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Monday Morning Accounting News Brief: PwC Consolation Prizes; Al Pacino’s Accountant Ripped Him Off | 10.21.24

Going Concern

In a matter of weeks, we should be hearing that the Pentagon has failed yet another audit. Defense One argues this is a good thing : Far from a mere compliance exercise, the cultural and technological changes required to pass an audit are the same ones necessary to keep U.S. forces dominant.

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Friday Footnotes: How Are Firms Actually Using Data Analytics?; KPMG and BDO on the Move | 9.15.23

Going Concern

Audit Comments Raise Concerns About PCAOB’s Proposal To Expand the Scope of Audits and the Role of Auditors [ JD Supra ] In June 2023, the Public Company Accounting Oversight Board (PCAOB) proposed sweeping amendments to its auditing standards. Following is a summary of the key areas of comment.

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What Happens if You Don’t Report Cryptocurrency on Taxes?

inDinero Tax Tips

As many IRS audits and prosecutions have shown, this is not the case. The following states have no state income taxes, and therefore no state capital gains taxes: Alaska Florida Nevada New Hampshire South Dakota Tennessee Texas Washington Wyoming Among the other 41 states, some are more favorable to capital gains than others.

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What Happens if You Don’t Report Cryptocurrency on Taxes?

inDinero Tax Tips

As many IRS audits and prosecutions have shown, this is not the case. The following states have no state income taxes, and therefore no state capital gains taxes: Alaska Florida Nevada New Hampshire South Dakota Tennessee Texas Washington Wyoming Among the other 41 states, some are more favorable to capital gains than others.

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Shrinking the Delaware Tax Loophole: Other U.S. States to Incorporate Your Business

inDinero Tax Tips

Wyoming is one of two states (South Dakota is the other) in the U.S. Supreme Court ruling on South Dakota vs. Wayfair. At the state level, an IRS Information Sharing Agreement includes: Audit results, Federal individual and business return information, and. Wyoming doesn’t have a gross receipts tax.