three considerations: 1.

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tax return Tax California audit 239

CPA Practice

FEBRUARY 12, 2025

11 filed a notice with the SEC to withdraw its new standard on audit firm reporting of standardized firm and engagement metrics for approvala victory for those that opposed the rules, including many of the largest accounting firms in the U.S. The Public Company Accounting Oversight Board on Feb. and the AICPA.

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audit accounting firms Account accountant 114

CPA Practice

APRIL 29, 2024

The recruitment and hiring landscape for internal audit must evolve to ensure the profession keeps pace with a changing risk environment. According to the report, hiring managers tend to seek recent college graduates who have studied accounting (80%), followed by those from auditing (53%) and business (44%).

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audit Education auditor Technology 111

CPA Practice

JUNE 25, 2024

Garden City, NY-based KKM CPA Associates and the BDO affiliate firm in the United Arab Emirates were fined $25,000 and $20,000, respectively, by the Public Company Accounting Oversight Board (PCAOB) on June 18 for not following U.S. auditing reporting requirements.

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CPA Practice

NOVEMBER 27, 2024

However, in 2025, many CPA firms will be dealing with a challenge that is far from new: attracting skilled talent. Meanwhile, the talent shortage in public accounting is worsening as more baby boomers retire, and fewer young professionals enter the field and pursue the CPA designation.

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cpa firm CPA Technology accounting and finance 111

Going Concern

FEBRUARY 7, 2024

By Sharon Lassar, PhD, CPA (Florida) John J. Gilbert Professor and Director of the School of Accountancy, University of Denver Thank goodness for the Connecticut Society of CPAs! Without their posting , it would have taken me longer to learn about the latest half-baked idea by NASBA regarding the education requirements to become a CPA.

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CPA Education cpas Connecticut 119

RogerRossmeisl

MAY 15, 2023

At a minimum, keep tax records related to your return for as long as the IRS can audit your return or assess additional taxes. The post Questions You May Still Have After Filing Your Tax Return appeared first on Roger Rossmeisl, CPA. Which tax records can you throw away now? In general, the.

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tax return Tax audit CPA 230

CPA Practice

NOVEMBER 13, 2024

Wolters Kluwer, a provider of information, software, and services for professionals, has collaborated with The Institute of Internal Auditors’ Internal Audit Foundation on a research report: Harnessing Generative AI for Internal Audit Activities. The time to seize this unique opportunity is here.

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audit auditor Government 111