ThomsonReuters

DECEMBER 10, 2024

Predictive AI Predictive AI, which many firms already use, focuses on analyzing historical data to make forecasts and inform decisions. Access and integrate multiple data source: Agentic AI can pull information from various databases, tax codes, and real-time financial data to inform its actions. Read full press release 3.

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ThomsonReuters

DECEMBER 10, 2024

Predictive AI Predictive AI, which many firms already use, focuses on analyzing historical data to make forecasts and inform decisions. Access and integrate multiple data source: Agentic AI can pull information from various databases, tax codes, and real-time financial data to inform its actions. Read full press release 3.

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audit Tax Technology tax return 97

TaxConnex

NOVEMBER 29, 2022

that the likelihood of your business being audited is low, but that likelihood has been increasing in recent years. more than one in four (26.7%) top finance professionals reported seeing an increase in state sales tax audits in the past two years. You received a sales tax audit notice from a jurisdiction. Data shows?that

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TaxConnex

DECEMBER 23, 2021

If you and your company haven’t been hit with a sales tax audit yet, congrats. In TaxConnex’s recent market survey more than one in four (26.7%) top finance professionals in a variety of industries report seeing an increase in state sales tax audits in the past two years. Sales Tax Audit Triggers. Sales Tax Audit Triggers.

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TaxConnex

MAY 18, 2021

sales tax audits ?were sales tax audits to become more common over the next two years. of respondents said they believe audit levels?will already seen an increase in the number of audits in the past two years. ramping up audits remains?anecdotal,?but How does a business get selected for an audit? anecdotal,?but

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Going Concern

JANUARY 9, 2025

Training Hours for Audit Personnel. Experience of Audit Personnel. Average years of career experience of senior professionals in key industries audited by the firm at the firm level and the audited companys primary industry at the engagement level. Retention of Audit Personnel (firm-level only). across the firm.

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CTP

DECEMBER 2, 2024

Despite your best efforts as a tax planner, your client may still end up facing an audit. Since some audits are randomly chosen, this is an unavoidable reality for those of us in the tax field. The question is: what is our role when it comes to supporting our clients through an audit? Where do our responsibilities begin and end?

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Withum

FEBRUARY 13, 2025

New York plans to align with the federal centralized partnership audit regime as part of Governor Kathy Hochuls fiscal year 2026 budget. The IRS’s centralized partnership audit regime (CPAR), established by the Bipartisan Budget Act of 2015, streamlines the audit process for partnerships.

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MyIRSRelief

DECEMBER 27, 2024

When the IRS decides to audit your tax returns, the experience can be daunting and stressful. An IRS tax audit is essentially a review of an individual’s or organization’s accounts and financial information to ensure information is reported correctly according to the tax laws and to verify the reported amount of tax is accurate.

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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. Organize your information. Read the notice.

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audit Sales Tax auditor 147

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. Yet salaries and audit fees are often well below those offered in the private sector, the report found.

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MyIRSRelief

OCTOBER 11, 2024

Department of the Treasury to represent taxpayers before the Internal Revenue Service (IRS) for tax issues including audits, collections, and appeals. Here’s a detailed look at what personal tax preparation entails: Gathering Financial Information: The first step in personal tax preparation is gathering all necessary financial documents.

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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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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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Withum

MARCH 6, 2025

It is never too early for plan sponsors to start thinking about the organizations employee benefit plan audit. Generally, audits cant begin until the spring, when the recordkeepers have provided the audit package, which includes a collection of reports detailing the plan’s operations for the year.

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Going Concern

OCTOBER 18, 2024

Some complaints that were not entered into a case management system were found by Division of Human Rights officials “in a filing cabinet labeled the ‘Twilight Zone,’ where some cases labeled ‘defective’ were filed, meaning they required more information and were not being investigated further,” the comptroller’s office said.

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CPA Practice

DECEMBER 11, 2024

Wolters Kluwer, a provider of professional information, software solutions, and services, has announced two significant enhancements to its TeamMate+ audit management platform: Multi-Year Audit Planning and the Business Rules Engine. This new functionality enables audit teams to ensure data integrity throughout the audit cycle.

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CTP

JANUARY 15, 2025

Just the mention of the word audit can strike fear into a taxpayers heartbut with enough preparation, an audit does not have to be a reason for anxiety. Each year, a number of audits are randomly chosen by the IRS, so the possibility of being audited is unavoidable even if your tax return has been filled out perfectly.

