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Here’s Why Maryland Paid the IRS $5.4 Million in Taxes

CPA Practice

State Comptroller Brooke Lierman, a Democrat, said during the meeting Wednesday that her agency “looked back as far as 30 years” and could not identify another time the IRS audited the state. “It It might be the first time the state has ever been audited,” Lierman said. Wes Moore and State Treasurer Dereck E.

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401(k) Audit CPA Success Show Podcast: Final Year-End Preparations for 401(k) Plan Sponsors

Anders CPA

Key Steps for Audit Preparation. If your organization’s 401(k) plan has never been audited, follow the 80/120 rule. If you currently have between 80 and 120 participants; it may be time to prepare for your first audit. Request a 401(k) Audit Consultation.

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Opinion: The IRS Shows What Government Efficiency Really Looks Like

CPA Practice

Audits for the top 0.1% Second, the average doesn’t consider the effect on tax collection in the years following an audit. When examining the tax returns of households that had been audited, tax receipts were higher in the following 14 years for which they have data. on the dollar.

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Why Microsoft’s $29 Billion Tax Bill Could Be the Big Knockout Punch in Fight with the IRS

CPA Practice

By Clint Rainey, Fast Company (TNS) Way back in 2012, the IRS launched the largest-ever audit in history, accusing Microsoft of stashing billions in offshore tax havens to dodge U.S. Former CEO Steve Ballmer got summoned.

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When You Need to Hire a Pro: Online Accounting Service for Small Business

xendoo

With approvals and funding of Payroll Protection Program (PPP ) loans ongoing, there will be key accounting considerations that a CPA or accountant can make sure you’re aware of, so you can continue to navigate the changes and make smart decisions for your business. When you have been audited.

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

ThomsonReuters

Auditors also examine the depreciation schedule to determine if any sales or purchases of fixed assets occurred during the audit period. If your business has been selected for an audit, consider using a specialist, such as a CPA, a sales tax expert, or a tax professional who specializes in state and local taxes (SALT).

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More Businesses Are Turning to Automation to Manage Tax on Purchases

CPA Practice

Nearly a third (32%) of respondents also indicated that audit risks are high, especially when managing consumer use obligations. Of the 40% of respondents who revealed that their business has been audited within the past three years, 63% said consumer use tax was a substantial part of the audit process.