Latest news with #taxaudit
Yahoo
31-07-2025
- Business
- Yahoo
ICAI revises tax audit limits for chartered accountants
The Institute of Chartered Accountants of India (ICAI) has announced revised norms for the maximum number of tax audits a chartered accountant can undertake annually. Effective from 1 April 2026, the guidelines aim to enhance audit quality by maintaining the existing limit of 60 tax audits per member per financial year, applicable to both individual and partnership capacities. The revised guidelines specify that the limit of 60 tax audits cannot be distributed or shared among partners in a chartered accountants (CA) company. However, this limit excludes tax audit assignments under clauses (c), (d) and (e) of section 44AB, concerning sections 44AE, 44ADA and 44AD. Additionally, revised tax audit reports will not count towards the 60-audit limit. These changes were decided in ICAI's 442nd and 443rd meetings held on 26–27 May 2025 and 30 June–1 July 2025, respectively. The guidelines aim to ensure that the quality of tax audits remains uncompromised. In a separate development, the ICAI inaugurated the ICAI International ADR Centre (IIAC), a Section 8 company, to promote alternate dispute resolution (ADR) mechanisms in India. The initiative represents ICAI's move into ADR, an area intersecting commercial, legal and economic interests. In a statement, the ICAI said that these centres will enhance the commercial dispute resolution ecosystem by providing a transparent, technology-enabled mechanism. The centres will operate under a governance framework, ensuring integrity, neutrality, and professional excellence for both domestic and international stakeholders. ICAI president Charanjot Singh Nanda said: 'In this evolving business ecosystem, effective dispute resolution is no longer a procedural formality; it is a strategic necessity and IIAC aims to provide this necessity with credibility, neutrality and efficiency, values that are at the core of ICAI's professional ethos. 'The IIAC will serve as a specialised institutional platform offering structured and time-bound arbitration, mediation, conciliation and negotiation services that are professionally managed, process-driven and globally benchmarked.' "ICAI revises tax audit limits for chartered accountants " was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
23-07-2025
- Business
- Yahoo
Tenet Sets Revised Timeline for Filing of Year-End 2024 Financial Results
Toronto, Ontario--(Newsfile Corp. - July 23, 2025) - Tenet Fintech Group Inc. (CSE: PKK) (OTCQB: PKKFF) ("Tenet" or the "Company"), an innovative analytics service provider, owner and operator of the Cubeler® business development platform, today announced that the completion of the audit of the Company's year-end 2024 financial statements (the "Financial Statements") would be further delayed to align with the annual tax audit of the Company's Chinese subsidiaries. The subsidiaries' tax audit is an annual requirement for Tenet's Chinese operating entities. It is typically conducted alongside the audit of the Company's year-end financial statements, as both audits rely on similar financial information. This year, however, Tenet was unable to synchronize the two audits because of the delay in the start of the audit of its Canadian operations, resulting in additional delays to file the Financial Statements. Tenet has revised the timeline for filing the Financial Statements to August 2025, with a precise filing date to be communicated by the end of this month. About Tenet Fintech Group Inc.: Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies. All references to Tenet in this news release, unless explicitly specified, include Tenet and all its subsidiaries. Tenet's subsidiaries offer various analytics and AI-based products and services to businesses, capital markets professionals, government agencies and financial institutions either through or leveraging data gathered by Cubeler®, a business development platform where analytics and AI are used to create opportunities and facilitate B2B transactions among its members. Please visit our website at: For more information, please contact: Tenet Fintech Group Inc. Mayco Quiroz, Chief Operating Officer514-340-7775 ext.: 510investors@ CHF Capital MarketsCathy Hume, CEO416-868-1079 ext.: 251cathy@ Follow Tenet Fintech Group Inc. on social media: X: @Tenet_Fintech Facebook: @Tenet LinkedIn: Tenet YouTube: Tenet Fintech Forward-looking information Certain statements in this press release constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors which may cause actual results, performance or achievements of Tenet to be materially different from the outlook or any future results, performance or achievements implied by such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Important risk factors that could affect the forward-looking statements in this news release include, but are not limited to, holding company with significant operations in China; general economic and business conditions, including factors impacting the Company's business in China such as pandemics and COVID-19; legislative and/or regulatory developments; Global Financial conditions, repatriation of profits or transfer of funds from China