article thumbnail

Tax Fraud Blotter: Sick excuses

Accounting Today

After an IRS audit in 2016 assessed a federal tax debt totaling some $1 million, Archer concealed and transferred assets through two LLCs he controlled and began using third-party bank accounts to evade paying the tax debt. Bui anticipated that the transactions would be audited.

Tax 213
article thumbnail

Microsoft plans to contest IRS claim it owes $28.9B in back taxes

Accounting Today

The dispute centers on a 2012 IRS audit into transfer pricing, a method used by companies to shift profits to tax havens and avoid the U.S. corporate tax rate.

professionals

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Tax Fraud Blotter: Negative waves

Accounting Today

In 2012, the IRS assessed nearly $800,000 in taxes against Whitman for 2002 through 2009 and began trying to collect. Between 2002 and 2018, he generated millions of dollars in gross receipts sales. Whitman also has not filed an individual income tax return since 1997 and has made no tax payments since 2000.

Tax 147
article thumbnail

The top 10 audit automation software

Nanonets

Over the years, the auditing landscape has undergone remarkable transformations, and among the most significant advancements has been the advent of audit automation software solutions. Computer-Assisted Audit Tools and Techniques (CAATTs) have been available to auditors since the early 1990s. The situation has changed now.

article thumbnail

Top 10 Benefits of Using A Document Management System

NextProcess

2) Lower Operating Costs A 2012 survey by the International Data Corporation (IDC) indicated that troubles with paper-based documentation drive up companies’ operating costs significantly. For example, on average, respondents to the 2012 IDC survey spent over 2 hours per week “Searching for, but not finding, documents.”

article thumbnail

Crowdfunding definition

Accounting Tools

The regulations come from the 2012 JOBS Act. In addition, if the amount to be raised is greater than $500,000 (inflation-adjusted), an organization must produce audited financial statements ; given the cost of an audit, many firms may conclude that the real limitation on fund raising is actually $500,000, rather than $1 million.

article thumbnail

Is Accounts Payable Automation a Good Investment?

NextProcess

Once the AP process is moving along smoothly, you’ll also have fewer headaches worrying about accounting errors and future audits. This simplifies record keeping and is invaluable for creating reliable, complete audit trails. It is a good investment that saves money and time.