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Auditing: Assertions as A to Z: I saw today a WP reconciling the Payroll Expense in the FS with the Salaries reported to the Tax Office by the client in his Employer's Tax Return, known as IR7 in Cyprus (The Test being universally known as IR7 Reconciliation). There was an Objective but it did not mention an ASSERTION. There was a Conclusion which referred to one ASSERTION: Existence (Occurrence). Very poor display of KNOWLEDGE / UNDERSTANDING of ASSERTIONS. 1. The OBJECTIVE is not an OBJECTIVE if it does not mention ASSERTIONS, being the WHY-BECAUSE / WHAT FOR of the Test / Test WP. 2. The ASSERTIONS must be the same in OBJECTIVE & CONCLUSION (which are essentially one and same: one saying 'Do/Achieve this', the other 'Did/Achieved this'). 3. The RECONCILIATION, like all RECONCILIATIONS, gives Evidence not only of Existence; but also Completeness; as well as Accuracy; and Classification; even Cut Off. Essentially all Amount-related Assertions. Reconciling (agreeing) the FS total amount with another total amount amounts to Evidence of the CORRECT-NESS of that FS amount, and CORRECT is/means in all respects, as to all ASSERTIONS. Not knowing this simple logical idea is not knowing Auditing. Auditing meaning 'show correct', and correct meaning as to all ASSERTIONS. Auditing being Tests, and Tests being of ASSERTIONS. Tests being of Risks, (to lower Risks from being Un-Acceptably High to becoming Acceptably Low), and Risks being ASSERTIONS. I could not have put it more ASSERTIVELY! If I could, I would. I should!

Stay Compliant! Have you Prepared Your Annual STP Engagement Authorities? 🚨 Attention all BAS and Tax agents! 🚨 Don’t forget to prepare your new Single Touch Payroll (STP) engagement authorities. These must be updated every 12 months to ensure compliance with the latest industrial, taxation, and business changes impacting payroll. 👉Review existing authorities 👉Prepare new agreements 👉Communicate with clients Eligibility Criteria: 👉No overdue activity statement lodgements 👉No outstanding debts (unless covered by a payment arrangement or subject to review) 👉No recent ATO compliance activity for PAYG withholding 👉No director with a Director Penalty Notice (DPN) Usage and Renewal: 👉Must only be used for lodging an STP pay event 👉Review and re-sign every 12 months or after significant changes in payroll processes 👉Keeping these updated is crucial for maintaining smooth and compliant payroll processes. Check out the ATO guidelines for more details 👇 https://lnkd.in/gtUPdmnR

Every year, employers in Singapore must fill out Form IR8A to report employee earnings for all staff. In this blog, we take you through these filing aspects, and more: ❎ Filing exemptions 🤔 The differences between Form IR8A and IR21 💻 Submission process Learn more about this filing necessity and how you can leverage InCorp's tax and payroll expertise to assist with your Form IR8A obligations! https://lnkd.in/gk5v35Ci #InCorpGlobal #CorporateTax #IR8A #Payroll

𝐍𝐚𝐯𝐢𝐠𝐚𝐭𝐢𝐧𝐠 𝐏𝐚𝐲𝐫𝐨𝐥𝐥 𝐓𝐚𝐱 𝐒𝐞𝐚𝐬𝐨𝐧: 𝐓𝐢𝐩𝐬 𝐟𝐨𝐫 𝐒𝐦𝐨𝐨𝐭𝐡 𝐑𝐞𝐩𝐨𝐫𝐭𝐢𝐧𝐠 𝐚𝐧𝐝 𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞 Navigating payroll tax season can be streamlined with proactive strategies and the right tools. Here's how businesses can ensure smooth reporting and compliance: ✅ 𝐄𝐦𝐛𝐫𝐚𝐜𝐞 𝐀𝐮𝐭𝐨𝐦𝐚𝐭𝐢𝐨𝐧: Automated payroll systems are known to reduce processing errors by up to 30%. This precision is crucial, especially as the IRS reports a 5% increase in payroll tax audits for 2024. ✅ 𝐒𝐭𝐚𝐲 𝐔𝐩𝐝𝐚𝐭𝐞𝐝 𝐨𝐧 𝐋𝐞𝐠𝐢𝐬𝐥𝐚𝐭𝐢𝐨𝐧: Understanding the latest tax reforms is essential. With payroll complexities increasing, keeping abreast of changes ensures compliance. ✅ 𝐎𝐩𝐭𝐢𝐦𝐢𝐳𝐞 𝐟𝐨𝐫 𝐑𝐞𝐦𝐨𝐭𝐞 𝐖𝐨𝐫𝐤: Approximately 40% of the workforce now operates remotely. Businesses must adapt their payroll systems to manage multi-state tax compliance effectively. ✅ 𝐈𝐧𝐯𝐞𝐬𝐭 𝐢𝐧 𝐓𝐫𝐚𝐢𝐧𝐢𝐧𝐠: Regular training for HR teams can significantly reduce compliance-related penalties—by up to 50% according to recent SHRM reports. ✅ 𝐂𝐨𝐧𝐝𝐮𝐜𝐭 𝐑𝐞𝐠𝐮𝐥𝐚𝐫 𝐀𝐮𝐝𝐢𝐭𝐬: Yearly reviews of payroll processes can help identify potential discrepancies early, minimizing risks and fines. Implementing these strategies not only enhances payroll management but also prepares businesses for any upcoming audits or legislative changes. Keeping updated, automated, and well-audited payroll systems is key to a stress-free tax season. If you still have questions or need help, please contact Intellgus for all your financial needs. Our team is ready to provide expert guidance and support tailored to your unique circumstances. #intellgus #outsourcingaccounting #outsourcingsolutions #outsourcingservices #offshorestaffing #offshore #offshorestaffingaccounting #businessefficiency #financialservices #auditrisk #businessgrowth #strategicplanning #financialmanagement #businesssuccess #financialsolutions #financeoutsourcing

