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The Hidden World of Sales Tax Crimes

TaxConnex

Investigators and others say the above happens regularly, especially in a state like New York, where there’s extraordinary wealth and wide distribution of expensive products and services. Auditors might not knock on your door today but could be knocking on the door of one of your vendors.

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Best Practices for Managing a Sales Tax Audit

TaxConnex

Industry observers look for New York, Ohio and New Jersey to soon intensify enforcement. One of your customers undergoing their own audit might produce one of your invoices, resulting in the auditor possibly contacting you for an exemption certificate or other documents. Treat the auditor respectfully.

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Today In Payments: Wirecard Files For Insolvency; New York To Ease Cryptocurrency Regulations

PYMNTS

In today’s top news, Wirecard files for insolvency, and New York proposes easing regulations for cryptocurrency licenses. The decision comes less than a week after auditors disclosed $2.1 New York To Ease Cryptocurrency Regulations. Wirecard Files For Insolvency, Seeks Court Protection.

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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

has entered into an agreement to be acquired by New York-based professional services firm Citrin Cooperman. SEC’s Dropped Auditing Charges Shows Damage of Jarkesy Decision [ Bloomberg Law ] The Securities and Exchange Commission’s recent decision to drop misconduct charges against a handful of auditors proves the SEC v.

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Recent Cases Show You Shouldn't Mess with Sales Tax Obligations

TaxConnex

Just ask Fiorella’s Landscaping in western New York. The case was referred to investigators after an auditor found that the business hadn’t filed quarterly sales tax returns or remitted sales tax collected for that period. The Buffalo, N.Y.-area Pennsylvania collected $2.6 billion in General Fund revenue in October – $365.6

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KPMG faces fresh questions over audits after New York Community turmoil

Accounting Today

New York Community's recent disclosures that it had financial reporting weaknesses in 2023 raises new questions over the auditors' role. The auditing giant KPMG audited the three regional banks that failed last year.

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Friday Footnotes: Higher Salaries Lead to Higher Fees; EY Auditors Quit; Senator Rags on Greedy Accounting Firms | 1.27.23

Going Concern

Big 4 EY auditors escape potential Wirecard sanctions after leaving profession [ Financial Times ] Germany’s audit watchdog closed investigations against four current and former EY auditors involved in inspecting collapsed payments firm Wirecard after they handed back their professional licences and left the profession earlier this month.

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