to Canada, operations in foreign jurisdictions and possible exposure to corruption, bribery or civil unrest; actions by regulators; uncertainties of investigations, proceedings or other types of claims and litigation; timing and completion of capital programs; liquidity and capital resources, negative operating cash flow and additional funding, dilution from further financing; financial performance and timing of capital; and other risks detailed from time to time in reports filed by Tenet with securities regulators in Canada. Reference should also be made to Management's Discussion and Analysis (MD&A) in Tenet's annual and interim reports, Annual Information Form, filed with Canadian securities regulators and available via the System for Electronic Document Analysis and Retrieval (SEDAR+) under Tenet's profile at for a description of major risk factors relating to Tenet. Although Tenet has attempted to identify certain factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements reflect information as of the date on which they are made. The Company assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event the Company does update any forward-looking statement, no inference should be made that the Company will make additional updates with respect to that statement, related matters, or any other forward-looking statement. Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Forbes
24-06-2025
- Business
- Forbes
5 Things You Should Know About The IRS BBA Partnership Audit Rules
BBA Partnership Audits Partnerships are an enigma under federal tax law. Although the partnership files an annual income tax return (i.e., Form 1065), the partners report their allocable share of the partnership's tax items on their income tax returns (e.g., Form 1040). Due to the complexity inherent in partnership income tax reporting, Congress has historically struggled in attempting to find an appropriate examination tool to provide to the IRS to audit partnerships. After more than three decades under the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA), Congress changed the partnership audit and collection rules through passage of the Bipartisan Budget Act of 2015 (BBA). Under the BBA, the IRS must generally audit the partnership unless the partnership qualifies for and makes a timely election out of the BBA centralized partnership audit regime. Significantly, the BBA audit provisions also allow the IRS to collect taxes directly from the partnership unless the partnership makes a timely election to 'push out' the adjustments to its partners. The new BBA partnership audit rules are complex and provide ample opportunities to mess up, including missing an election. This article discusses five components of the BBA audit provisions that every tax professional should recognize and understand. BBA Partnership Audit Notices The IRS generally issues four notices during a BBA partnership audit. These notices include: (i) notices of selection for examination; (ii) notices of administrative proceeding (NAP); (iii) notices of proposed partnership adjustment (NOPPA); and (iv) notices of final partnership adjustments (FPA). To commence a BBA examination, the IRS issues the partnership a notice of selection for examination. Roughly thirty days after this notice, the IRS issues the NAP. After the NAP is issued, neither the partnership nor its partners may file an administrative adjustment request or notice of inconsistent statement, either of which often seeks to change the partnership's income tax reporting. If the IRS examiner concludes that adjustments are necessary to the partnership return, the agency will issue a NOPPA that contains and details the proposed partnership adjustments. As discussed more below, the IRS will first allow the partnership an opportunity to an administrative appeal prior to issuance of the NOPPA. After issuance of the NOPPA, the partnership has a 270-day window to request modifications to the proposed partnership-level tax, which is known as an 'imputed underpayment.' Generally, the partnership representative makes the modification requests by electronically filing an IRS Form 8980, Partnership Request for Modification of Imputed Underpayment Under IRC Section 6225(c). If the partnership and the IRS continue to disagree on the proposed adjustments, the IRS issues an FPA. The FPA triggers two important deadlines. First, the partnership representative may elect to 'push out' the FPA's adjustments to the partners if an election is made within 45 days of the FPA. Second, the FPA starts a 90-day deadline for the partnership representative to contest the FPA's determinations in federal court. BBA Partnership Push-Out Election A timely push-out election can significantly reduce overall income tax. If the partnership representative makes the election, any proposed adjustments resulting in an imputed underpayment are pushed out to the reviewed-year partners, i.e., the persons who were partners for the year under IRS scrutiny. Because a push-out election results in a higher applicable interest rate, however, partnerships should consult with their tax advisors to determine the impact of the push-out election prior to making it. Given the 45-day deadline, there is not much time here