Avoid Audits by Dealing Honestly with Bitcoin

More and more people are discovering Bitcoin, a type of cybercurrency that was created in 2009. While the currency was once used mainly for shady, unscrupulous dealings, it is now becoming more and more acceptable. In fact, many major online retailers and organizations, such as Overstock.com and WordPress now accept Bitcoins as a legitimate form of payment.

If you’re using or accepting Bitcoins or thinking about doing so, however, you should know that taxation laws still apply. When you sell a product, you have to record the transaction and remit sales tax on it, regardless of whether you earn traditional money for that transaction, or you earn this new cybercurrency.

While less-than-honest filers might not get caught right away, continued discrepancies in tax related matters can easily lead to audits and potential related consequences. To avoid audits and to keep all of your practices on the up-and-up, contact a qualified Naperville accounting firm, such as Susan S. Lewis, Ltd., to assist you.

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The European Union Changes Up Audit Rules

The rules may be changing when it comes to Audits in Europe. The European Union recently announced a new plan that, if enacted, would require banks and certain other companies to change auditors at least once every 10 to 24 years. The reason for this required change, the European Union claims, is to help investors feel more confident and secure in their investments and in their general dealings with these organizations.

The new audit rules are likely due in large part to therecent financial crisis, during which it was discovered that many auditors were too interconnected with their clients to maintain impartiality beyond a reasonable doubt.

While these changes might not directly impact you as an American, they should cause you to give some serious thought to how your bank does business and to whether or not you’re dealing with trustworthy organizations. If you have any doubts, know that the friendly, knowledgeable financial experts at Susan S. Lewis Ltd. can help you make sure you’re working with all the right organizations.

Accounting Firms Regulator Unhappy with Audits

The United States regulator of accounting firms is reportedly unhappy with the audits performed by Deloitte & Touche, and this isn’t the first time the regulator has felt that way either. No, in fact, this marks the second year in a row that problems and deficiencies have been found with Deloitte & Touche’s auditing process. Last year, when the deficiencies were found, the organization was asked to correct them, but satisfactory improvements have not been made.

Some of the oversights of which the firm is allegedly guilty include not exercising enough care and close attention during audits, not practicing “professional skepticism,” and not properly checking and verifying information.

While it’s unclear what the future holds for Deloitte & Touche, know that, if you work with the friendly professionals at Susan S. Lewis, Ltd. of Naperville, you can greatly reduce your chances of being audited in the first place, meaning you’ll never have to worry about the proficiency of the auditing firm assigned to you or about anything else related to your financial future.

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• Audit Board Finds Flaws in Deloitte's Work, but Also Improvement (dealbook.nytimes.com)

Making Your Business Work for You

As the owner and/or maintainer of a business, you have to wear many hats and juggle a wide range of responsibilities. One of the toughest facets of your job is keeping everyone—from the lowest level stockholder to the most vital private investor—happy and satisfied. Investors, stockholders, and others involved with your business generally aren’t happy if they feel they are taking too large of a risk with their funds. Fortunately, you can show them just how stable and reliable your organization is by providing audits to them as requested.

Audits give peace of mind because they thoroughly review and verify many important aspects of your business, such as financial statements, prospects related to growth, and much more. The auditor should be someone experienced and very familiar with the process who can review all internal controls, communicate with any necessary outside organizations or involved parties, and test relevant transactions.

Having an audit done that verifies your business’s financial stability can do wonderful things for you. Not only will it keep stakeholders happy, but it can also help you to receive due tax payments more quickly and easily, to satisfy banking regulations and demands, to sniff out mistakes and right them quickly, and to lend an air of credibility to your business.

While there are many organizations you can turn to for Naperville audits, only the very best accountants should be trusted with the fate of your organization. One very trusted name in the industry is Susan S. Lewis. Lewis has been working as a certified public accountant for many years and maintains her own well known and very reputable firm. When you need Naperville audits for your business or company, turn to someone who knows how to make your business work for you.

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