CPA Practice

SEPTEMBER 5, 2024

With more than 13,000 sales and use tax jurisdictions across the United States, tax rates are subject to change as new policies are implemented and others expire. In a typical fiscal year, there are thousands of sales tax rate updates. Just the thought of being selected for a sales tax audit can be intimidating.

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CPA Practice

NOVEMBER 15, 2024

Tasks that once took multiple days and/or accounting professionals to complete can be readily accomplished in a matter of hours – whether that’s creating detailed tax reports and summaries or gathering reams of financial data to help prepare tax returns.

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Acterys

OCTOBER 20, 2024

Financial reporting provides a retrospective view of your company’s financial status. It focuses on presenting financial data clearly and in accordance with accounting standards. This process involves generating financial statements based on historical data, with an emphasis on compliance and established procedures.

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Going Concern

JANUARY 3, 2025

The San Francisco-based HR tech company Employer.com focuses on payroll and onboarding, in contrast to Bench, which specializes in accounting and tax. The new platform of roughly 12,000 professionals will include a united Trans-Atlantic advisory and tax practice, as well as independent audit practices.

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TaxConnex

APRIL 26, 2022

Not paying attention to your sales tax obligations is never wise. True, it’s a relatively new requirement to collect sales and use tax from remote customers, but it’s one the taxman has always taken seriously from businesses – and that seriousness is only intensifying. Your sales tax obligation starts with nexus. Services are?not?tangible

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MyIRSRelief

JULY 3, 2023

ERC IRS Audit Representation: Your Comprehensive FAQ Guide The Employee Retention Credit (ERC) has been a lifeline for many businesses during challenging times, providing substantial relief. However, with the IRS actively scrutinizing ERC claims, it’s crucial for businesses to understand their rights and options when facing an audit.

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TaxConnex

SEPTEMBER 28, 2022

By now most businesses that sell online have heard about nexus, the connection that a company has with a jurisdiction that ignites a sales tax obligation. Companies that acknowledge their sales tax nexus still often overlook its impact and the sales tax obligations it creates. How is technology being taxed? Taxability.

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Snyder

DECEMBER 28, 2022

Many small business owners often feel like they might be a heartbeat away from the IRS tax audit. In fact, according to the IRS data , only about 1 percent of taxpayers are facing an audit. percent of small businesses are getting tax audited. What is a tax audit? What does a tax audit mean?

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Going Concern

FEBRUARY 6, 2025

To get around this, PE-backed firms have been siloing their attest practices from advisory and tax. Sometimes the conversation is about Cherry Bekaerts acquisitions of other firms, some of which have an audit business, said Michelle Thompson, CEO of its nonaudit arm. He added that Parthenon has no influence over individual audits.

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SMBAccountant

MARCH 8, 2023

One type of accounting that is well-known is tax accounting. According to Investopedia, tax accounting is “a structure of accounting methods focused on taxes rather than the appearance of public financial statements”. Tax accounting applies to individuals, businesses, and corporations.

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MyIRSRelief

OCTOBER 3, 2022

If you own a property, a business, or are employed, you’ll likely have to pay taxes. According to the 16th Amendment in our Constitution, individuals are required to pay taxes from income sources. Taxes can be broken down into three categories: what you purchase, what you own, and what you earn. Call us today at 1-877-788-2937.

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MyIRSRelief

MARCH 29, 2024

In the bustling city of Whittier, California, businesses face a myriad of tax-related challenges that can significantly impact their operations and financial health. From business tax preparation to dealing with unpaid back taxes and navigating complex audits, the tax landscape can be daunting.

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ThomsonReuters

JANUARY 28, 2025

But with headlines declaring it has the potential to revolutionize industries, what does the use of GenAI mean for the audit profession ? Jump to What is GenAI and what is its potential impact for audit professionals? Lets take a look at some specific use cases and how they might be able to transform your audit work for the better.

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MyIRSRelief

DECEMBER 13, 2024

How CPAs and Lawyers Can Collaborate with Mike Habib, EA for Tax Representation Referrals Mike Habib, EA, is a trusted tax resolution expert with extensive experience helping individuals and businesses resolve complicated tax issues. Contact us today at 1-877-78-TAXES [1-877-788-2937].

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MyIRSRelief

SEPTEMBER 6, 2024

Navigating the complex world of taxes can be a daunting task for small business owners and self-employed individuals. The intricacies of tax laws, the constant updates, and the myriad of forms and deadlines can make tax season a stressful time. Get tax help today by calling us at 1-877-788-2937.

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CPA Practice

AUGUST 16, 2024

Launched in 2005, CAP helps large corporations improve federal tax compliance. Resolve issues before filing tax returns and comply with federal tax laws. Ensure accurate tax returns, shortening the IRS audit process. To be eligible to apply for CAP, applicants must: Have assets of $10 million or more.

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Going Concern

NOVEMBER 4, 2024

.” Australian federal police officers have commenced a search for documents at the headquarters of PwC Australia in response to the damaging tax leaks scandal. Treasury referred the matter – which relates to the sharing of confidential multinational tax proposals within the firm – to police in May last year.

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CPA Practice

AUGUST 28, 2024

CPA Practice Advisor has announced the 2024 Tax and Technology Innovation Award winners and finalists. After voting by the awards committee panel each year, the top five products are presented as winners of the Tax and Accounting Technology Innovation Awards. Award winners and finalists are presented alphabetically.