to make the analysis—so tax advisers should be engaged early on after the IRS issues the FPA. A partnership representative makes a push-out election by completing and electronically filing an IRS Form 8988, Election to Alternative to Payment of the Imputed Underpayment – IRC Section 6226. In addition to filing this form, the partnership representative must provide the partners with certain information concerning the push-out adjustments. These push-out statements must be provided to the partners generally within 150 days of the FPA if the partnership representative accepts the proposed adjustments and does not seek judicial review. If the partnership representative files a timely petition for readjustment in federal court, the push-out statements must generally be provided to the partners within 60 days from the date the court enters its final decision. In either instance, the partnership representative provides its partners with IRS Forms 8985, Pass-Through – Statement Transmittal / Partnership Adjustment Tracking Report (Required Under Sections 6226 and 6227), and 8986, Partner's Share of Adjustment(s) to Partnership-Related Items(s) (Required Under Sections 6226 and 6227). If these statements are not provided timely, the IRS may attempt to revoke the push-out election. BBA Partnership Audits And Deposits A BBA partnership dispute can last a long time—even more so if the partnership representative contests the proposed adjustments in federal court. If the partnership representative makes a push-out election and ultimately loses on the merits at federal court, the partners may be responsible for significant interest on the resulting income taxes. Section 6603 of the Code, which governs deposits, may be helpful here. When a taxpayer makes a deposit, it stops interest from accruing on potential taxes owed. BBA partners can make deposits of tax to stop interest, but they must follow special rules. Under IRS guidance, a BBA partner can make a section 6603 deposit by submitting a payment of the estimated tax and submitting a statement to the IRS designating the payment as a deposit. In the statement, the partner should include: (i) the name and TIN of the partnership under examination; (ii) the reviewed year of the partnership under examination; (iii) the audit control number of the partnership under examination; (iv) a statement of the amount and basis of the disputable tax; and (v) the partner's estimated allocable share of the adjustments and the tax, interest, and penalty computations. IRS Appeals Rights In BBA Partnership Audits The IRS Independent Office of Appeals (IRS Appeals) provides taxpayers with an impartial administrative forum to resolve their tax disputes with the IRS. IRS Appeals hears non-docketed cases and docketed cases. Non-docketed cases are those, as applicable to BBA partnership audits, where no petition for readjustment has been filed. Docketed cases are those pending in a federal district court. Generally, the IRS will issue a '30-Day Letter' to the partnership representative after the conclusion of the examination. The 30-Day Letter notifies the partnership of the proposed partnership adjustments and offers the partnership a right to appeal the adjustments with IRS Appeals. To request an appeals conference, the partnership representative must submit a timely protest. In addition, IRS Appeals will only accept cases where there is sufficient time remaining on the statute of limitations for the IRS to make an assessment. Accordingly, the IRS often asks for a statute of limitations extension waiver from the partnership representative in these circumstances. If the partnership representative submits a timely protest, the partnership has an opportunity to discuss disputes associated with the proposed adjustments with IRS Appeals. These disputes can relate to issues of fact or law. IRS Appeals reviews the parties' contentions to determine whether a settlement may be reached without judicial intervention. Regardless of settlement, IRS Appeals issues the NOPPA at the conclusion of the appeals conference, which as mentioned above triggers the 270-day modification period. If the partnership representative requests modifications and the IRS refuses to grant them, the case may be forwarded again to IRS Appeals solely to review the modification requests. Thereafter, IRS Appeals issues the FPA. Similar to non-docketed cases, IRS Appeals seeks to resolve disputes between the partnership representative and the IRS in docketed cases. BBA Partnership Audits And Judicial Review When the agency issues an FPA, the partnership representative has 90 days to file a petition for readjustment with the proper federal court, which is either the U.S. Tax Court, the district court in which the partnership's principal place of business is located, or the Court of Federal Claims. Partnerships do not have to pay the imputed underpayment prior to filing a petition in the U.S. Tax Court. But for a federal district court or the Court of Federal Claims to have jurisdiction, the partnership must make a deposit of the proposed imputed underpayment with the IRS on or before the petition filing date. By statute, the partnership must also pay any proposed penalties and 'additional amounts.'
