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.

audit 170

audit tax return CPA Tax 170

SMBAccountant

AUGUST 12, 2020

When working as a government contractor, these processes and policies need to be written, reviewed, and updated regularly to ensure compliance with the company’s own requirements, and the accounting standards demanded of contractors spending tax dollars.

Government 190

Government accounting principles accountant Account 190

CPA Practice

OCTOBER 17, 2024

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.

cpas 119

cpas Government auditor accountant 119

Going Concern

JANUARY 8, 2024

Hey remember the Bloomberg story last March about how staff shortages at audit firms were causing municipal credit ratings to tank ? Said the Sheridan Press today : The city of Sheridan and Sheridan County’s FY2023 audits will come in after the state-mandated deadline. The late audit was due on the 31st of December.

Wyoming 126

Wyoming audit Government Montana 126

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.

audit 111

audit auditor Government 111

CPA Practice

JUNE 19, 2024

government contracts account for over $700 billion annually , a significant portion of which hinges on the ability for contractors to “establish and maintain an acceptable accounting system” which includes “timekeeping” and “labor distribution.” Changes to time entries are inevitable, yet they must be managed with a rigorous audit trail.

Government 115

Government general ledger audit accounting system 115

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.,

audit 111

audit auditor Washington Government 111

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.

audit 143

audit Finance auditor Technology 143

CPA Practice

MAY 26, 2023

It is stepping up efforts to audit employers as aggressive promoters continue to make a pitch for fraudulent refunds (IR-203-40, 3/7/23). The IRS is actively auditing and conducting criminal investigations related to these false claims. Practical advice: If you’re tapped for an audit, don’t panic. How does the ERC work?

audit 138

audit general ledger income tax tax return 138

CPA Practice

AUGUST 12, 2024

Forming an environmental, social, and governance (ESG) strategy can be a resource intensive task given all the areas that it could impact. Luckily, companies with internal audit resources already have in place a valuable contributor to ensuring ESG success. By David Plajstek, Principal, UHY.

audit 119

audit auditor Government 119

Going Concern

JUNE 1, 2023

In the WaPo opinion pages yesterday one Duncan Mavin, who got his start in the 90s, says the best way to solve the audit industry’s many conflicts is to kill it altogether. He starts the piece summoning the ghost of Enron, as all writers do when discussing what happens when audit goes wrong. billion in global revenue.

auditor 116

auditor audit Government Transportation 116

CPA Practice

DECEMBER 6, 2024

Staff report Audit firms have room to improve when it comes to creating cultures of accountability that promote audit quality, according to a new staff Spotlight report from the Public Company Accounting Oversight Board (PCAOB). audit firms. audit firms. The report, released on Dec. The report, released on Dec.

audit 97

audit auditor Government Account 97

CPA Practice

MAY 25, 2023

It is stepping up efforts to audit employers as aggressive promoters continue to make a pitch for fraudulent refunds (IR-203-40, 3/7/23). The IRS is actively auditing and conducting criminal investigations related to these false claims. Practical advice: If you’re tapped for an audit, don’t panic. How does the ERC work?

audit 130

audit general ledger income tax tax return 130

CPA Practice

NOVEMBER 19, 2024

A new analysis of audit committee disclosures of companies in the S&P 1500 reveals a plateau in disclosure rates across several areas important to investors, including considerations in appointing or reappointing the external auditor, length of auditor tenure, and how the audit committee evaluates audit fees in relation to audit quality.

audit 111

audit auditor Government 111

TaxConnex

JUNE 29, 2021

If back taxes are not disclosed but are instead discovered through an audit, the taxpayer is at a disadvantage and will end up being assessed various penalties plus interest plus all historical tax due. If you own a small company, the penalties levied by governments in an audit could do serious damage to your financial stability.

audit 246

audit Tax Sales Legal 246

Cherry Bekaert

MAY 9, 2024

For many architecture and engineering (A&E) firms, overhead rate audits are a critical aspect of financial management since they can be a great way for firms to recoup incurred costs necessary to run their business from the government. Q: What is an overhead rate audit? Q: What are the benefits of an overhead rate audit?

audit 115

audit auditor Transportation Government 115

CPA Practice

AUGUST 26, 2024

Forvis Mazars, LLP, ranked among the largest public accounting and consulting firms in the United States, is expanding its Public Sector Advisory Services practice by launching a new line of Government Outsourced Accounting Services (GOAS) for clients. Leading the new service line is Karen Kurtin. Leading the new service line is Karen Kurtin.

Government 110

Government accounting and finance accountant Account 110

AccountingDepartment

FEBRUARY 15, 2024

For a business, becoming a government contractor can open doors to a sea of lucrative opportunities – but these waters run deep with regulations, especially those set by the Defense Contract Audit Agency (DCAA). A critical cog in the machinery that is the U.S.

Government 97

Government audit accountant accounted 97

MyIRSRelief

OCTOBER 28, 2022

The most frustrating method is the audit and if you receive an exam notice in the mail, you better take it seriously. This should include your right for CA FTB Audit representation. Our tax representation firm can help you get the best possible outcome from your audit. Reasons why you should have FTB Audit Representation.

California 130

California audit Tax income tax 130

Cherry Bekaert

SEPTEMBER 26, 2023

However, the Defense Contract Audit Agency (DCAA) does have some specific requirements they look for when performing accounting system audits and labor floor checks. Theydiscuss one of their favorite topics: timekeeping and the government’s expectations. View all Government Contracting Podcasts Questions?

