TaxConnex

FEBRUARY 3, 2022

Sales tax has evolved a lot in recent years. So has the sales tax audit. Examiners can still show up and go over your books in person, and tax agencies will still send audit notices via snail mail. Many events can ignite a sales tax audit. And why not? What if you get flagged?

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audit Sales Tax auditor 245

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.

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audit Sales Tax auditor 244

ThomsonReuters

DECEMBER 10, 2024

Blog home As artificial intelligence continues to rapidly evolve , a new concept is emerging that tax and accounting professionals need to be aware of: agentic AI. For tax and accounting firms, agentic AI has the potential to dramatically transform workflows, client services, and the nature of professional work itself. Jump to 1.

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MyIRSRelief

APRIL 11, 2025

However, amidst the hustle and bustle, tax issues can arise, creating stress and financial strain for taxpayers. Whether its unfiled tax returns, back tax debt, 941 payroll tax issues, IRS levies, garnishments, or audits, these challenges can feel overwhelming. Thats where Mike Habib, EA, comes in.

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payroll tax Tax tax return payroll 130

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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TaxConnex

SEPTEMBER 2, 2021

Managing a sales and use tax audit can be challenging. First, you should always anticipate an audit – even if you’ve never been audited before. While they are definitely becoming more frequent as states try to crack down on economic nexus laws, rarely are you given advanced notice as to when an audit will occur.

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audit Sales auditor Tax 243

TaxConnex

SEPTEMBER 15, 2022

If you are a business that must collect and remit sales tax, an audit is probably one of your biggest fears. Rightly so: Sales tax audits can find fault with a variety of your operations and can cost you big– if the determination goes against you. Not expecting an audit. Why would you get tagged for audit?

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audit Sales Tax auditor 242

TaxConnex

SEPTEMBER 20, 2022

The sales tax audit can be one of the scariest – and costliest -- things an online business ever goes through. If you do get hit with an audit, it’s critical to handle the process correctly. Last time we looked at mistakes companies make leading up to an audit (Check out part 1 here). Not keeping your cool.

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audit Sales auditor Tax 246

TaxConnex

JULY 23, 2024

The nature of sales tax audits has changed over the last several years, post-Wayfair. Prior to Wayfair, a significant component of sales tax audits was focused on use tax. Specifically, tax due on purchases that were not charged since the vendor did not have nexus in the state of the sale.

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audit auditor Sales Tax 264

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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TaxConnex

APRIL 17, 2025

Last time we looked at the damage that one companys past sales tax exposure and liability can do to an M&A deal. Companies must register for sales tax companies in states where they have nexus and adhere to that states filing frequency requirements. In that part, well examine what can be done about this exposure. Registering.

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Sales Tax Illinois audit 147

TaxConnex

APRIL 28, 2022

Usually, you learn about an audit through a notice or letter from the state or jurisdiction in question with instructions on how the audit will proceed. Many audits are conducted remotely, and an auditor never visits your office. Fear and perception of audits are as tangible as the real examinations. Fear and loathing.

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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. Without sales tax nexus, you have no obligation to collect or remit sales tax.).

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audit auditor general ledger Non-Profits 262

RogerRossmeisl

MAY 16, 2022

Specifically, you should carefully record your expenses in order to claim all of the tax deductions to which you’re entitled. And you want to make sure you can defend the amounts reported on your tax returns in case you’re ever audited by the IRS. Be aware that there’s no one way to keep business records. Here are two.

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audit Tax tax return CPA 246

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?

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audit Tax auditor tax planning 95

TaxConnex

OCTOBER 15, 2024

Income tax often seems to grab most of the headlines, but sales tax can make for a hefty crime – and punishment – too. A famous case recently examined in the TaxConnex podcast It Depends episode, “Sales Tax Crimes - Pt. States are watching For Kozlowski, the sales tax matter was a $3.2

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Sales New Hampshire Tax income tax 203

RogerRossmeisl

APRIL 24, 2024

As reported in IR-2024-46 Using Inflation Reduction Act funding and as part of ongoing efforts to improve tax compliance in high-income categories, the Internal Revenue Service announced on 2/21/24 plans to begin dozens of audits on business aircraft involving personal use.

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Going Concern

APRIL 11, 2025

In it, they share some salaries for the 114 placements they made in 2024 including the position and city, like a tax manager in San Francisco getting $145,000 at a mid-size firm and an audit senior in Los Angeles working for $95,000 at a top 25 firm. Don’t you just adore this profession? Again, you can read it yourself here.

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audit cpa firm Tax CPA 91

RogerRossmeisl

AUGUST 3, 2021

The IRS just released its audit statistics for the 2020 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage of returns are being chosen for audit these days, that will be little consolation if yours is one of them. of individual tax returns were audited in 2020.

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audit tax return CPA Tax 246

RogerRossmeisl

JUNE 26, 2022

On 6/1/22, the IRS made available an update to the “Cost Segregation Audit Techniques Guide” (Publication 5653). Originally issued in 2004, the purpose of the Audit Techniques Guide (ATG) was to offer guidance to IRS auditors auditing cost segregation studies.

