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.

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MyIRSRelief

MAY 19, 2023

Whether you are a small business owner, self-employed, or an individual taxpayer, you may face tax issues such as tax audits, back taxes, and 941 payroll tax problems. In these situations, seeking professional tax help in New York can make a significant difference in resolving your tax problems and avoiding legal and financial consequences.

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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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Going Concern

APRIL 22, 2024

Industry OG and commentator Gene Marks has written an opinion piece for The Hill about what audits actually are that is less opinion and more brutal fact: Why you should be very skeptical of that auditor’s report. Most of the time, auditors can confidently (and legally) shrug their shoulders and say “not my job.”

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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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MyIRSRelief

JANUARY 7, 2024

Tax audits can be a daunting experience for any taxpayer, and when it comes to the Employment Development Department (EDD) audits, the stakes can be particularly high. An EDD tax audit focuses on ensuring that businesses comply with CA state payroll tax laws, which can be complex and multifaceted.

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CPA Practice

FEBRUARY 23, 2024

Amid technological advancements, the audit professional’s role, characterized by a deep attention to detail, compliance and risk management, is proving to be vital well outside the traditional confines of finance. Audit professionals, who are experts in maintaining regulatory guardrails, stand as the custodians of ethical AI.

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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. For tax purposes, it is the jurisdiction (state, county and city) that has the legal authority to tax a transaction. Misreading your nexus footprint. Situsing complexities.

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TaxConnex

AUGUST 31, 2021

When companies determine on their own (not from a tax authority or audit) that they have historical risk concerning sales tax obligations and exposure, one of the primary options for mitigation is a VDA. A VDA is a legal means for taxpayers to self-report back taxes owed for income, sales, property and other tax types.

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MyIRSRelief

MAY 22, 2023

Chicago, Illinois is home to numerous businesses and individuals who may face tax-related challenges such as tax audits, back taxes, and payroll tax problems. In this article, we will explore the benefits of professional tax help for Chicago taxpayers facing tax audits, back taxes, and 941 payroll tax problems.

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TaxConnex

NOVEMBER 19, 2020

This can include assessments against your business, the levy of any property in the destination state, filing collection suits in court, using collection agents to collect the debt, or using the courts in the home state to enforce a valid legal judgment from the courts in the destination state. What is a VDA?

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TaxConnex

JULY 7, 2022

Costs of collecting the tax, such as software and audits, are the sellers’ responsibility,” the report adds. Among other things, the report says, businesses incurred costs to establish software for expanded multistate tax collection and audit and assessment costs associated with increased exposure to more tax jurisdictions.

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TaxConnex

OCTOBER 28, 2021

Once you add in the threat that you could receive a notice of audit at any moment and it may not be just your company at risk, but you personally (due to responsible party laws ), it can be downright terrifying. A frightening threat. What’s your shield when the sales tax monster comes after you?

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Going Concern

JUNE 13, 2023

Financial Reporting Council chair and stereotypically European named Jan du Plessis has told the Financial Times that audit firms — who regularly complain about the UK audit regulator being up their asses — should pay their junior auditors more. Do a good audit and you don’t get in trouble with us.”

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TaxConnex

JULY 9, 2024

Sales tax compliance has many moving parts, not just in the filing but in everything that goes into making sure you stay on the legal side of the jurisdictions where you have sales tax nexus. Audits Thankfully, you may never go through a sales tax audit. Just remember, a lot can go wrong along the way.

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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.

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TaxConnex

JULY 21, 2022

For tax purposes, situs is the jurisdiction with legal authority to tax a transaction. Taking your customers’ word that they are exempt will not help you during an audit.? Inventory stored in warehouses is another consideration, including consigned inventory stored in Amazon warehouses. Situsing complexities. ?For

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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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Going Concern

MARCH 8, 2024

Deloitte Legal Chief Sees Opportunity in GCs’ Need to Modernize [ Bloomberg Law ] GC = general counsel The new global head of Deloitte’s legal services arm said he’s focused on delivering more integrated consulting to general counsel while acknowledging the Big Four’s entry into legal services has gone slower than many anticipated.

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TaxConnex

FEBRUARY 27, 2024

For respondents, the staffing struggle also meant curtailing business growth (19.23%), more errors in sales tax calculation (17.58%), more frustration from existing staff (21.43%) and, perhaps scariest, a growing lack of confidence in being prepared for an audit (22.53%). What resources will they need to handle this new responsibility?

