RogerRossmeisl

MARCH 14, 2021

Plan early to engage a fraud expert to review financial statements and other documents for signs that you could be dealing with a dishonest seller. These include excess inventory, a large number of write-offs, an unusually high number of voided discounts for returns, insufficient documentation of sales.

financial statements 238

financial statements CPA Sales 238

TaxConnex

MARCH 30, 2021

Stay on top of this correspondence and keep documentation of everything in order to not be at risk of penalties and fees. Audit Paper Trail: Once a tax return is filed, there must be documentation to support the reported tax liabilities in case the return is audited. The documentation should also include proof of?your

tax return 246

tax return Sales Tax audit 246

TaxConnex

SEPTEMBER 2, 2021

Many companies’ documentation is poorly organized and hard for an auditor to interpret. Documentation typically required by an auditor can include invoices, exemption certificates , summary reports, tax returns, and more. Missing documentation complicates an audit and may cause penalties that you may not actually owe.

audit 243

audit Sales auditor Tax 243

TaxConnex

APRIL 28, 2022

“Rather than meeting in person with an audit committee, for example, an external auditor might use Zoom … Other audit processes, like reviewing financial reports, might require sharing documents more online rather than looking at physical printouts.”. Documentation should be well-organized and easy to interpret by an auditor.?Missing

audit 245

audit auditor general ledger Minnesota 245

TaxConnex

MAY 20, 2021

Gather your documentation – This includes the tax calendar, registration numbers, filing and payment requirements, and logins and passwords. Have a plan in place to get copies of this documentation. Making the transition to a new sales tax outsourcing provider is much simpler than you’d imagine. Be clear on the end date.

South Dakota 246

South Dakota Sales Tax tax return 246

RogerRossmeisl

JANUARY 19, 2022

Paper evidence is generally easy Handling paper documents is relatively easy as long as you approach the task with care. Place any hard documents related to the possible fraud in a secure location. But before these professionals arrive on the scene, you may need to collect and secure evidence. The fewer people who touch it, the better.

forensic accounting 221

forensic accounting CPA Account accountant 221

SMBAccountant

NOVEMBER 4, 2020

The core of a total quality management is to say what you do, do what you say, and have documentation to back it up. If inconsistencies are found, corrective actions should be documented, policies updated and distributed and verified later that the results were effective.

Government 246

Government accounted accountant Account 246

SMBAccountant

DECEMBER 16, 2020

These costs should be well documented and should follow an organized method of research with recognized goals. Ensuring costs are recorded and documented properly will alleviate potential future issues. R&D work that is paid by the company is recorded differently. There are some exceptions to this accounting treatment.

Government 246

Government accounted accountant Account 246

RogerRossmeisl

SEPTEMBER 9, 2024

Governing documents A partnership is governed by a partnership agreement, which specifies the rights and obligations of the entity and its partners. These governing documents should address certain tax-related issues. These governing documents should address certain tax-related issues.

income tax 182

income tax Government CPA Tax 182

TaxConnex

DECEMBER 23, 2021

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. Missing documentation complicates an audit and may cause penalties that you may not actually owe. Get to work on this first and fast.

audit 244

audit Sales Tax auditor 244

TaxConnex

AUGUST 20, 2024

To qualify for the exemption, the contractor is required to obtain and present to the vendor some form of documentation from the government or nonprofit entity substantiating the exempt use of the tangible personal property being purchased by the contractor. The form of documentation varies by state.

Sales 264

Sales Tax Construction Education 264

TaxConnex

NOVEMBER 9, 2021

Once a return is filed, some form of documentation must support the reported tax liabilities in case the return is audited. This documentation must easily show a trail from the core business transactions – customer invoices or vendor invoices, for instance – to the lines on the tax returns. Audit work papers.

Sales 246

Sales Tax general ledger tax return 246

TaxConnex

SEPTEMBER 15, 2022

Once hit by an audit notice, companies often fail to immediately assess their sales tax records and documentation – which in some companies is poorly organized and hard for an auditor to interpret. Documentation typically required can include invoices, exemption certificates , summary reports, tax returns and more.

audit 242

audit Sales Tax auditor 242

RogerRossmeisl

JUNE 24, 2024

Management interviews and document requests may provide additional objective insight into how much the owners believe the business is worth. When valuing a business, experts often look beyond the company’s financial statements.

financial statements 222

financial statements CPA 222

RogerRossmeisl

JULY 27, 2021

In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In doing so, they fail to meet the strict substantiation requirements set forth under tax law.

auditor 246

auditor CPA Tax cpa firm 246

RogerRossmeisl

AUGUST 6, 2023

For example, a spouse who owns a business might intentionally limit the opposing expert’s access to documents, facilities or management personnel. A valuation expert who’s involved in the discovery phase can compile a list of key documents and procedures to request from the judge.

CPA 186

CPA Account accountant accounted 186

RogerRossmeisl

JANUARY 31, 2021

Preparing a document that defines acronyms and common. Make it easy to follow In the rush to submit a case to law enforcement, it’s easy to forget that the police and prosecutors won’t necessarily understand your industry’s jargon or understand your business’s accounting records.

CPA 232

CPA Account accountant accounted 232

RogerRossmeisl

MAY 31, 2022

A qualified appraisal is a complex and detailed document. You must: Get a “qualified appraisal,” Receive the qualified appraisal before your tax return is due, Attach an “appraisal summary” to the first tax return on which the deduction is claimed, Include other information with the return, and Maintain certain records.

tax return 224

tax return CPA Tax 224

Airbase

AUGUST 11, 2023

Dealing with a distributed team can make it even more difficult to get quick answers to questions or to share documents like receipts or contracts. To add accountability, supporting documents are uploaded as purchases occur. The move to more remote workforces also plays a role.

