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☆ IRS reminder: Time to claim $1 billion in tax refunds from 2020 expires on May 17
  + stars: | 2024-05-09 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +1 min
There is $1 billion in unclaimed 2020 tax refunds up for grabs — but the last chance to file returns and collect the money is approaching. Nearly 940,000 taxpayers have until May 17 to file 2020 returns and claim their refund, the IRS said in a "final reminder" this week. The deadline is "terribly important" because there's a three-year refund expiration after each tax deadline, said certified public accountant John Karls, partner at accounting firm Armanino. "If you let if you let it slip, there's nothing anybody can do," said Bill Smith, national director of tax technical services at financial services firm CBIZ MHM. "You won't get your refund when the statute of limitations has run out."
Persons: —, John Karls, Roth, Bill Smith, CBIZ Organizations: Finance
☆ How Innovation Refunds cashed in on the Employee Retention Credit
  + stars: | 2023-10-27 | by ( Kate Rogers Paige Tortorelli | Kate Rogers | Paige Tortorelli | ) www.cnbc.com   time to read: +16 min
The Employee Retention Credit was intended to be a financial lifeline to small businesses struggling to make ends meet during the pandemic. Innovation Refunds — a consulting firm that focuses on the ERC — was one of the most visible advertisers during the tax credit's heyday. How Innovation Refunds worksOn its website, Innovation Refunds makes it clear it is not a tax professional. Innovation Refunds markets to clients, determines if they are viable candidates for the credit and then collects businesses' documentation. Some former employees said this could insulate Innovation Refunds from potential liability if ineligible businesses claimed the credit.
Persons: Danny Werfel, Andrew Kelly, Howard Makler, Ty Burrell, Burrell, Rob Domenico, Werfel, Tom Williams, Makler, Kate Rogers, Domenico, Slack, Jenn McCabe, Armanino Organizations: Companies, ERC, Internal Revenue Service, IRS, ERC —, CNBC, Reuters, CPA, Senate, Washington , D.C, CQ, Inc, Getty, LinkedIn, Justice Locations: New York, Washington ,, Des Moines
☆ The IRS is cracking down on a popular small business tax break that could lead to a costly audit
  + stars: | 2023-06-09 | by ( Cheryl Winokur Munk | ) www.cnbc.com   time to read: +6 min
A cottage industry of specialist firms has sprung up to help business owners claim the Employee Retention Credit (ERC), a governmental tax incentive intended for companies stressed by the pandemic. To be sure, the IRS warned business owners last October to be on the lookout for third parties promoting improper ERC claims. The IRS went so far as to add fraudulent claims involving the ERC to its annual "Dirty Dozen" list of tax scams. Start by understanding the basic ERC claim requirementsStart by knowing the basics so you can understand whether your business may qualify for a credit. Another red flag is when a third party doesn't ask for documentation to ensure a business owner qualifies, Perrone said.
Persons: Donald N, Hoffman, Danny Werfel, Gina Perrone, Sax, Jenn McCabe, Perrone Organizations: ERC —, Eisner Advisory, IRS, ERC, CPA, Small Business Administration, Armanino
☆ Lack of Crypto Audit Regulation Raises Questions About PCAOB Authority
  + stars: | 2023-02-17 | by ( Mark Maurer | ) www.wsj.com   time to read: +6 min
Additionally, there isn’t a regulatory framework for audits for many crypto companies. The SEC, which oversees the PCAOB, is reviewing how crypto companies portray reports from audit firms in the aftermath of the FTX collapse. The PCAOB—which sets audit standards, inspects audits and disciplines audit firms—has said it can only oversee audits of public companies and SEC-registered broker-dealers. In a letter last month to PCAOB Chair Erica Williams, they said the watchdog ignored what they called questionable practices by auditors of crypto companies. Even potential improvements to crypto audit regulation might not prevent fraud in the crypto industry, said Andrew Kitto, an assistant professor of accounting at the University of Massachusetts Amherst and a former PCAOB economic research fellow.
