SMBAccountant

NOVEMBER 17, 2021

Almost every business has some sort of payroll to pay their employees. Payroll can become much more complicated than some assume and it often has a substantial impact on financial results. This typically happens in at least 2 withdrawals; net pay and payroll taxes. They review the financial statements as part of the audits.

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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. The EDD is responsible for administering unemployment and disability insurance, payroll tax collection, and job training/workforce services in California.

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PYMNTS

APRIL 29, 2020

Businesses that borrow money through the federal Paycheck Protection Program (PPP) can expect to be audited before the loans are forgiven, Treasury Secretary Steven Mnuchin told The Wall Street Journal. But Tuesday night, Mnuchin told the paper all loans will be audited.

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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. All payrolls are allocated to the appropriate class as are all other expenses both transactions and monthly accruals.

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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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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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Patriot Software

SEPTEMBER 7, 2022

Running payroll accurately is arguably one of your most critical employer responsibilities. But even if you use a reliable payroll processing system, there’s room for user error. You might input numbers incorrectly, forget to add an employee’s pay raise, or fail to remove a terminated employee from your payroll.

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Xero

AUGUST 22, 2022

This week, one of our most highly requested product updates will be going live in Xero Payroll: payroll history. You’ll now have an easy-to-access audit trail of changes made within Xero by a small business owner, advisor or app partner. What exactly is payroll history? When will payroll history be available? .

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CPA Practice

JANUARY 17, 2023

In 2021, 67% of accounting firms reported they offered payroll services to their clients. Accounting firms today know offering client payroll services can lead to significant revenue growth for their practice. Offering payroll can lead to an immense value add for your clients while boosting revenue and profits for your firm.

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MyIRSRelief

JANUARY 3, 2025

Understanding and managing payroll taxes, particularly through Form 941, is a critical but often misunderstood part of running a business. Trust Fund Recovery Penalty: This penalty can hold individuals responsible for unpaid payroll taxes personally liable. The accumulated penalties seemed insurmountable.

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CPA Practice

OCTOBER 22, 2024

Grant Thornton, a provider of end-to-end audit, assurance, tax and advisory services, has appointed Greg Davis to lead the firm’s Workday practice. Grant Thornton has also enhanced its Workday leadership team with the addition of Andrew (Drew) Houts, who joins the firm with nearly a decade of Workday ecosystem leadership experience.

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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). Cannabis businesses should maintain detailed records of all transactions, including sales, purchases, payroll, and other expenses.

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ThomsonReuters

APRIL 18, 2023

For business owners, payroll is complex and often their greatest expense. For accounting professionals, payroll services have long been viewed as a time-consuming, high-risk loss leader. Payroll errors are certainly a real concern, but with the right tools and resources in place, payroll services can be a growth opportunity for firms.

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CPA Practice

OCTOBER 31, 2023

used in the hiring process under Title VII of the Civil Rights Act of 1964 (see Payroll Guide ¶20,450 ). Recently, Checkpoint Payroll Update spoke with John L. Checkpoint Payroll Update: You work a bit with clients regarding a variety of workplace matters. This article first appeared on the Thomson Reuters blog.

Legal 116

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Withum

FEBRUARY 8, 2023

We’ve written about IRS audits rolling out last July, and the IRS followed up our article with a warning to taxpayers regarding third-party promotion of improper ERC claims. An IRS audit can be scary, but this is especially true with ERC audits. How Do I Know I’m Being Audited?

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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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Airbase

JANUARY 31, 2023

Kelly Hicks and Robin Sharma share advice after Airbase successfully completes its first external audit. Few milestones in a company’s lifecycle demand a more focused response from finance and accounting than the first external audit. When is the right time for a company’s first audit? The lead-up: Choosing auditors and timing.

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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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SMBAccountant

JULY 14, 2020

Additionally, accrual accounting often requires manual journal entries to properly account for depreciation, payroll and vacation accrual, prepaid expenses, and several others. If a company is audited in the middle of the year, a panic ensues to get the books in order and reconciled to an accrual basis. For example: Doe Co.

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Basis 365

DECEMBER 28, 2022

Small business owners can use payroll services to manage their tax filings and pay their payroll. However, outsourcing to a third-party payroll service provider is better than trying to handle payroll as you grow. These ten questions will help you choose the right payroll service provider.