Technology 244

Technology accounting and finance NetSuite Finance 244

RogerRossmeisl

DECEMBER 15, 2024

Your plans documents. But there may be limits to this protection if, for example, the provider determines that you (the sponsor) or employees (participants) opened the door to a security breach. The post Help Protect Your Employees’ 401(k) Plan Savings from Fraud appeared first on Roger Rossmeisl, CPA.

CPA 161

CPA Account accountant accounted 161

TaxConnex

DECEMBER 12, 2023

Other states ask for company documentation verifying leadership. Some states designate CFOs or CEOs generally as responsible parties, even to the point of requiring board minutes as documented proof.

Sales 263

Sales Tax Ohio Georgia 263

TaxConnex

NOVEMBER 29, 2022

Knowing which documentation to provide and when to provide it is important.?. This initial interview can afford you the chance to influence the scope of the audit and required documentation.?Take Requested records will often include items irrelevant to your business or to the scope of audit. Be professional. Not Going Away.

audit 262

audit auditor general ledger Non-Profits 262

RogerRossmeisl

MAY 5, 2022

The professional conducts detailed interviews and asks for a variety of documents when gathering information to use to value the business — and some of this information may provide objective insight into how much the owners believe the business is worth.

financial statements 205

financial statements CPA 205

TaxConnex

SEPTEMBER 10, 2024

Among trends (and complications) in sales tax: Some items and buyers and even shipping charges are exempt from sales tax if the proper documentation is provided. Often, they’re earmarked for local initiatives, such as schools or law enforcement, among other areas.

Rhode Island 264

Rhode Island Sales Alaska Louisiana 264

RogerRossmeisl

SEPTEMBER 26, 2022

The list is not a legal document or a literal listing of agency enforcement priorities. The IRS has compiled the annual Dirty Dozen list for more than 20 years as a way of alerting taxpayers and the tax professional community about scams and schemes.

Tax 199

Tax CPA Legal Sales 199

TaxConnex

OCTOBER 6, 2022

These documents from you simply ask past customers if they’ve already paid the tax or they’re exempt on some transactions (and asking for exemption documentation). (If your back taxes are not disclosed but are instead discovered through an audit, you could end up assessed various penalties plus interest plus all historical tax due.).

Sales 246

Sales Tax tax return Start-ups 246

TaxConnex

JANUARY 11, 2024

And of course, keep all documentation to back up your compliance position should your remittance or filing ever be questioned. Most likely – but it might be wise to have a system to double-check your compliance if your sales are still limited enough for this to be practical. Sales tax is more complicated than ever.

Sales 264

Sales Tax Utah tax return 264

Accounting Today

AUGUST 1, 2024

OneStream announced the rebrand of OneStream Suite to OneStream One, which now features the new Next Gen Gather AI solution to help professionals gather client documents.

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122

MyIRSRelief

JUNE 14, 2024

The IRS will request additional documentation to support specific items on your tax return. You will be asked to bring specific documents for review. Gather Documentation Collect all relevant documents that support the items being audited. Ensure that your documentation is organized and complete.

audit 130

audit tax return Tax Education 130

MyIRSRelief

OCTOBER 18, 2024

Forms and Documentation Taxpayers must use the most current version of Form 656, Offer in Compromise, and submit Form 433-A (OIC), Collection Information Statement for Wage Earners and Self-Employed Individuals, and/or Form 433-B (OIC), Collection Information Statement for Businesses.

Tax 130

Tax Sales financial statements Legal 130

TaxConnex

DECEMBER 9, 2021

Transactions involving wholesale are generally free of sales tax, both the collecting and the paying of it (provided you have the proper documentation), but what about those direct sales from your website – are you supposed to charge sales tax? It depends. Monitoring Nexus.

Manufacturing 246

Manufacturing Sales Tax E-commerce 246

TaxConnex

NOVEMBER 2, 2023

Exemption certificate inventory: Review your clients’ exempt customer lists and ensure they have adequate exemption certificate documentation. Too many taxpayers incur unnecessary sales tax expense because they don’t have the proper paperwork to show a customer that the transaction is not taxable.

Sales 263

Sales Tax income tax tax planning 263

TaxConnex

FEBRUARY 29, 2024

You must also ensure your process includes: Managing tax data reports Maintaining a tax calendar Preparing to file online vs paper returns Notice management Establish and document controls within your process Maintaining compliance isn’t as easy as many believe.

Sales 264

Sales Tax audit CPA 264

MyIRSRelief

JUNE 28, 2024

The FTB requests specific documents and information to verify items on the tax return. Field Audits: These take place at the taxpayer’s residence, place of business, or another location that facilitates the examination of tax documents. This letter outlines the scope of the audit and requests specific documents and information.

audit 130

audit California Tax tax return 130

TaxConnex

NOVEMBER 16, 2023

This can be a 40-50 page or longer document requesting different forms to be completed noting different tax and FCC filer ID numbers.  Due to the number of tax types and regulatory obligations, most large carriers will issue an exemption package to their resellers for completion.

Tax 264

Tax Sales 264

RogerRossmeisl

JULY 16, 2023

These include excess inventory, a large number of write-offs, an unusually high number of voided discounts for returns, insufficient documentation of sales and increased purchases from new vendors. The post Good Acquisition? Not if your Seller’s Hiding Something appeared first on Roger Rossmeisl, CPA.

forensic accounting 182

forensic accounting financial statements Legal CPA 182