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Friday Footnotes: The Profession’s Ethics Dilemma; Co-Pilot Called Out in Court For Calculations; Audit Uncovers File Called ‘Twilight Zone’ | 10.18.24

Going Concern

Why ‘Trust’ in Data is Even More Important in an Era of Global Taxes [ PwC ] We are in a time of unprecedented change in the global tax and compliance landscape — exemplified by the OECD’s Pillar Two. They’ve already sifted out the riff-raff, these are the good ones.

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The corporate tax department business case: Making the final tax technology pitch

ThomsonReuters

For corporate tax departments, making the tax technology pitch for an automated solution is a relatively simple one. 1—It will save money by: reducing tax errors and over-payments. errors and violations associated with out-of-date tax rates and codes. making the department’s overall operations more efficient.

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Companies Undertake More Aggressive Tax Positions When IRS Budget is Cut

CPA Practice

“Specifically, we wanted to see if companies were more comfortable with aggressive tax strategies when they think the IRS has fewer resources to engage in audits.” We took a different approach and looked at corporate decisions in the context of publicly available data on the IRS’s forecast budget,” she added.

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Struggle to Retain and Attract Finance and Tax Talent is Peaking, EY Says

CPA Practice

The accounting talent shortage is now at a crisis level within the tax and finance functions, as 70% of CFOs and corporate tax executives say they’re feeling the impact of fewer accountants entering the profession while senior cohorts retire, according to the 2024 EY Tax and Finance Operations Survey. In the U.S.,

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What triggers a sales tax audit and how do you reduce the risks?

ThomsonReuters

What is a sales tax audit? A sales tax audit determines whether a business has collected and paid the correct amount of sales tax owed to the state for taxable transactions. Auditors examine financial documents and compare total sales revenue with sales that resulted in the collection of sales tax.

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Unlocking efficiency: The impact of AI on tax compliance and reporting

ThomsonReuters

In the corporate tax space, just as the regulatory compliance landscape becomes more challenging and reporting requirements become more demanding, technology is advancing rapidly to crunch vast amounts of data in no time and streamline labor-intensive processes. AI is adept at supporting both.

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Cohen & Co. to Move Into Buffalo After Acquiring CPA and Consulting Firms

CPA Practice

Founded in 2001 by Managing Partner Dennis Szymkowiak, the firm bearing his name focuses on tax, assurance, and advisory services for closely held and private equity-owned companies, high-net-worth individuals, and family offices. The firm also provides outsourced corporate tax and accounting advisory services.

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