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.

Tips for Accounting Services

Recently, hospitals that were seeking government tax help in Tucson, Arizona got some bad news. The hospitals, which had requested help dealing with and hopefully being off the hook for millions of dollars in costs accumulated by patients who were unable to pay for their care, were denied help or bail-outs from the government.

This decision was a real letdown for the hospitals who were seeking tax help in Tucson. Most of the hospitals thought that getting help would be a “given,” and reportedly, the hospitals were banking on receiving around $70 million total. Things were looking good for the hospitals since the city council had voted in favor of the tax assistance, but ultimately and unfortunately, the tax help just didn’t come.

Hopefully, you will never find yourself or your organization in this kind of tax trouble. But, if you do or if you just need some assistance sorting out your taxes and other financial matters, you can always find people to help in Naperville; all you have to do is contact Susan S. Lewis Ltd.

Tucson Hospitals Are Left High and Dry

Recently, hospitals that were seeking government tax help in Tucson, Arizona got some bad news. The hospitals, which had requested help dealing with and hopefully being off the hook for millions of dollars in costs accumulated by patients who were unable to pay for their care, were denied help or bail-outs from the government.

This decision was a real letdown for the hospitals who were seeking tax help in Tucson. Most of the hospitals thought that getting help would be a “given,” and reportedly, the hospitals were banking on receiving around $70 million total. Things were looking good for the hospitals since the city council had voted in favor of the tax assistance, but ultimately and unfortunately, the tax help just didn’t come.

Hopefully, you will never find yourself or your organization in this kind of tax trouble. But, if you do or if you just need some assistance sorting out your taxes and other financial matters, you can always find people to help in Naperville; all you have to do is contact Susan S. Lewis Ltd.

Tax Audit Reveals Taxpayers are Vulnerable to Fraud

When you think of the Internal Revenue Service or the IRS, you likely think of it as the organization that is in control of taxes, but like every other person and organization in the world, the IRS is also subject to tax laws—the very laws it helps to enforce—and even to the dreaded tax audit process. And while you might believe that the IRS would come out squeaky clean in a tax audit, its most recent audit revealed that it has left American taxpayers vulnerable to identity fraud due to problems with its security.

Surprisingly, this isn’t the first time flaws have been discovered within the IRS’ structure either. No, lapses in security were discovered in the past and corrective measures to fix these problems were ordered. Unfortunately, however, Russell George, who serves as the Treasury Department’s inspector general, recently revealed that only 42% of those corrections have been made and that taxpayers are still vulnerable.

While you can’t control how safe the IRS is or how securely it handles your sensitive information, you can control who you share your information with now and how your taxes are handled. Obviously, since you have some control, you’ll want to exercise it in a way that benefits you, by choosing the absolute best and most secure tax service you can; in Naperville, that tax service is Susan S. Lewis, Ltd.

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The Importance of Reliable Payroll Processing Software

Many companies rely on payroll processing software to help their businesses run as smoothly as possible. Unfortunately, however, all of that software isn’t as reliable or as easy to use as it might appear to be at first glance, and when payroll processing software doesn’t work correctly, it can cause major problems for the companies and businesses relying on that software. This point has been proven by the recent lawsuit filed against SAP, the creator of a payroll processing software program, by California’s state controller. The state controller claims that the software never really worked like it should and, worse yet, that it actually cost taxpayers a lot of money.

If you don’t want to find yourself in the same situation as the California state controller, who now has to fight tooth and nail to recoup his losses, work only with payroll software that is proven to work, or, even better yet, with actual people who can walk you through the payroll process step by step. You can find proven, dedicated help with payroll from the professionals at Susan S. Lewis, Ltd. of Naperville.

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Legal Tax Loopholes

If you’re going to hire a tax advisor, you’d be smart to hire one like Feargal O’Rourke, a man who knows tax law so well that he’s helped many high profile clients around the world to take advantage of legal tax loopholes. These are the same loopholes that have allowed major companies, such as Apple and Google, to save billions of dollars over the years. Unfortunately for companies such as these, tax officials are starting to catch on and are making efforts to close the very loopholes people have been taking advantage of. Even as they do that, O’Rourke has been able to find additional “ways out” and to help individuals and companies to continue saving money.

While it’s likely that all tax loopholes will be closed in the future as those making the laws become more and more aware of them and while individuals and corporations likely won’t be able to lean on these laws in the future, it can still come in handy to have a tax advisor who knows the ins and outs of tax law. There are so many ways to save money on taxes when you’re working with someone who knows his or her stuff; you can find that “someone” at Susan S. Lewis, Ltd. of Naperville.

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Quickbooks Joins Forces with Other Companies

Quickbooks is well known for the online business management software that it offers. The widely used software was created by a company known as Intuit, a company that recently announced that, according to projections, its online client base should top its physical software client base this year.

Because of the immense popularity of the online Quickbooks services, the company has decided to partner with several other companies and developers to add on applications that can easily be used with the software. Many companies have responded quite positively to this news, and currently, Intuit is saying it has around 60 business partners who plan to offer applications and/or tools compatible with the online Quickbooks software. These companies include such modern giants as American Express and Square.

To get set up with Quickbooks and to start taking advantage of these great new applications, all you have to do is contact Susan S. Lewis, Ltd. of Naperville today.

