article thumbnail

Half a dozen ways to mismanage sales tax | TaxConnex

TaxConnex

Your system also needs to correctly calculate and account for tax rates at a local level, which can a complication especially in home rule states like Louisiana and Colorado. States frequently introduce new sales tax returns, such as Colorado and Minnesota for their new retail delivery fees.

Sales 264
article thumbnail

Monday Morning Accounting News Brief: Feds Raid PwC; Big 4 Wants to Be Like Grant Thornton!? | 11.4.24

Going Concern

In a letter to auditors on Wednesday, ASIC announced it would soon commence a new data-driven surveillance of auditor independence and conflicts of interest. Some have gone as far as to call for auditors – particularly the “big four” – to be banned from offering consulting services to their audit customers.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

New GASB Members Named

CPA Practice

She is the former Colorado state auditor, having served in that role for 10 years. During her tenure she was recognized for her innovative leadership style and was named one of three “Women to Watch” in the Experienced Leadership category by the Colorado Society of Certified CPAs. Prior to becoming a state auditor, Ms.

article thumbnail

Sales tax and nonprofits

TaxConnex

Location, location, location 501(c)(3) organizations are exempt from sales tax on their purchases in Colorado and in Utah. During a sales tax audit, one of the first requests from the auditor will be for copies of all exemption certificates for any exemptions claimed on sales tax returns. How important are these certificates?

Sales 147
article thumbnail

Friday Footnotes: PwC Is Tops in M&A Advisory; What You Can Do With a MAcc; EY Consolidates in LatAm | 4.28.23

Going Concern

The setback for auditor partners is especially severe when their ICOs are somewhat subjective and when they focus on more important clients, according to the study published last month by academics at the University of Arkansas, Colorado State University and the University of Kansas. There’s one problem.

article thumbnail

How to manage sales tax obligations

TaxConnex

Are they experienced with auditors? If there’s an error, who’s responsible for the penalties and interest? Are they qualified (remember: sales and use tax practitioners usually aren’t regulated)? Will they assist you if you are ever audited? Their software was never designed and set-up to fulfill all aspects of the compliance process.

Sales 130
article thumbnail

Sales Tax Issues for Online Retailers

Withum

Alabama, Alaska, Arizona, Colorado, and Louisiana are “home rule” states which permit the municipalities or counties to govern themselves with certain restrictions. For example, Colorado has 271 municipalities, but only 72 municipalities have opted to self-collect sales tax.

Sales 80