☆ Boies, co-counsel move to grab control of all private FTX cases
  + stars: | 2023-02-13 | by ( Alison Frankel | Thomson Reuters | Alison Frankel Has Covered High-Stakes Commercial Litigation As A Columnist For Reuters Since A Dartmouth College Graduate | ) www.reuters.com   time to read: +7 min
Judicial Panel on Multidistrict Litigation, that the judge overseeing their Miami cases, U.S. District Judge Michael Moore, has already proven in their brand ambassador cases that he can steer FTX cases quickly and efficiently. Not everyone pursuing claims on behalf of FTX customers agrees with Boies and Moskowitz. (To be clear, these private cases are different from cases that could be brought by a court-appointed receiver or trustee in FTX’s Chapter 11 bankruptcy.) If the cases go to California, the California slate is a likelier candidate. It will be a few months before any ruling on the Boies and Moskowitz consolidation petition.
☆ U.S. watchdog should step up oversight of crypto auditors, say Democratic senators
  + stars: | 2023-01-26 | by ( Hannah Lang Douglas Gillison | Hannah Lang | Douglas Gillison | ) www.reuters.com   time to read: +1 min
Jan 26 (Reuters) - U.S. Democratic Senators Elizabeth Warren and Ron Wyden are calling on the country's accounting watchdog to increase oversight of firms that audit cryptocurrency companies in the wake of the collapse of crypto exchange FTX. “When PCAOB-registered auditors perform sham audits – even for firms that may lay outside of the PCAOB’s jurisdiction – they tarnish the credibility of the PCAOB," Warren and Wyden wrote. A PCAOB spokesperson confirmed the board had received the letter and said it would respond to the lawmakers directly. Bankman-Fried has previously acknowledged risk-management failures at FTX but has said he does not believe he has criminal liability. Reporting by Hannah Lang and Douglas Gillison in Washington; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.
☆ FTX US's auditor stands by its accounting work for the collapsed crypto exchange, report says
  + stars: | 2022-12-23 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +3 min
Armanino, the auditor for FTX's US branch, defended its accounting work for the exchange. "We were never engaged to audit internal controls," the company's chief operating officer told the FT.Armanino has stopped its auditing and proof of reserve work. "We definitely stand by the FTX US work," Armanino chief operating officer Chris Carlberg told the Financial Times on Friday. During a congressional hearing, Ray pointed to the fact that the multibillion-dollar crypto exchange used QuickBooks to manage its finances, and approved invoices via Slack. Armanino and Prager Metis, the auditor of FTX International, are being sued by FTX customers.
☆ More Crypto Exchanges Verify Reserves, But Questions About Assets Remain
  + stars: | 2022-12-05 | by ( Mark Maurer | ) www.wsj.com   time to read: +7 min
Most crypto exchanges are privately held, meaning they don’t have to file financial statements with the Securities and Exchange Commission or get them audited. He added that customers of crypto exchanges should “look for as rigorous of that as you can look for regulatory reporting.”FTX founder Sam Bankman-Fried sat down with The Wall Street Journal to discuss what happened to the billions of dollars deposited by the exchange’s customers. Photo: Kenny Wassus/The Wall Street JournalSuch a third-party verification represents a step toward more transparency around crypto exchanges, but there are significant shortcomings, some academics said. Coinbase Global Inc. last month reported $95.11 billion in both customer crypto assets and liabilities for the quarter ended Sept. 30, up from $88.45 billion the previous quarter, filings show. Still, the PCAOB encourages investors to review reports on the work those companies’ auditors have done, Chair Erica Williams said at a conference Tuesday.
☆ FTX Auditors Doubled as Crypto Industry Cheerleaders
  + stars: | 2022-11-17 | by ( Jean Eaglesham | Patricia Kowsmann | ) www.wsj.com   time to read: 1 min
When FTX faced a liquidity crunch, the auditor of its U.S. unit seized the moment to promote its services for other crypto companies that were under the spotlight. It is a “great time to remember” Armanino LLP’s specialized crypto assurance, the firm tweeted last week, referring to a product that verifies customer assets held by crypto firms.
☆ Business owners have an IRS payment coming due well before April federal income tax deadline
  + stars: | 2022-11-15 | by ( Cheryl Winokur Munk | ) www.cnbc.com   time to read: +6 min
New business formation has boomed, and that means more new business owners than ever are dealing with tax season and potential tax nightmares. For starters, there's a big tax bill coming due for many business owners related to the pandemic, well ahead of the April 2023 federal income tax deadline. Here are a few more tips to stay ahead of the IRS this income tax season. Expect a new tax form related to Venmo, PayPal incomeFor tax year 2022, many business owners may be receiving a form they haven't in the past. The Wave State of Small Business Study for 2022 found that 35% of small businesses are blurring the lines between personal and business accounts.
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