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Tax Compliance; Enhancements with Analytics

FICO

Tax agencies have a limited amount of resources to pursue tax compliance activities (collections and audit). While the selection process typically utilizes available data, cases are primarily selected based on experience, intuition and business rules, rather than using predictive, mathematically generated analytical models.

Taxes 58
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EY Debuts Corporate Crypto Accounting, Tax Solution

PYMNTS

EY announced in a press release this week that its new crypto accounting tool targets the tax preparation process. The CAAT solution automates data collection and automatically generates reports for visibility and analytics, while supporting IRS tax return preparation.

Taxes 139
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IRS Finds Discrepancies In Crypto Holders’ Tax Returns

PYMNTS

Bloomberg reported that in letters to the investors, the agency did acknowledge that the trading exchanges may have made the errors. The IRS is expanding efforts involving virtual currency, including increased use of data analytics,” said IRS Commissioner Chuck Rettig. The first volume of letters I call ‘warning’ letters.

Taxes 116
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What are analytical procedures and their benefits?

Abrigo

Analytical procedures are beginning to become more prevalent in the audit world. According to the AICPA, analytical procedures consist of reviewing financial information by studying plausible relationships between data and evaluating it for consistency. They can: • Improve the quality of the analytics. By Jackie McLaughlin, CPA.

Analytics 150
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Technology Enabled Data Analytics: Friend or Foe?

Abrigo

With the increased availability of useful data, analytical review procedures are becoming more important during the audit process. For example, greater emphasis on analytics encourages and almost demands that the auditor improve the quality of their professional judgment and skepticism. A WAY TO OVERCOME BIAS IN THE AUDIT PROCESS.

Analytics 150
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The most useful (and rarely used) types of data analytics

Abrigo

Data analytics are gaining momentum as they are increasingly being used during the audit process. As auditors know, data analytics are required during both the beginning and the end of an audit. However, analytics can also be employed efficiently and effectively as substantive procedures. type questions. type questions.

Analytics 150
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EU And Tech Firm Taxes Dominate Regulatory Landscape

PYMNTS

Tax season, indeed. The regulatory landscape was dotted with news out of Europe centered on the way that tech firms do business — and how they’re taxed. Reuters reported that search results across eCommerce and mobile conduits would, at least as defined in draft legislation, target ostensibly harmful trading practices.

Taxes 122