Government 105

Government auditor audit accounting system 105

Accounting Today

JULY 9, 2024

While the IRS and the Treasury have committed to tax administration equity, the Government Accountability Office recently found potential unintended biases in some of the systems and methods used by the IRS for audit selection — meaning some populations may be getting selected for audits at a higher rate than others.

audit 93

audit Tax Government Account 93

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.

audit 115

audit Sales Tax auditor 115

MyIRSRelief

AUGUST 2, 2024

This dichotomy creates a complex tax landscape for cannabis businesses, particularly concerning compliance, audits, and the infamous Section 280E of the Internal Revenue Code (IRC). Navigating Audit s IRS Audits The IRS has made it clear that cannabis businesses are a priority for audits.

audit 130

audit Tax Nevada Colorado 130

Withum

JANUARY 25, 2024

Withum is proud to share that Steven Cohen , Partner, has been selected to chair the Audit and Accounting Committee for the Massachusetts Society of CPAs (MassCPAs). With over 26 years of experience, Steven specializes in the audits of government entities , auto dealerships , and higher education and not-for-profit organizations.

Massachusetts 105

Massachusetts audit CPA accountant 105

TaxConnex

JULY 29, 2021

Luckily as of July 1, a threshold of $100,000 (same as the state of Illinois) has been included in this standard so that the local government can only go after a remote seller who has made sales into the city that meets or exceeds the threshold. Got all that?

Sales 246

Sales Tax Illinois audit 246

AccountingDepartment

JUNE 13, 2024

When it comes to compliance with government regulations, navigating the intricacies and nuances of DCAA accounting is essential for any government contractor.

Government 85

Government accountant Account accounted 85

CPA Practice

MARCH 11, 2024

The results of The 2024 North American Pulse of Internal Audit Survey , from the Internal Audit Foundation, finds a growing profession, with Chief Audit Executives (CAEs) more than twice as likely to have increased staff (26%) than to have decreased staff (9%). These results point to a dynamic and evolving profession.”

audit 95

audit auditor CPA Government 95

Cherry Bekaert

AUGUST 1, 2024

Contributor: Ali Karim , Accounting Advisory, Senior Associate The Government Finance Officers Association’s (GFOA) 118 th Annual Conference was held between June 9 – 12, 2024, at the Orange County Convention Center in Orlando, Florida. The one obvious challenge was that there were numerous sessions to choose from.

Government 98

Government Finance accounting and finance audit 98

Going Concern

FEBRUARY 3, 2023

We are here to talk about how Hindenburg sniffed out Adani’s audit firm and what it found. The only other listed entity we found that it audits has a market capitalization of about INR 640 million (U.S. Shah Dhandharia hardly seems capable of complex audit work. Shah Dhandharia seems to have no current website.

audit 124

audit auditor accounting firms Government 124

TaxConnex

MAY 5, 2022

Make sure you aren’t making these common mistakes to ensure you have sales tax in order and aren’t at risk for penalties and fees in the case of an audit. Taking your customers’ word that they are exempt will not help you during an audit. Other exemptions can apply to special entities, including government organizations and nonprofits.

Sales 244

Sales South Dakota Tax Hawaii 244

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%).

audit 111

audit Education auditor Technology 111

Cherry Bekaert

OCTOBER 17, 2023

Ultimately, the Federal government wants a reliable basis for cost comparison and decision making. View all Government Contracting Podcasts Questions? Contact Us The post Cost Accounting Standards (CAS): A Comprehensive Overview for Government Contractors appeared first on Cherry Bekaert. Contact us to discuss your situation.

accounting standards 105

accounting standards cost accounting Government accountant 105

TaxConnex

JANUARY 2, 2024

Sales and use taxes collected on behalf of the government are considered government funds upon collection. By going ahead and estimating your exposure and starting the process to mitigate your previous non-compliance, you could right yourself before an audit occurs.  

Sales 264

Sales Tax financial statements audit 264

TaxConnex

JUNE 21, 2022

Those governments jumped the on chance for such big revenue – and continue to do so. Companies also wondered if they were collecting and remitting the correct sales tax – and if they were at risk for audit. California had sent letters to Amazon sellers saying that they may owe years of uncollected sales taxes and be facing audits.

South Dakota 246

South Dakota E-commerce Alaska Missouri 246

CPA Practice

SEPTEMBER 19, 2023

A proposal issued by the Public Company Accounting Oversight Board (PCAOB) on Tuesday would hold auditors and others more accountable when they negligently, directly, and substantially cause their firm to violate auditing standards.

auditor 115

auditor audit accounting firms public accounting 115

TaxConnex

JUNE 28, 2022

Other exemptions can apply to transactions with special entities like government organizations and nonprofits. This is generally through a use tax accrual and payment by the customer to the state, or the customer is assessed under audit and pays the applicable sales tax due.

Sales 262

Sales Tax audit been audited 262

TaxConnex

JULY 7, 2022

Government Accountability Office and many small businesses seem to agree. Costs of collecting the tax, such as software and audits, are the sellers’ responsibility,” the report adds. If it feels to you like the whole economic nexus and sales tax landscape is one-sided, the U.S. Who pays the tab for collecting this haul?

Sales 245

Sales Tax audit Legal 245