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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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TaxConnex

JUNE 20, 2023

That revenue wasn’t free – or cheap.

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MyIRSRelief

DECEMBER 13, 2024

Mike partners with CPAs and lawyers to address clients facing tax audits, levies, liens, employment 941 payroll tax controversies, non-filers and unpaid back taxes. Collaborating with Mike offers: Enhanced Services for Clients: Tax audits, levies, and other compliance issues can be time-consuming and require specialized expertise.

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Going Concern

JULY 13, 2023

Concerns over the reputation and legal troubles surrounding the audit firm Marcum LLP have led members of the Chariho School Committee to terminate its contract, moving in a different direction for the first time in 18 years. It may be called The Westerly Sun but this paper is throwing nothing but shade at Marcum.

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Going Concern

SEPTEMBER 22, 2023

Harlow advises clients throughout the supply chain ranging from independent operators to vertically integrated operators in the largest legal cannabis markets in the country. The 2023 Forum on Auditing in the Small Business Environment and on Auditing Broker-Dealers is set for Oct.

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Accounting Today

AUGUST 7, 2024

China Evergrande Group's liquidators have launched court proceedings against PricewaterhouseCoopers LLP, another legal step to recover at least a fraction of creditors' investments from the property giant.

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TaxConnex

SEPTEMBER 24, 2020

But, if you fail to collect and remit the applicable sales tax, under audit a jurisdiction will assess the tax due + a penalty + interest. 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.

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TaxConnex

NOVEMBER 18, 2021

It’s generally better to be proactive in understanding and mitigating your sales tax risk rather than waiting for a jurisdiction to identify you for audit. A VDA is a legal means for taxpayers to self-report back taxes owed for income, sales, property and other tax types. When do your sales tax obligations and liability start?

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Going Concern

JULY 23, 2024

Be aware, audit firms. Exactly what they said was: The PCAOB’s standard-setting agenda includes a research project to assess whether there is a need for guidance, changes to PCAOB standards, or other regulatory actions in light of the increased use of technology-based tools in the preparation and subsequent audit of financial statements.

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TaxConnex

FEBRUARY 24, 2022

It’s much easier in general to spot a financial blemish on a public company because of the added scrutiny of public reporting and independent auditing.?Smaller, Many businesses look to outsource the compliance process to remove the stress – and the legal liability. Smaller, private companies are less scrutinized.

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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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Airbase

MAY 15, 2023

At the same time, because compliance, audit, and security requirements can become more stringent, more information is required to ensure requests to spend company money are compliant. Another department that often needs to be in the transaction flow, especially for larger or customized contracts, is the legal team. Spend type.

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MyIRSRelief

MARCH 29, 2024

From business tax preparation to dealing with unpaid back taxes and navigating complex audits, the tax landscape can be daunting. The goal is to optimize a business’s tax position, reducing liabilities while adhering to legal requirements. Professional audit representation can be invaluable in such situations.

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TaxConnex

MARCH 21, 2024

It did, but the South Carolina Department of Revenue later audited Amazon and found that it had failed to adequately tax sales by third-party merchants. After initial incentives from South Carolina for an Amazon investment in fulfillment centers 13 years ago, the company was to have begun collecting South Carolina sales tax in 2016.

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TaxConnex

NOVEMBER 23, 2021

The dilemma was that states had to work within a legal framework whereby a state could only require a remote seller to collect sales tax if they had a physical presence in their state. Managing sales tax audits and responding to nexus questionnaires issued by the jurisdictions.

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CPA Practice

SEPTEMBER 10, 2024

Nearly three weeks after approving a batch of new Public Company Accounting Oversight Board (PCAOB) auditing standards , the Securities and Exchange Commission (SEC) on Sept. 9 OK’d another new rule from the audit regulator, this time on quality control. The SEC approved the quality control standard by a 3-2 vote.

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MyIRSRelief

OCTOBER 3, 2022

Investors may use this method if they are trying to reduce tax liabilities in a legal manner. This can save you from legal liabilities. Some taxpayers may experience trouble with the IRS if they have unpaid back taxes, unfiled tax returns, tax debt, or IRS/state tax audits. Provide support for a tax audit.

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