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audit auditor CPA Tax 246

TaxConnex

JANUARY 30, 2025

AI and automation are all the rage, but does it have a place in your sales tax compliance process? Businesses need a way to calculate the correct sales tax to charge in states where they have a sales tax obligation, and for this, automation can be a great solution. If so, where?

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Sales Tax E-commerce Ohio 147

MyIRSRelief

OCTOBER 11, 2024

Enrolled Agent: Comprehensive Tax Services for Individuals and Businesses When it comes to managing your taxes, finding a qualified and reliable tax professional is crucial. An Enrolled Agent (EA) is a federally-authorized tax practitioner who has technical expertise in the field of taxation and is empowered by the U.S.

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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.

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audit tax return CPA Tax 238

TaxConnex

MAY 28, 2024

Managing your sales and use tax process can be difficult for businesses of all sizes and industries. Unlike most countries, there isn't a nationwide sales tax. This blog will examine 5 common situations businesses face that could expose you to sales tax risk so you can be sure to remain compliant. Change of Staff.

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CPA Practice

NOVEMBER 12, 2024

Learn how Avalara integrates seamlessly with your existing tech stack, saving time, reducing costly errors, and hear firsthand from a firm that has supported clients through their tax compliance journey. Prior to Acuity, Kenji was CFO of an Inc 5000 tech company and worked in the audit practice at Arthur Andersen.

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Technology Sales Indiana Tax 126

CPA Practice

NOVEMBER 11, 2024

What you’ll learn: Automating sales tax returns: Simplify calculations, preparation, and filing for even the most complex tax environments. Reducing audit risks and penalties: Discover how automation ensures accuracy, minimizes late fees, and streamlines notice management. We live and breathe sales tax and license compliance.

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Tax Indiana Technology CPA 116

ThomsonReuters

MARCH 3, 2025

While advanced tax technology and automation are nothing new for most accounting firms, the introduction of agentic AI is redefining what classifies as a mundane task. For years, automation has eliminated the need for tax professionals to spend their days steeped in manual data entry, searching for blank fields or numbers that dont add up.

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MyIRSRelief

FEBRUARY 21, 2025

Running a business in Los Angeles comes with its fair share of challenges, and one of the most daunting can be navigating the complexities of Californias Employment Development Department (EDD) payroll tax requirements. For business taxpayers facing EDD employment payroll tax controversies, the stakes are high.

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payroll tax payroll Tax audit 130

MyIRSRelief

DECEMBER 27, 2024

When the IRS decides to audit your tax returns, the experience can be daunting and stressful. Having professional representation can make a world of difference in navigating the complexities of an audit. Contact us today for case evaluation at 1-877-78-TAXES [1-877-788-2937].

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CPA Practice

NOVEMBER 4, 2024

million to the Internal Revenue Service after a rare IRS audit of the state found it owed millions of dollars in taxes in 2020. Smith School of Business, told The Baltimore Sun he wasn’t surprised to see the IRS conduct a payroll audit, even if he wasn’t sure how often the agency examines state governments. It’s annoying.

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Maryland Tax audit payroll 111

TaxConnex

DECEMBER 12, 2023

But not for sales tax liability, where most states still maintain strong responsible party laws. And they can come as a real shock: CEOs, CFOs, directors and other execs can be held personally responsible for sales tax shortfalls. That’s true for many of the fiscal messes that can befall a company. How do they know who’s responsible?

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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. Billing systems You charge the customers sales tax for online purchases, they pay and you remit the money to the tax jurisdictions.

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Sales Tax Colorado tax return 264

TaxConnex

JANUARY 23, 2025

A new construction project, a renovation or expansion of a property, ongoing management of a property: All these and more can come with a ton of sales tax nuances. Particularly for those construction companies with projects beyond the borders of their home state, where they may have done well with sales tax compliance for many years.

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Sales North Carolina Tax Construction 147

TaxConnex

FEBRUARY 15, 2024

There’s always something changing in the world of tax, especially sales tax. B&O responsibility: A Washington State appellate court has found two sellers responsible for sales tax and business and occupation (B&O) tax on sales made through Amazon’s Fulfillment by Amazon (FBA) program. No refund, stat!:

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Sales Tax Illinois Washington 263

Withum

DECEMBER 18, 2024

Finance teams planning for their year-end financial statement audit have an even longer list of things to think about at the end of the year, including income statements, balance sheets, and, finally, the income tax provisions and disclosures that must be presented in the financial statements.

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Tax auditor financial statements income tax 122

RogerRossmeisl

APRIL 28, 2024

Specifically, you should carefully record expenses to claim all the tax deductions to which you’re entitled. And you want to make sure you can defend the amounts reported on your tax returns in case you’re ever audited by the IRS. But there are strict rules when it comes to deducting legitimate expenses for tax purposes.

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audit tax return CPA Tax 197