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Acterys

NOVEMBER 26, 2024

But one of the major challenges HR teams face when working on pay equity is that pay data is often scattered across multiple systems, such as HRIS, payroll, CRM, and project management tools. Furthermore, HR doesn’t always own all the data needed for a comprehensive audit, adding another layer of complexity.

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MyIRSRelief

MARCH 15, 2024

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. Whether it’s unfiled returns, unpaid taxes, payroll issues, or audit concerns, prompt action is key to finding a resolution.

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Going Concern

JULY 25, 2022

million after the firm admitted to providing false and misleading information to its regulator during spot checks on audits of construction firm Carillion and outsourcing firm Regenersis. Updating the EY payroll drama with some new info. KPMG fined £14.4 Deloitte Guam is closing its doors. And here are your anti-stress jellies.

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Withum

JANUARY 20, 2025

Audit issues include reclassification of workers from independent contractor to employee; an individual receiving both a Form W-2 and Form 1099 in the same calendar year; incorrect employment tax forms preparation; the failure to issue Forms 1099; and general non-compliance with Form W-9 record-keeping.

Healthcare 78

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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. Employment 941 Payroll Problems Employment 941 payroll problems, such as errors in payroll tax filings, can result in penalties and interest.

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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? IRS tax audit process.

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TaxConnex

SEPTEMBER 24, 2024

Businesses that use SST-certified software and who qualify as an SST volunteer seller can also avoid various fees for registration, calculation and filing in member states, as well as a degree of protection from audits.

Sales 203

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Patriot Software

SEPTEMBER 7, 2022

Conducting regular pay audits can help you pay your employees fairly. Find out why you might conduct a pay audit and how to do so. Why you might conduct a pay audit A pay audit lets you identify pay disparities among your workers.

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MyIRSRelief

JANUARY 2, 2023

Owing back taxes: If you owe back taxes , personal income tax, corporate income tax, or employment 941 payroll tax, the IRS may take enforcement action, such as placing a lien on your property or garnishing your wages and levying your bank accounts. IRS Audit is a review of your tax return to ensure that the information reported is accurate.

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MyIRSRelief

JULY 12, 2021

Employment 941 / 940 Payroll Tax Problems. Employment 941 /940 payroll tax problems are very common however the IRS is very aggressive when it comes to unpaid payroll tax collections. You will need to include the following on your payroll: Federal income tax. IRS, FTB, EDD, CDTFA Audits. Medicare tax.

Tax 147

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MyIRSRelief

APRIL 22, 2024

Navigating tax issues can be daunting, especially when facing audits, unpaid taxes, or payroll problems. What is Audit Representation and How Can It Help Me in Corona, CA? Compliance Assurance: Ensures that your rights are protected and that the audit process adheres to the law 2.

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SkagitCountyTaxServices

DECEMBER 7, 2023

Another of those areas is payroll reconciliation. There are a number of items to pay special attention to this month to help you prepare to run year-end payroll. I’ve got a payroll reconciliation list for you. First, there is some information to verify for your year-end payroll reconciliation process.

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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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MyIRSRelief

AUGUST 1, 2023

Recordkeeping and Documentation: Maintaining accurate records of mileage, fuel purchases, expenses, and other relevant financial data can be a daunting task for trucking companies, leaving them vulnerable to audits and penalties. Misclassifying drivers can lead to significant payroll tax issues, penalties, and even legal disputes.

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CPA Practice

APRIL 17, 2023

2%) ————– – Sales & Use Tax Exemption Certificate Management Insight : One of the highest sales tax audit risks (after non-compliance) involves management of exemption certificates. Voters were allowed to select more than one, so totals exceed 100%. Although a small niche, about 10% of our voters had a preference in this category.

quickbooks 130

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MyIRSRelief

DECEMBER 2, 2024

For many small business owners, managing the books can be time-consuming and complex, especially when juggling payroll, tax preparation, and other essential financial tasks. This expertise can be especially valuable during tax season or audits, where precision is critical.

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Going Concern

OCTOBER 10, 2024

Sign up now to find your next hire. Drop your information here , and we’ll reach out to schedule a call to discuss how Accountingfly can work for you.

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