Audit pro 411

What are the biggest challenges for accountants at this time? For those in public practice, CPA firms are not only helping their clients but their own practices to stay viable. Meaning, what CPAs are learning to help their clients minimize loss and expedite financial recovery is also helping their firms stay economically viable by using the same actions. Another challenge CPAs in public practice face is showing more value to their clients in these times of crisis — thus the importance of remaining calm, objective and open-minded and helping their clients with the new opportunities that the [Coronavirus Aid, Relief, and Economic Security] Act or state government economic programs could offer their organizations. CPA firms and CPAs in the industry are being provided, almost on a daily basis, guidance on tax issues coming from the IRS and other tax authorities because of tax issues that are not only linked to updates regarding tax filing extensions but changes in ...

IRS: Avoid these 19 common mistakes as you file your federal income tax return https://auditpro411.com/ Because of the disruption caused by COVID-19, the IRS has  extended the deadline for filing individual tax returns  from April 15 to July 15.  U.S. states have followed suit , with the majority moving their deadline to July 15 as well, and a few setting other dates later in the spring and summer. For many Americans stuck at home and struggling to keep their life in order, the deadline extension came as welcome news. IRS audits are down compared to previous years. In fiscal 2019, the IRS audited less than 0.5% of individual tax returns. While that figure is much lower than in years past – it is about half of the rate in 2010 – there are some common mistakes that are more likely to prompt an audit or delay a return. The IRS lists several common errors filers make each year on its website. The errors vary in complexity from failing to correctly calculate a d...

What Is an Audit? https://auditpro411.com/ Audit. Do you panic when you hear that five-letter word? You might think an audit is the last thing your business needs, but they aren’t always bad. Regular audits can be more like a routine maintenance check than an invitation for IRS penalties. Learn what an audit is, what types of audits there are, how they can benefit your business, and more. What is auditing? An audit examines your business’s financial records to verify they are accurate. This is done through a systematic review of your transactions. Audits look at things like your  financial statements  and  accounting books for small business . Many businesses have routine audits once per year. As a small business owner, you are responsible for maintaining clear accounting books that show your business’s income and expenses. If your records are disorganized or missing, audits will be especially drawn out and difficult. Audits can help you spot prob...