As a result of the Covid-19 pandemic, the U.S. government has implemented a number of programs to provide economic support to businesses. The most notable has been the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which provided $2.2 trillion of funding for individuals, Paycheck … [Read more...] about Single Audit: Covid-19 Relief Funds Received May Trigger Federal Single Audit
Audits
Best Practices: How to Prepare for an Upcoming Audit
Our clients often ask us many wide-ranging questions, everything from guidance on new accounting standards to our favorite breweries. But the most common question we receive from audit clients is, how do we recommend they prepare for an upcoming financial statement audit? I suspect I know what many … [Read more...] about Best Practices: How to Prepare for an Upcoming Audit
Managing Sales Tax Audits (1 of 3)
Pre-Audit Planning States are stepping up their audit efforts to identify new taxpayers, create additional tax revenue and close their budget gaps. If you start preparing for a sales & use tax audit the day the audit notification letter arrives from the state taxing authorities, then you are … [Read more...] about Managing Sales Tax Audits (1 of 3)
Managing Sales Tax Audits (2 of 3)
The Audit Process Despite all of your pre-audit planning – or your best efforts to postpone the audit – eventually the time will come for the audit to begin. Start building a good working relationship with the auditors on the very first day of the audit. This starts with the opening … [Read more...] about Managing Sales Tax Audits (2 of 3)
Managing Sales Tax Audits (3 of 3)
Post-Audit Proceedings Your company’s sales & use tax audit has been completed. You’ve worked diligently to provide the auditors the information they requested; you’ve responded to questions and provided additional supporting documentation; you’ve countered the auditor’s position, attempted to … [Read more...] about Managing Sales Tax Audits (3 of 3)