TaxConnex

NOVEMBER 9, 2021

Bear in mind, though, that as your business grows, you may need different sales tax processes. Once a sales tax return is prepared, it must get filed and paid. Once a return is filed, some form of documentation must support the reported tax liabilities in case the return is audited. Audit work papers.

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Sales general ledger Tax tax return 246

TaxConnex

MARCH 1, 2023

The best way to manage risk associated with potential disruptions within your sales tax department is to maintain thorough documentation of your department’s compliance processes.  Return Specific Instructions:   Document all return specific requirements such as manual adjustments, prepayment calculation methods, and credit reporting.

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Sales Tax audit tax return 130

MyIRSRelief

FEBRUARY 23, 2024

The Consequences of Unpaid Back Taxes and Unfiled Returns: Unpaid back taxes and unfiled returns can lead to a cascade of adverse consequences. Firstly, accumulating interest and penalties on unpaid taxes can significantly inflate the original debt, exacerbating financial strain.

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tax return Tax CPA accounting and finance 130

TaxConnex

DECEMBER 12, 2023

Most states’ sales tax registration forms ask for Social Security or driver’s license numbers (or both) of at least one corporate officer or executive. Other states ask for company documentation verifying leadership. For example, in Georgia : “An individual can be liable for the unpaid taxes of a business.

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Sales Tax Ohio Georgia 263

TaxConnex

JULY 9, 2024

Yet often we see differences between a client’s billing system and their tax reporting. You could be billing taxes within your billing system and yet haven’t filed a single sales tax return and haven’t tracked the tax data to be aware of a future filing obligation. Tax types and nexus pose other wrinkles.

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Sales Tax Colorado tax return 264

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.

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audit Sales auditor Tax 243

TaxConnex

MAY 20, 2021

Making the transition to a new sales tax outsourcing provider is much simpler than you’d imagine. 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. Be clear on the end date.

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South Dakota Sales Tax tax return 246

TaxConnex

JANUARY 19, 2023

That’s personally responsible, as many states’ sales tax registration forms ask for Social Security or driver’s license numbers (or both) of at least one corporate officer or executive. Other states ask for company documentation verifying leadership. Personal liability can often apply whether the imposed tax was collected or not.

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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.

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audit Sales Tax auditor 242

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.

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audit Sales Tax auditor 244

TaxConnex

JANUARY 11, 2024

If Shop sellers are also selling on a separate platform, they may need to register with appropriate jurisdictions to collect and remit in states where they have enough sales to create economic nexus and then file sales tax returns and remit collected sales tax. Can you depend on Shop’s calculation of sales tax?

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Sales Tax Utah tax return 264

MyIRSRelief

JUNE 14, 2024

An IRS audit is an examination of your tax return to verify that your income and deductions are accurate. The IRS conducts audits to ensure compliance with tax laws and to maintain the integrity of the tax system. The IRS will request additional documentation to support specific items on your tax return.

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audit tax return Tax Education 130

MyIRSRelief

DECEMBER 27, 2024

When the IRS decides to audit your tax returns, the experience can be daunting and stressful. The process involves meticulous examination of financial documents and can result in significant financial and legal consequences if discrepancies are found. The IRS sends a letter requesting additional information or documentation.

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audit Tax tax return Legal 130

MyIRSRelief

JANUARY 2, 2023

Types of IRS tax problems and how to resolve them. There are many types of IRS tax problems that individuals and businesses may encounter. Some common tax problems include: Failing to file a tax return: If you fail to file a tax return (1040, 1120, 1065, 941, etc.),

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Tax tax return payroll tax audit 147

MyIRSRelief

JUNE 28, 2024

Tax audits can be a daunting experience for any taxpayer. The California Franchise Tax Board (FTB) conducts audits to ensure compliance with state tax laws and to verify the accuracy of tax returns. One of the most effective ways to navigate a tax audit is by enlisting the help of an enrolled agent (EA).

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audit California Tax tax return 130

Accounting Today

JUNE 7, 2024

While the Internal Revenue Service has managed to reduce its backlog of unprocessed tax returns since the pandemic, one area where it's losing ground is in processing all the documentation for tax adjustments.

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Tax tax return 131

TaxConnex

FEBRUARY 13, 2025

Sales tax debates One of the largest Native American nations is The Navajo Nation, which in recent years has undergone some changes in sales tax. The Navajo Nation has a sales tax of 6% for all retail sales within The Navajo Nation. Quarterly sales tax returns are due 45 days after the end of each calendar quarter.

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Sales Tax Wisconsin Oklahoma 213

TaxConnex

NOVEMBER 29, 2022

Other products/services tend to have disparate tax rules across states and tend to change over time; software and technology solutions for example, are a fluid field for sales tax. If you have exempt sales identified on your tax return, one of the first items an auditor will want to see are your exemption certificates.

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audit auditor general ledger Non-Profits 262

MyIRSRelief

JULY 12, 2024

This could be due to unpaid taxes, unfiled tax returns, or other significant tax compliance issues. It is crucial for the taxpayer to attend this meeting as it is an opportunity to discuss their tax situation and work towards a resolution. This may include: Past Tax Returns: Copies of previously filed tax returns.

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ThomsonReuters

DECEMBER 4, 2024

Filing business tax returns is no doubt an intricate process, but with the right workflow, accounting firms can streamline the process, reduce errors, and ensure compliance. Gather and organize client documents 2. Prepare and review the tax return 4. File electronically and track the return 5. Partnership.

