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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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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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What’s new in sales tax?

TaxConnex

Auditors slapped Amazon with some $12.5 The New York Tax Appeals Tribunal has affirmed an Administrative Law Judge’s ruling that there was no legal basis for a taxpayer to claim a credit for sales tax refunded at the end of a lease because the statute required that tax be paid at the beginning of the lease term.

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Don't Test Your Luck with Non-Compliance

TaxConnex

Among larger states, California and New York ha ve intensified efforts to enforce present, future and past compliance with sales tax regulations. One of your customer s undergoing its own sales tax audit might produce one of your invoices, resulting in the auditor possibly contacting you. Two out of three respondents have?

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Friday Footnotes: Disengaged Team? Do This; Deloitte’s Huge India Expansion; Auditors Yelled At…Again | 3.24.23

Going Concern

Stanton was licensed as a certified public accountant in New York in 1988 and had previously run his own firm. Auditors have done so too. Adler, ditched by its auditor KPMG last year after the Big Four firm issued a disclaimer opinion for the 2021 results, has so far been unsuccessful in its search for a replacement.

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