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Withum

DECEMBER 20, 2024

The team recognized the need for external support and a more streamlined solution to avoid potential audit issues and ensure financial accuracy. The results of the engagement included: Improved accuracy and compliance, reducing the risk of potential audit issues.

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ThomsonReuters

MARCH 17, 2025

Blog home With regulatory bodies intensifying their focus on audit quality , todays audit professionals face a growing level of scrutiny around their work. To adapt to an industry in flux, audit professionals must harness modern solutions that offer robust documentation frameworks, advanced technology, and proven audit methodology.

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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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Accounting Insight

NOVEMBER 25, 2024

Collaboration accelerates audit process enhancements and boosts efficiency for firms Caseware , a global leader in cloud and AI-enabled audit, financial reporting, and data analytics solutions, has announced a strategic partnership with Validis, a leading accounting data extraction and standardization tool.

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MyIRSRelief

JUNE 28, 2024

Tax audits can be a daunting experience for any taxpayer. The California Franchise Tax Board (FTB) conducts audits to ensure compliance with state tax laws and to verify the accuracy of tax returns. Understanding the audit process and knowing your rights can significantly ease the stress associated with an audit.

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ThomsonReuters

MARCH 3, 2025

Agentic AI in action: Practical use cases for accountants Unlike traditional AI, which is typically reactive and limited to predefined tasks (such as rule-based automation or predictive analytics ), agentic AI can dynamically adapt to changing circumstances, proactively seek information, and refine its outputs without constant human intervention.

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SchoolofBookkeeping

APRIL 3, 2025

When it comes to managing your accounting system, the Audit Log in QuickBooks Online (QBO) is the unsung hero you didn’t know you needed. What is the Audit Log? The Audit Log in QBO is your backstage pass to understanding all the changes made in your accounting system. Why is the Audit Log Important?

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TaxConnex

MAY 28, 2024

For more information on the taxability of SaaS, check out our SaaS map. Audit Notices. This one is not very surprising, as the purpose of an audit is to actually find noncompliance and rectify it. That being said an audit can uncover previous non-compliance that needs to be rectified.

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CPA Practice

NOVEMBER 12, 2024

Prior to Acuity, Kenji was CFO of an Inc 5000 tech company and worked in the audit practice at Arthur Andersen. This FREE online webinar is a continuation of CPA Practice Advisor ’s mission to provide unbiased, independent information on technologies available to practicing public accountants and tax professionals.

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Going Concern

JANUARY 3, 2025

The new platform of roughly 12,000 professionals will include a united Trans-Atlantic advisory and tax practice, as well as independent audit practices. Once we have that information, we will send letters to those individuals with instructions on how to access free credit monitoring,” the statement said.

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Summit CPA

OCTOBER 10, 2024

The majority of returns with incorrect information are due to mistakes rather that fraud. Information concealed during an audit. It’s stressful enough just going through a tax audit. Do not withhold information from an auditor intentionally. Hiding information from an auditor may create a fraudulent situation.

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CPA Practice

NOVEMBER 11, 2024

Reducing audit risks and penalties: Discover how automation ensures accuracy, minimizes late fees, and streamlines notice management. Enhancing client service: Improve accuracy, reduce risks, and offer audit protection to your clients. Gail is a member of the AICPA’s PFS Credential Committee.

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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.

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CPA Practice

DECEMBER 9, 2024

Staff report The latest edition of the Public Company Accounting Oversight Board (PCAOB) Audit Focus series provides staff insights for auditors on audit committee communications. The new series of PCAOB staff guidance is intended to provide easy-to-digest information to auditors, especially those who audit smaller public companies.

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CPA Practice

AUGUST 12, 2024

Luckily, companies with internal audit resources already have in place a valuable contributor to ensuring ESG success. Our ESG Solutions Practice recently spoke on the role of internal audit in ESG strategy. These were the key roles and use cases for internal audit resources in an ESG strategy.

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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 115

ThomsonReuters

DECEMBER 19, 2024

Blog home As audit firms prepare for the upcoming season, peer review challenges remain at the forefront. Changes in standards, increased regulatory scrutiny, and advancements in audit technologies are shaping the landscape and leaving firms wondering how they can stay ahead.

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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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Acterys

FEBRUARY 11, 2025

Data Governance: Use role-based access controls, version tracking, and audit trails to ensure data integrity while maintaining transparency. This real-time synchronization ensures that your reports and dashboards always display the most up-to-date information. Approval workflows to validate changes and maintain a clear audit trail.

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