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tax return business tax accounting firms Tax 52

TaxConnex

OCTOBER 6, 2022

Are they nonprofits, resellers, government entities or in some other industry that has an exemption to sales and use tax? It’s typically just 36 to 48 months for a registered taxpayer who’s filing sales and use tax returns on time. The statute of limitations. Other mitigation options: XYZ letters. Escrow settlements.

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Sales Tax tax return Start-ups 246

TaxConnex

JULY 30, 2024

Exemptions and exclusions Sales tax exclusions apply to items not covered by legislation, aka those things not enumerated as taxable in the statutes. It’s uncommon to have an exemption without a formal request and a formal document. To prove sales tax exemption, the customer must provide a certificate.

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South Dakota Alaska New Hampshire Montana 264

CPA Practice

FEBRUARY 21, 2023

The IRS and the Treasury Department on Tuesday issued final regulations pertaining to companies filing returns and other documents electronically starting in 2024. The final regulations also create several new regulations to require e-filing of certain returns and other documents not previously required to be e-filed.

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tax return income tax Tax 130

CPA Practice

OCTOBER 30, 2023

The agency also permitted the receipt and transmission of documents via email during compliance interactions. 31, 2023, because they were well-received by tax professionals and taxpayers, the IRS noted. Estate Tax Return for Qualified Domestic Trusts Form 706 Schedule R-1, Generation-Skipping Transfer Tax Form 706-NA, U.S.

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tax return income tax Real Estate Tax 132

MyIRSRelief

MARCH 15, 2024

In the bustling city of Whittier, California, individuals and businesses alike face the daunting task of navigating the complex world of taxes. From unfiled tax returns to unpaid back taxes, and from employment 941 payroll issues to the intimidating process of IRS, FTB, EDD, and CDTFA audits, the challenges can seem insurmountable.

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California Tax tax return payroll 130

CTP

JANUARY 15, 2025

Each year, a number of audits are randomly chosen by the IRS, so the possibility of being audited is unavoidable even if your tax return has been filled out perfectly. Tip #1: Establish Evidence Every tax deduction and credit that you claim on your return should be backed up by supporting documentation.

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audit auditor Legal tax return 52

MyIRSRelief

NOVEMBER 1, 2024

Instead, the shareholders report the income and losses on their personal tax returns, which can result in significant tax savings. File Articles of Incorporation: Submit this document to your state’s Secretary of State office. This means that the corporation’s income is not subject to corporate tax rates.

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CPA Practice

APRIL 5, 2024

(TNS) A Kennewick tax preparer cost the United States $42 million in lost tax revenue between 2017 and 2020 after filing tax returns that were riddled with errors, fabrications and fraudulent entries, alleges the Department of Justice. The Department of Justice filed a civil complaint in Eastern Washington District U.S.

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tax return Tax tax preparation income tax 103

MyIRSRelief

OCTOBER 30, 2023

Income Tax Return for Estates and Trusts, is a complex tax form that is used to report the income and expenses of estates and trusts. Trust tax preparation can be a challenging task, even for experienced tax preparers. Trust tax preparation can be a challenging task, even for experienced tax preparers.

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tax preparation Tax tax return income tax 130

MyIRSRelief

OCTOBER 11, 2024

This service involves preparing and filing individual tax returns, ensuring that all income, deductions, and credits are accurately reported. Here’s a detailed look at what personal tax preparation entails: Gathering Financial Information: The first step in personal tax preparation is gathering all necessary financial documents.

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tax services payroll tax Tax tax preparation 130

MyIRSRelief

FEBRUARY 1, 2023

An IRS audit is a review or examination of an individual’s or organization’s tax return to ensure that the information is accurate and that the tax return is being filed in compliance with the tax laws. You may also need to provide documentation to support your request.

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Tax tax return cpas audit 147

CPA Practice

APRIL 29, 2024

Cytron Filing taxes for your clients doesn’t have to be a drain on your firm’s time, energy, and resources. For today’s firms, continuing with “business as usual” might mean: Collecting paper documents and using multiple software programs, leading to data entry errors, complex workflows, and wasted time.

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Tax Technology tax return bookkeeping 124

CPA Practice

JANUARY 26, 2023

Filing these documents timely prevents late-filing penalties for employers, helps employees file their income tax returns and prevents tax fraud. Use same employer identification number on all forms Employers need to make sure the employer identification number (EIN) on their wage and tax statements (Forms W-2, W-3, etc.)

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payroll tax tax return income tax payroll 128

CPA Practice

JANUARY 8, 2024

The IRS has announced that it will start accepting and processing tax returns on Monday, Jan. million individual tax returns to be filed by the April 15, 2024, tax deadline. Although the IRS will not officially begin accepting and processing tax returns until Jan. The agency expects more than 128.7

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Tax tax return income tax Massachusetts 133

RogerRossmeisl

MARCH 5, 2024

If you’re gathering documents to file your 2023 tax return and you’re concerned that your tax bill may be higher than you’d like, there might still be an opportunity to lower it.

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tax return CPA Tax 126

TaxConnex

NOVEMBER 23, 2021

Preparing and filing sales tax returns based on your filing frequencies. Paying the respective jurisdictions where you are registered for sales tax and maintaining a paper trail to include proof of mailing. Maintaining documentation in the event of turnover or a change in personnel.

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Sales Tax tax return Retail 246

CPA Practice

MARCH 29, 2023

The Internal Revenue Service warns that trusting tax advice found on social media can lure otherwise honest taxpayers and tax professionals into compromising tax situations. Social media can circulate inaccurate or misleading tax information, and the IRS has recently seen several examples. This is false information.

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Tax tax return payroll Legal 137