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RogerRossmeisl

MAY 5, 2023

Setting the asking price and understanding the deal terms, including complex tax matters, can be overwhelming. Fortunately, a business valuation professional has the financial knowledge and real-world experience to help maximize the selling price and minimize the guesswork.

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TaxConnex

OCTOBER 12, 2023

And one thing that can pound a stake through the heart of a promising M&A is unearthing past tax liability during due diligence. Enter past-due sales tax, a sometimes-overlooked and haunting liability that might not get the attention of, say, overdue income or property tax, until it’s too late. Requirements can vary widely.

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CPA Practice

DECEMBER 6, 2024

But we noted that they picked up audit minor, Abdo compass, vinograph and ignition to again, that to have some integrations with have integrations with the with the access suite. And so, you know, thats why, for example, audit miners there. And I wanted to mention that audit minor we have covered in a separate Technology Lab.

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ThomsonReuters

NOVEMBER 26, 2024

If there is one thing accountants and tax preparers know for sure, it’s that an efficient tax workflow is key to remaining competitive in an increasingly digital tax and accounting landscape. To achieve this, many forward-looking accountants and tax preparers are shifting toward a fully digital tax workflow.

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ThomsonReuters

DECEMBER 8, 2023

Jump to: How AI is transforming audit AI-Assisted Decision Making in Thomson Reuters Cloud Audit Suite Ready to transform audit? How AI is transforming audit Traditionally, auditors have heavily relied on manual processes to uncover risk in financial statements and business operations.

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Going Concern

JANUARY 6, 2025

Business Insider wrote up a PCAOB report that discusses culture at the top six firms: Accounting firms have been making more errors, but bosses are split on whether remote work is to blame 64% of respondents said that improving work-life balance for firm personnel improves audit quality. Sure it has nothing to do with the (tens of?)

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Going Concern

SEPTEMBER 22, 2023

In addition to his new role, he will continue to serve as co-director of the firm’s DC-Metro tax practice. James Greiner said he was not shocked about the layoff, but was surprised it happened right before the third quarter tax deadline for clients. Greiner was a client-relationship manager for Croft and Frost for a year and a half.

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MyIRSRelief

OCTOBER 2, 2023

You don’t have a lot of money to spend on accounting and tax services. The truth is, accounting, taxes and bookkeeping are essential for all businesses, regardless of size or age. To comply with tax laws. These programs can help you track your income and expenses, generate financial reports, and file your taxes.

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CPA Practice

SEPTEMBER 15, 2023

The IRS is asking taxpayers for their thoughts on how the agency can improve and expand its tax certainty and issue resolution options for businesses of all sizes. The IRS is also evaluating the value of new or alternative programs to advance tax certainty and issue resolution for businesses. Under Initiative 2.4 Under Initiative 2.4

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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. Nearly every financial decision is tied to a financial report, and with many deadlines approaching for annual and quarterly financial statement filings, there’s a pressing need for audited financial statements.

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ThomsonReuters

JANUARY 8, 2024

Automation of routine tasks One of the most significant ways AI has revolutionized the tax and accounting profession is through the automation of routine tasks. Automation of routine tasks One of the most significant ways AI has revolutionized the tax and accounting profession is through the automation of routine tasks.

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Going Concern

JULY 2, 2024

The other day, BDO USA released a press release entitled “BDO Strengthens Audit Quality Commitment with Addition of Second Independent Member on Audit Quality Advisory Council ,”the content of which strongly suggests that their next Public Company Accounting Oversight Board (PCAOB) inspection is going to be hot garbage.

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Going Concern

MARCH 8, 2024

Audit SEC Settlement Against Auditing Firm Serves as Reminder of Important Independence Rules [ JD Supra ] On February 29, the Securities and Exchange Commission (the SEC) announced that it settled an administrative proceeding against Lordstown Motors Corps’ former auditor, Clark Schaefer Hackett and Co.

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Withum

SEPTEMBER 8, 2022

Audited financial statements are a cornerstone of the financial markets. 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.

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CPA Practice

AUGUST 15, 2023

Shortly after criticizing audit firms for the number of errors they made on public company audits reviewed by PCAOB inspectors last year, the audit watchdog doled out sanctions to 12 accounting firms from July 28 to Aug. 11 for breaking various auditing rules. Snodgrass, Mancera S.C.,

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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. Nearly every financial decision is tied to a financial report, and with many deadlines approaching for annual and quarterly financial statement filings, there’s a pressing need for audited financial statements.

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CPA Practice

AUGUST 28, 2024

AuditFile Advanced AI 2024 CPA Practice Advisor Innovation Award Finalist [link] The company that was first to bring audits into the cloud continues innovating by bringing AI into audits. The patent covers the application of artificial intelligence to financial statement audits.

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CPA Practice

MAY 7, 2023

Thinking that only dispensaries have to worry about taxes to their cannabusiness? Entrepreneurs, processors, and cultivators in the cannabis industry may be subject to taxation, and it’s important for them to understand the complexities around their tax implications. Do they have to pay tax on all gross revenue? Think again.

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MyIRSRelief

APRIL 29, 2024

But for these go-getters, navigating the complexities of running a business, especially the ever-challenging world of taxes and accounting, can feel overwhelming. This is where specialized tax and accounting firms step in, becoming a crucial partner for small businesses with under 100 employees.

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