TaxConnex

JULY 7, 2022

If it feels to you like the whole economic nexus and sales tax landscape is one-sided, the U.S. Government Accountability Office and many small businesses seem to agree. A GAO report states that all states with a statewide sales tax and D.C. A GAO report states that all states with a statewide sales tax and D.C.

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Sales Tax audit Legal 245

TaxConnex

JANUARY 27, 2022

The explosion of the e-commerce market alone would’ve made handling sales tax obligations in-house tough. Previous government pandemic relief efforts have fortified individual savings and allowed people to remain out of work longer, even as wages remain largely stagnant and potentially unappealing to would-be laborers.

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Sales E-commerce Tax Florida 242

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.

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Government accounting principles Account accountant 190

TaxConnex

MAY 26, 2022

However, certain exemptions could apply making the sale of TPP exempt from sales tax in some situations. An exemption could be related to the type of business that is buying the TPP – a non-profit or government entity in certain states for example. Sales tax obligations start with nexus. Assessing your footprint.

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South Dakota South Carolina Sales Illinois 244

TaxConnex

JANUARY 28, 2021

There’s always something changing or new going on in the world of tax, especially sales tax. Nationwide , the Streamlined Sales Tax Governing Board has made amendments to the Streamlined Sales and Use Tax (SST) Agreement to revise its amnesty-related provisions. The waiver will be effective until Feb 22.

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Sales Alaska Tax Illinois 233

TaxConnex

OCTOBER 6, 2022

It’s a common scenario: A company has decided to sell, then due diligence turns up a $2 million risk in past sales tax obligations and compliance. Do you have solid positions and reasons for your sales tax decisions? Can you defend your sale tax position to minimize the escrow’s impact? Let’s say you’re the seller.

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Sales Tax tax return Start-ups 246

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). Get professional tax help by calling our tax firm at 1-877-788-2937. Recordkeeping Good recordkeeping is essential for tax compliance.

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audit Tax Nevada Colorado 130

MyIRSRelief

OCTOBER 28, 2022

In case you were not aware of what the FTB is, it is the California board that is responsible for collecting all of the personal income tax and business franchise taxes that are assessed every year for people and companies in California. The board uses several methods to collect owed taxes.

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California audit Tax income tax 130

TaxConnex

DECEMBER 2, 2021

Many manufacturers, wholesalers, and distributors believe they have minimal sales tax obligations due to the likelihood of sales tax-exempt transactions. The concept to consider is whether the sales by these types of businesses are exempt or not from sales tax collection. However, there are numerous pitfalls to be aware of.

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Manufacturing Sales Tax Non-Profits 245

TaxConnex

FEBRUARY 8, 2022

There’s always something changing in the world of tax, especially sales tax. State sales tax revenues and their local portions are reported up from Auburn, N.Y., defying predictions of the pandemic’s effect on government coffers – and delighting officials. billion in sales taxes for December, $101.9

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Sales Tennessee Tax Massachusetts 245

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.

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cpas Government auditor Account 118

TaxConnex

JUNE 29, 2021

A voluntary disclosure agreement (VDA) is a legal means for taxpayers to self-report back taxes owed for income, sales, property, and other tax types. In exchange for voluntarily reporting the tax due, states offer a waiver of some penalties and other benefits to the business. Contact TaxConnex ?to

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audit Sales Tax Legal 246

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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audit financial statements auditor accounting principles 100

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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audit Sales Tax auditor 114

TaxConnex

AUGUST 19, 2021

In the fall of 2020, I published an article on how the sales tax picture is changing due to COVID-19. Now that we’re over a year into the pandemic, I wanted to provide an update on the sales tax landscape, what predictions have remained the same and what’s changed. sales tax economic nexus on remote sellers. Latest developments.

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Sales E-commerce Tax Missouri 246

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.

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audit Tax Government accounted 93

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). This type of scheme was recently included on the IRS’ list of the Dirty Dozen tax scams to watch out for in 2023. Practical advice: If you’re tapped for an audit, don’t panic.

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audit general ledger income tax tax return 136

TaxConnex

JUNE 21, 2022

The Supreme Court Wayfair decision four years ago gave tax jurisdictions the sudden power to require countless companies to collect and remit sales tax. Those governments jumped the on chance for such big revenue – and continue to do so. The last four years seem to be just the dawn of a new era of sales tax. Wayfair, Inc.

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South Dakota E-commerce Alaska Missouri 246

CTP

JANUARY 17, 2025

One of the many roles we play as tax planners is as the taxpayers audit support system. Just the word audit can cause the typical taxpayer to panic. We can help reduce taxpayer stress by orienting them to audit basics long before that notice comes in the mail. billion of potentially fraudulent ERC claims.

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audit Tax auditor tax return 96

TaxConnex

FEBRUARY 29, 2024

While not at all related to sales tax, we thought that as we spend a day to align our seasons and the Earth’s orbit of the sun, we should also discuss how to ensure your processes align with maintaining sales tax compliance in 2024! You should only be collecting sales tax for states and jurisdictions in which you have an obligation.

