Audit Archives - Payne Nickles & Company - Ohio Accounting Firm, Business CPAs & Advisors

Navigating Financial Audits: A Comprehensive Guide

Navigating a financial audit can be daunting, but with the right preparation and understanding, it can become a manageable and beneficial process. Financial audits help ensure the accuracy of your financial records and compliance with regulations and can reveal areas for improvement within your business operations. Understanding the Audit Process A financial audit is a …

The IRS recently released the 2023 mileage rates for businesses to use as guidance when reimbursing workers for applicable miles driven within the year. The rates tend to increase yearly to account for rising fuel and vehicle and maintenance costs and insurance rate increases.   Businesses can use the standard mileage rate to calculate the deductible …

A key provision of the American Rescue Plan Act passed in 2021 includes lowering the thresholds that trigger a Form 1099-K – Payment Card and Third-Party Network Transactions. This means businesses and individuals may receive this form for tax year 2022, something they may not have seen in previous years. New Form 1099-K Guidelines For …

As Tax Day approaches, taxpayers will often rush to complete their returns by the April 15th deadline. While it’s ideal to file your return by the IRS due date, there are many instances that can prevent this. In these circumstances, it can be beneficial to extend your return. Consider, for example, K-1s from pass through …

Employers can minimize their compliance and audit risks by meeting the recordkeeping requirements of the Internal Revenue Code (IRC). The IRC requires all employers that withhold and pay federal income, Social Security and Medicare taxes to maintain certain records for each employee. Failing to meet these recordkeeping requirements can mean big penalties, not to mention …

Under the new tax law, a vehicle provided to an employee for personal use is subject to income tax obligations. Personal use of a company car is considered a noncash fringe benefit that is taxable. If an employer provides an employee with a vehicle that is available for business and personal use, the value of …

The thought of being selected for an audit keeps many business owners up at night. But did you know the Internal Revenue Service (IRS) won’t arbitrarily make your company the subject of an audit investigation? According to IRS.gov, out of the 196 million returns filed in 2016, only 1.1 million (0.5%) came under examination in …