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.

Sales 213

Sales Tax Wisconsin Oklahoma 213

MyIRSRelief

APRIL 11, 2025

However, amidst the hustle and bustle, tax issues can arise, creating stress and financial strain for taxpayers. Whether its unfiled tax returns, back tax debt, 941 payroll tax issues, IRS levies, garnishments, or audits, these challenges can feel overwhelming. However, ignoring the problem only makes it worse.

payroll tax 130

payroll tax Tax tax return payroll 130

Going Concern

MARCH 20, 2025

Some of those folks showed up Thursday morning trying to get their tax documents back. Clients told WSOC they dropped off their documents weeks ago but nothing has been filed. We have to get our tax papers back, so we can take them somewhere else, said one client to WSOC. Nothing strange there, let’s be real.

North Carolina 124

North Carolina accounting firms Tax Account 124

TaxConnex

MARCH 30, 2021

When you think about tax compliance, of any kind, the first thing that comes to mind is filing, or even the tax return itself. Compliance with sales tax goes way beyond that. Here are some other aspects of sales tax that you shouldn’t overlook when trying to ensure your company remains compliant.

tax return 246

tax return Sales Tax audit 246

RogerRossmeisl

MAY 31, 2022

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. Keep these definitions in mind.

tax return 246

tax return CPA Tax 246

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.

Sales 246

Sales general ledger Tax tax return 246

CPA Practice

FEBRUARY 20, 2025

To avoid mistakes and potential processing delays, taxpayers should refrain from filing until they have received all necessarytax documents. Taxpayers should always carefully review documents for inaccuracies or missing information.

income tax 129

income tax tax return Tax 129

CPA Practice

OCTOBER 28, 2024

File Articles of Dissolution Also known as Certificate of Dissolution or Certificate of Termination, these documents must be filed with the secretary of state (or comparable agency) in the state in which the company was formed. Any outstanding tax obligations must be paid. This vote must also be officially recorded.

tax return 116

tax return payroll tax payroll Legal 116

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.

Sales 130

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.

tax return 130

tax return Tax CPA accounting and finance 130

CPA Practice

DECEMBER 3, 2024

27)—A tax preparer who admitted to filing more than $3 million in fraudulent tax returns on behalf of her clients is facing up to 30 years in prison for her crime. Crawford is not representative of most tax preparers who provide honest services to their clients. (TNS) ATHENS, GA (Nov. District Judge Tilman E.

tax preparation 97

tax preparation Georgia tax return Tax 97

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.

Sales 263

Sales Tax Ohio Georgia 263

Going Concern

NOVEMBER 8, 2024

The firm’s team members, who were used to working virtually, understood the importance of setting up workflows, processes, and controls before pushing tax return billable hours offshore. According to 20 seconds of Googling, the median salary for a tax accountant in India is ₹ 600,000 ($7,109 USD).

tax return 110

tax return CPA cpa firm Tax 110

CPA Practice

NOVEMBER 19, 2024

Cohan claimed deductions for various travel and entertainment expenses, but said he was too busy with his hectic career to take the time to document all the expenses. However, on federal tax returns for the tax years in question, the taxpayer claimed depreciation deductions based on his assertions.

Tax 105

Tax Alabama tax return Construction 105

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.

Sales 264

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.

audit 243

audit Sales auditor Tax 243

CTP

OCTOBER 28, 2024

Your tax filings and related documentation might be relevant, so you would need to ensure that household payroll tax returns are filed, for example. From a tax planning perspective, careful charitable planning opens the door to great tax reduction strategies.

Tax 105

Tax Government Real Estate payroll tax 105

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.

South Dakota 246

South Dakota Sales Tax tax return 246

CPA Practice

NOVEMBER 26, 2024

Brian Tankersley, CPA, and Randy Johnston review HubSync , an all-in-one, modern client platform which automates the tax return and other key processes and provides a single gateway to drive “Best-in-Class” collaboration between professionals and their clients. It also has got some visualizations for planning and analytics.

Technology 111

Technology Account accountant accounted 111

Ronika Khanna CPA,CA

MAY 3, 2024

Despite your (and/or your accountants’)best efforts , occasional errors or omissions relating to your personal tax return are unavoidable. It is possible that you forgot to include a tax slip, overstated your expenses or was unaware of a specific tax credit. the new home buyer’s credit or the hybrid car tax credit.

tax return 86

tax return Tax income tax tax preparation 86

CTP

JANUARY 17, 2025

We will especially want to have this conversation if our clients tax return features one of the IRS red flags of the season. Below are key talking points we will want to review with clients to reassure them that we are prepared to walk them through an audit and to remind them of why working with a tax planner pays off in the end.

audit 96

audit Tax auditor tax return 96

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.

Wisconsin 246

Wisconsin Georgia Texas New York 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

ThomsonReuters

MARCH 3, 2025

For years, automation has eliminated the need for tax professionals to spend their days steeped in manual data entry, searching for blank fields or numbers that dont add up. With agentic AI, accountants can automate complex pieces of the tax return process.

Tax 93

Tax Account accountant accounted 93

ThomsonReuters

NOVEMBER 26, 2024

If there is one thing accountants and tax preparers know for sure, it’s that an efficient tax workflow is key to remaining competitive in an increasingly digital tax and accounting landscape. Let’s take a look at what a digital tax workflow is all about and how it can unlock efficiencies for your accounting firm.

Technology 52

Technology accounting firms Tax tax preparation 52

CPA Practice

OCTOBER 14, 2024

Tax departments are expected to be the leaders for most organizations as they move quickly along the GenAI maturity curve. For example, businesses are already using GenAI to make indirect tax returns more accurate at the time of filing, eliminating the need to seek refunds years later, EY says.

corporation tax 117

corporation tax Tax Finance Technology 117

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

Summit CPA

OCTOBER 10, 2024

However, there are common areas that you should be extra cautious so that you can avoid any unnecessary scrutiny of your tax return. Be sure to document all payments that you receive, including cash payments. Below are some of the most common areas that the IRS will be on the lookout for fraud.

auditor 93

auditor audit tax return Tax 93

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?

Sales 264

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.

audit 130

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.

audit 130

audit Tax tax return Legal 130

CTP

FEBRUARY 28, 2025

Clients may send along brokerage account statements or medical statements that are not directly relevant for their tax return. Make sure you have a clear document retention policy. Some tax practitioners are tempted to save every tax return they have ever prepared.

Tax 78

Tax tax return Legal Government 78

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.),

Tax 147

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).

audit 130

audit California Tax tax return 130

ThomsonReuters

FEBRUARY 4, 2025

What’s more, the latest “agentic” AI tools can not only pull information and guidance from trusted sources and firm knowledge, but also apply it to client documents at a large scale as part of a semi-independent workflow creating a true AI assistant for tax, audit, and accounting professionals.

accounting firms 98

accounting firms Tax Account accountant 98

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.

Tax 131

Tax tax return 131

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.

audit 262

audit auditor general ledger Non-Profits 262