Over the past two years, the government has taken steps to understand the issues plaguing the outsourced payroll sector, including: ✅ A call for evidence on the umbrella company market, which closed in February 2022. ✅ Publishing a summary of responses following the disclosed evidence, in June 2023. ✅ A 12-week consultation on how to tackle non-compliance from 6 June to 29 August 2023. At the Spring Budget on 6 March, it is unlikely that any firm regulatory plans will be announced six months after the latest consultation. Any move towards regulation would need to be carefully crafted to tackle extremely complex issues. We believe it more likely that broader steps to cut down on tax evasion, or similar measures, will be announced in the Budget to appease the sector in the run up to an election. The PCA’s stance is that quality regulation is better than rushed regulation, and we welcome any move by the government that supports our efforts towards total compliance in the outsourced payroll sector. Read PCA CEO Paul Newsham’s predictions of the Spring Budget in the article below: https://lnkd.in/epEeXPsG

Getting audited can be a scary process especially when you don't know what they are looking for. Payroll audits can happen at any time and the best way to handle them is to be prepared with knowledge. Here are a few things EDD is commonly looking for when doing a payroll audit. - Verify business ownership and type (sole proprietorship, partnership, corporation, etc.) - Proper classification of people working in or for the company (employee vs independent contractor) - Discuss any questionable payments based on records - Verification that gross wages and taxable wages have been reported correctly - Verification that proper withholdings are being reported If you keep your records accurate and know the laws for payroll an audit should go smoothly. If you aren't sure of the laws may be it is time to consider outsourcing a payroll company. Make sure they will handle audits as part of their services. --------------------------------------------------------- SMS Bookkeeping & Financial Services 📞 (661) 522-3465 📧 sherryl@smsaccounting.net 🔗 smsaccounting.net #smallbusinessowner #smallbusiness #bookkeeping #accountant #taxes #payroll

What are the benefits in using a HMRC Registered Tax Practice to provide payroll rather than your 'traditional' payroll provider? 💡 🏛 👉 Deal with qualified specialists in tax matters, regulations and compliance 👉 One-stop personal finance shop covering everything from free advice and discounted accounting services 👉 Personal service tailorable to your business model and objective, so it's designed to meet specific needs 👉 Advanced payroll software and technology for automation, accuracy, and real-time access to payroll data and reports 👉 Staying updated with changes in tax legislation and regulations, ensuring payroll processes are compliant with HMRC requirements 👉 Comprehensive services and expertise result in quick profits and long-term cost savings, optimising financial performance and achieving business goals I'm not saying in this post your 'traditional' payroll provider can't offer these things but I can say looking at a HMRC Registered Tax Practice to provide payroll can financially empower your business and workers to a higher degree than the 'traditional' way. I am eager to hear about your thoughts about this though! 👇 Drop me a message 📩 #traditional #accountantsandaccounting #payrollcompliance #payrollsolutions

Getting audited can be a scary process especially when you don't know what they are looking for. Payroll audits can happen at any time and the best way to handle them is to be prepared with knowledge. Here are a few things EDD is commonly looking for when doing a payroll audit. - Verify business ownership and type (sole proprietorship, partnership, corporation, etc.) - Proper classification of people working in or for the company (employee vs independent contractor) - Discuss any questionable payments based on records - Verification that gross wages and taxable wages have been reported correctly - Verification that proper withholdings are being reported If you keep your records accurate and know the laws for payroll an audit should go smoothly. If you aren't sure of the laws may be it is time to consider outsourcing a payroll company. Make sure they will handle audits as part of their services. --------------------------------------------------------- SMS Bookkeeping & Financial Services 📞 (661) 522-3465 📧 sherryl@smsaccounting.net 🔗 smsaccounting.net #smallbusinessowner #smallbusiness #bookkeeping #accountant #taxes #payroll

The topic of "Reasonable Compensation" often comes up with new S-corp clients during the onboarding process and some of the questions/statements I have heard include: 1.) "My prior accountant didn't make me take payroll, isn't this going to cost me more in taxes?" 2.) "My prior accountant said if I take 20% of my income as wages then I have nothing to worry about" Determining reasonable compensation in an S-corp is crucial for tax compliance and avoiding IRS scrutiny. It involves paying shareholder-employees a salary that reflects industry standards for similar roles. Key factors include: 1. Industry Standards: Look at what similar jobs pay in your industry and area. 2. Employee’s Role: Consider their responsibilities, effort, and time commitment. 3. Company’s Financial Health: Align compensation with the business’s ability to pay. 4. Comparable Salaries: Reference what similar businesses pay for similar work. 5. Experience and Qualifications: Factor in the employee’s background and skills. Documentation is important for justifying the compensation. Using industry salary surveys and IRS guidelines can also help in setting a fair and compliant salary.

EY's Global Payroll managed services team is your trusted advisor in 150+ countries for regulations that could affect how your employees are paid. Ping me or my colleagues Eric Hachmer, Michael van den Brand, Marjukka Mäki-Hokkonen GAICD or Sheri Sullivan, MBA to learn more about how EY can help your organization stay on top of quickly changing payroll regulations, so you don't miss a beat! #betterworkingworld #globalpayroll