The board does not have any enforcement authority and has no role in developing policy. One important responsibility entrusted to the IRS Oversight Board had been to review and approve the annual IRS budget request submitted to the Department of the Treasury. However, the board does not have eno...
It’s important to note that being selected for an audit does not necessarily mean the IRS has identified any issues with your tax return. Sometimes, returns are chosen purely based on statistical criteria or for random quality control purposes. However, if your return is selected for audit, i...
The forensic auditor must be present during court proceedings to explain the evidence collected and how the team identified the suspect(s). They should simplify any complex accounting issues and explain the case in a layperson’s language so that people who have no understanding of legal or acco...
Even on a tight budget, it’s critical to train and support your leaders. Many employees perceive their direct manager as “the company.” When they have a positive relationship with them and feel valued, the likelihood that they will stay with the company and give their best effort increases...
Keep in mind, however, that doing it manually opens the door to human error. You can help eliminate many of these mistakes, speed workflows and make the payroll manager’s job easier by using an automated time and attendance solution that integrates with payroll. Calculate taxes As an ...
Audits by the IRS can occurfor a multitude of reasons, including due to statistically detected issues with underreporting of income, claiming unsubstantiated expenses, or claiming tax credits you do not qualify for. They on rare occasions can also be completely random. Typically, auditors can look...
With advanced technology shifting the way accountants work, many are looking to expand into specialized services that can give them a leg up on the competition. One of these expanded service areas is audit. But what exactly does offering auditing services entail? How does it compare to traditiona...
puzzler. An audit committee is a group of independent experts appointed by a company’s board of directors to oversee financial reporting and ensure compliance with legal and regulatory requirements. They serve as the bridge between the company, management, internal auditors, and the external audit ...
Many small business owners have to travel a few times a year or even as often as every week. Unfortunately, the cost of transport, lodgings, and meals adds up. However, you can cut down these costs by writing these fees off as business expenses by learning about IRS deductible travel ...
Transfer pricing is a legal technique used by large businesses to move profits around from parent companies to subsidiaries and affiliates to ensure funds are evenly distributed. However, many multinational corporations use it as a tactic to lower their tax burdens and end up fighting the IRS in ...