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Sales Tax audit CPA 264

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). This type of scheme was recently included on the IRS’ list of the Dirty Dozen tax scams to watch out for in 2023. Practical advice: If you’re tapped for an audit, don’t panic.

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audit general ledger income tax tax return 129

Accounting Today

JUNE 5, 2024

The Internal Revenue Service is turning to artificial intelligence to help select tax returns to audit and narrow the tax gap, but it needs to use this new technology consistently and transparently, according to a new government report.

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Tax tax return audit Government 133

MyIRSRelief

NOVEMBER 1, 2024

S Corporations: Tax Preparation, Tax Planning, and the Benefits of Professional Tax Help S Corporations , often referred to as S Corps, are a popular business structure in the United States, particularly among small to medium-sized businesses. However, navigating the tax landscape for S Corps can be complex.

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tax preparation tax planning corporation tax Tax 130

MyIRSRelief

SEPTEMBER 1, 2022

In particular, the expansion of the IRS and it tax enforcement arm will result in more taxpayers seeking IRS audit & appeals help as it comes into effect starting next year. Understanding the expansion of the IRS and how it affects you will assist in reducing the chances that you will be audited. Services to Taxpayers: +$3.2

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audit tax return Tax Education 130

TaxConnex

JANUARY 18, 2022

There’s a lot of talk in sales tax about nexus, thresholds, forms, filing and many other details of compliance. One often overlooked aspect of compliance, but extremely important, is the sales tax exemption certificate. An exemption certificate is used to exempt an otherwise taxable transaction from sales tax.

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auditor Manufacturing Sales Tax 246

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.

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auditor audit Government Transportation 116

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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tax services California Tax tax preparation 147

Going Concern

JULY 14, 2023

So the firms are up against the Australian Senate this week, answering uncomfortable questions about their inner workings all because one PwC partner couldn’t keep his mouth shut and blabbed confidential government tax intel back to the firm so PwC could make some money off of it. Deloitte just admitted that yes, yes they did.

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Government Tax audit 98

TaxConnex

JUNE 20, 2023

Almost five years ago, the Supreme Court’s Wayfair decision was heralded as a revenue gateway for almost all states to require remote sellers to collect and remit sales tax. In 2021, the Government Accountability Office estimated nationwide remote sales tax collections to be about $30 billion. We’ll keep you posted.

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South Dakota North Dakota Wisconsin Iowa 246

MyIRSRelief

FEBRUARY 1, 2023

Tax anxiety, TAXIETY, comes in different forms of tax problems such as: What is an IRS audit taxiety? An IRS audit is a review or examination of an individual’s or organization’s tax return to ensure that the information is accurate and that the tax return is being filed in compliance with the tax laws.

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Tax tax return cpas audit 147

Going Concern

FEBRUARY 15, 2023

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. 24 report by Hindenburg that accused it of improper use of offshore tax havens and stock manipulation. Records show it pays INR 32,000 (U.S.

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audit auditor accounting firms Government 116

MyIRSRelief

MARCH 15, 2024

In the bustling city of Whittier, California, individuals and businesses alike face the daunting task of navigating the complex world of taxes. From unfiled tax returns to unpaid back taxes, and from employment 941 payroll issues to the intimidating process of IRS, FTB, EDD, and CDTFA audits, the challenges can seem insurmountable.

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California Tax tax return payroll 130

TaxConnex

DECEMBER 22, 2020

The year’s ongoing pandemic affected almost every aspect of life – including, and in no small way, sales tax, which was already an area that has seen unprecedented change since the Supreme Court’s Wayfair decision in 2018. Even so, sales tax moved forward. Florida, for instance, reported that sales tax collections for July were $165.2

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Sales Tax North Carolina Michigan 147

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.

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Government Finance accounting and finance audit 98

TaxConnex

NOVEMBER 22, 2022

In our blog last week, we looked at how sales and use tax advisory services might be a good new field for CPAs and accounting firms. Another cost-effective approach to adding sales and use tax advisory services: partnering with sales and use tax experts. Compare the state income tax return filings to the state sales tax filings.

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accounting firms Sales Tax tax return 130

CPA Practice

JULY 6, 2023

Technologists Randy Johnston and Brian Tankersley, CPA, discuss models for technology governance. Today we’d like to talk about technology governance. And today’s session on technology governance really got a kind of a boost in my mind. And I think this is a interesting model for technology governance. SPEAKERS Brian F.

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Technology Government audit quickbooks 98

CPA Practice

MAY 18, 2023

A great example of divisions trending toward automation is tax departments and government agencies. Digital journeys for tax teams While many of the processes that tax teams deal with are good candidates for BPR, in some cases tax administration requirements are driving automation and more digital requirements.

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Technology Tax B2C B2B 126