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The IRS has been increasing its audit efforts, focusing on large businesses and high-income individuals. By 2026, it plans to nearly triple its audit rates for large corporations with assets exceeding $250 million. Under these plans, partnerships with assets over $10 million will also see audit rates increase tenfold by 2026. This ramp-up in audits is part of the IRS’s broader strategy, funded by the Inflation Reduction Act, to target wealthier entities and high-dollar noncompliance.
Reliable financial data is the compass that guides strategic decisions. But what happens when that compass is inaccurate? Errors in financial planning and analysis (FP&A) reports can set entire departments, or even the whole company, off course. More than half (59%) of accountants admit to making several errors per month, Gartner research found.
Discounts for lack of marketability are well established when valuing minority interests in closely held businesses. But many valuation experts believe that controlling business interests also warrant a marketability discount to reflect the uncertainty and risk associated with the timing of the sale and the ultimate price. Here’s a closer look at this issue.
Your financial statements hold powerful insights—but are you truly paying attention? Many finance professionals focus on the income statement while overlooking key signals hidden in the balance sheet and cash flow statement. Understanding these numbers can unlock smarter decision-making, uncover risks, and drive long-term success. Join David Worrell, accomplished CFO, finance expert, and author, for an engaging, nontraditional take on reading financial statements.
Let’s say you have an unincorporated sideline activity that you consider a business. Perhaps you offer photography services, create custom artwork or sell handmade items online. Will the IRS agree that your venture is a business, not a hobby? It’s an essential question for tax purposes. If the expenses from an activity exceed the revenues, you have a net loss.
Fake firms have increased substantially under GST which are formed merely to pass on the Input Tax Credit without any underlying supply of goods and services. The Government is taking all possible steps to prevent these fake firms from obtaining registration, operating their business, and surrendering GST smoothly. To ensure that no phony firm is operating, the Government runs Special physical verification drives to ensure that businesses operate in the given registered office.
In 2021, Congress passed the Corporate Transparency Act (CTA). The CTA requires many entities doing business in the US to report information about the individuals who ultimately own or control them (the entity’s “beneficial owners”). The CTA’s expanded anti-money laundering laws require that small businesses report this beneficial owner information to the Financial Crimes Enforcement Network (FinCEN) in an effort to create a national database for use by national security
In 2021, Congress passed the Corporate Transparency Act (CTA). The CTA requires many entities doing business in the US to report information about the individuals who ultimately own or control them (the entity’s “beneficial owners”). The CTA’s expanded anti-money laundering laws require that small businesses report this beneficial owner information to the Financial Crimes Enforcement Network (FinCEN) in an effort to create a national database for use by national security
The government is constantly amending GST provisions related to renting immovable property, whether commercial or residential, to bring renting immovable property under the GST purview in every aspect. As per the recommendation of the GST Council in the 54th GST Council meeting , the CBIC has now imposed GST on renting commercial property by unregistered persons to registered persons through RCM.
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