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New Data Revealed by Utah Payroll Reports

Anyone who owns a business knows the vast importance of payroll processing; without it, no one would get paid, and no one would come to work, and thus, a business couldn’t survive. Payroll processing isn’t just important for keeping businesses afloat, however; no, it can also lead to the discovery of new information and changes in trends. For example, it was recently revealed that more Utahans are working than ever before, and this discovery was made possible by examining payroll employment rates.

Based on information from recent payroll employment reports, the number of Utahans who are working nonfarm jobs rose by around 2.2 percent  from October of 2012 to  October of 2013. That might not sound like a lot, but when you consider the fact that this 2.2 percent is made up of 27,800 new employees , it’s actually quite an impressive number. Furthermore, even in these troubled economic times, Utah is currently said to offer an impressive 1,299,000 jobs!

If you’d like to make exciting discovering about your business through the careful examination of payroll processing data, give Susan S. Lewis of Naperville a call today!

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CPA Responsible for Apple’s Recent Victory

High-powered corporations Apple and Samsung have long been in a heated legal battle over allegedly violated patent infringement laws as they relate to the iPhone. Fortunately for Apple, it made a very smart choice in terms of who it called to be its expert witness on damages; that “who” was Julie L. Davis, a CPA from Chicago.

The evidence provided by Davis was sufficient enough for Apple to receive $290 million in funds from Samsung. The vital assistance provided by Davis proves that accountants can be smart, knowledgeable people who know their stuff, but the operative word is “can.” Not all CPA professionals are as trustworthy and as knowledgeable as Davis. Fortunately, though, all the ones who you’ll find at Susan S. Lewis Ltd. are. For that reason, you should entrust all of your financial matters to the friendly experts at this amazing Naperville company.

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Corporate Tax Structure Isn’t Black and White

When it comes to corporate tax structure, you likely believe, like most other people, that there are very black and white rules and regulations that corporations must abide by, as well as clear definitions of right and wrong. The truth is, however, that many corporations, as recently revealed by corporate tax accountants from around the world, take advantage of the complex rules surrounding global tax systems to basically commit tax evasion legally.

Because many corporations are still following the rules…essentially…and because actually outing these companies and convicting them of wrongdoing would require long and expensive legal battles, the actions of these corporations often go undetected, keeping them from being subjected to the scrutiny and negative publicity they secretly deserve.

Fortunately, not all corporate tax accountant professionals give into the pressure and act in sneakily unscrupulous ways. No, some are truly ethical, and those are the kinds of accountants who work for Susan S. Lewis Ltd. of Naperville and who you can trust to work for you.

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Bookkeeping Isn’t on the Up and Up at the Pentagon

When you think of the Pentagon, you probably think of it as a place where everything is done according to strict rules and regulations, but unfortunately, that’s not the case. A recent investigation performed by Reuters reveals that the Department of Defense hasn’t reported on how it spends its money from Congress for decades. What’s more is that the report revealed that bookkeeping fraud runs rampant at the Pentagon and that billions of taxpayer dollars have been wasted without Pentagon officials facing any consequences.

Fortunately, this problem should be under control soon; Congress recently adopted new laws under which the Defense Department must submit partial audits each year.  It’s likely that some problems will still exist within the walls of the Pentagon, but hopefully these new requirements will encourage employees to clean up their acts.

If bookkeeping fraud happens even at the Pentagon, you can see how very difficult it is to find a bookkeeper you can truly trust. Fortunately, though, Naperville residents don’t have to look far for reliable bookkeepers; they just have to look to Susan S. Lewis, Ltd.

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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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A Move is Planned for Mountjoy Chilton Medley

Mountjoy Chilton Medley has long been known as the largest accounting firm in all of Kentucky, but, despite the name it’s made for itself there, the firm recently announced that its planning a move. While you might think the accounting services company would simply be relocating to a different part of Kentucky, it’s actually going out of state and will be basing itself in southern Indiana!

The move has nothing to do with “trouble” or “problems” for the accounting services firm, as many have wrongly speculated. In fact, the company plans to add on some twenty new employees. Of course, however, only time will tell how the company fares in its newfound home.

Obviously, though, some Kentucky customers are likely to be disappointed; after all, no one wants to get comfortable with an accounting firm just to have it pick up and move. Fortunately, that’s not something you have to worry about, not if you work with one of the most reliable accounting firms in all of Naperville: Susan S. Lewis, Ltd.

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No Dishonesty Allowed!

Professionals who offer tax return preparation services are expected to be honest and to file all peoples’ taxes accurately. Unfortunately, though, in recent years, there have been problems with tax preparers filing inaccurate earned income tax credit claims. The IRS is smart, though, and quickly caught onto this problem, and as a result, the organization is now doing something about it. As of this year, the IRS will be sending out letters to those tax preparers whom it believes have filed incorrect earned income tax credit claims.

The letters tax preparers will receive are not form warning letters either; no, each letter will detail what problems were discovered with each return, what the consequences are for those problems, and furthermore, that the IRS will be monitoring all of the tax preparer’s claims more closely in the future.

While you may not get in trouble if your tax preparer is dishonest, issues with your tax return could cause delays and other problems for you. As such, you’ll want to rely only on tax return preparation professionals who are honest and who follow all the rules as they relate to tax filing; you can find honest preparers at Susan S. Lewis Ltd. of Naperville.