Associated Press
09-06-2025
- Business
- Associated Press
Clear Start Tax Warns: IRS Targets Digital Payments and 1099-K Filers in 2025 Crackdown
New Rules and Lower Thresholds Put Freelancers, Gig Workers, and Online Sellers at Greater Audit Risk IRVINE, CA / ACCESS Newswire / June 9, 2025 / The IRS is tightening its focus on digital payments and third-party transactions in 2025 - and many taxpayers may not be prepared. According to Clear Start Tax, a national leader in tax resolution, individuals receiving income through platforms like Venmo, PayPal, Etsy, and eBay could face new scrutiny as the IRS expands its oversight of 1099-K forms and enforces a much lower reporting threshold. Key IRS Changes Affecting Digital Income in 2025 Under updated IRS rules, third-party payment processors must now issue a 1099-K for total transactions exceeding $600 annually - a steep drop from the previous $20,000 threshold. That change significantly broadens the number of taxpayers who will receive tax documents for digital income they may not have previously reported. Clear Start Tax explains that the new rules aim to reduce underreporting and close the tax gap-but they also put part-time sellers, freelancers, and side-hustlers in the IRS's spotlight. 'The IRS is no longer just looking at traditional income sources,' said the Head of Client Solutions at Clear Start Tax. 'Anyone who uses payment apps or sells online-even casually-could now find themselves facing unexpected tax bills or even audit risk.' Taxpayers Most Likely to Be Affected This shift affects a wide range of Americans, not just full-time business owners. Clear Start Tax identifies the following groups as most vulnerable to missteps or enforcement: Failing to accurately report these earnings or ignoring a 1099-K entirely can trigger IRS notices, penalties, or audits. See if you qualify for relief through the IRS Fresh Start Program by completing a free Tax Relief Survey today. It only takes a few minutes to take the first step toward resolution. Why Documentation Matters More Than Ever Taxpayers receiving 1099-K forms may find themselves confused about how much of that total is truly taxable. Without good recordkeeping, it becomes difficult to separate personal transfers from income, or subtract legitimate business expenses. 'We've seen clients receive 1099-K forms for transactions that weren't income at all,' said the Head of Client Solutions. 'That's why it's critical to keep clear records and respond properly - because the IRS assumes the full amount is taxable unless proven otherwise.' How Clear Start Tax Helps Digital Earners Stay Compliant As these reporting rules evolve, Clear Start Tax provides essential support for taxpayers navigating the new landscape. The firm helps clients: Clear Start Tax emphasizes early intervention as the best way to avoid penalties and keep digital earners on track with IRS expectations. About Clear Start Tax Clear Start Tax is a full-service tax liability resolution firm that serves taxpayers throughout the United States. The company specializes in assisting individuals and businesses with a wide range of IRS and state tax issues, including back taxes, wage garnishment relief, IRS appeals, and offers in compromise. Clear Start Tax helps taxpayers apply for the IRS Fresh Start Program, providing expert guidance in tax resolution. Fully accredited and A+ rated by the Better Business Bureau, the firm's unique approach and commitment to long-term client success distinguish it as a leader in the tax resolution industry. Need Help With Back Taxes? Click the link below: Contact Information Clear Start Tax Corporate Communications Department [email protected] (949) 535-1627 SOURCE: Clear Start Tax press release
South China Morning Post
26-05-2025
- Business
- South China Morning Post
From salaries to side gigs and audits: how to navigate Hong Kong's tax system
The tax filing season in Hong Kong is in full swing, with June 2 marking the deadline for most individuals. Tax audits have come under scrutiny recently after at least 20 journalists raised concerns about 'unreasonable' reviews targeting them and their families. The Inland Revenue Department (IRD) Commissioner dismissed these claims, stressing that assessment procedures were applied uniformly and did not target specific industries or individuals based on their background. The Post provides a guide on what to pay attention to regarding filing requirements, with insights from taxation experts on the recent audit controversy. 1. How to file your tax return and what are the key deadlines? The government issued the Individual Tax Returns for 2024-25 on May 2, 2025, requiring taxpayers to report their salaries, rental income from solely owned properties and profits from sole-proprietorship businesses. The tax return must be filed within one month from the date of issue, or within three months if the taxpayer solely owned an unincorporated business during the year of assessment. An automatic extension of one month will be given for filing the tax return for the year electronically through a service called eTAX. An eTAX account holder can file their taxes online as long as they do not claim an exemption on their income, does not own any sole proprietorship business with gross income of more than HK$2,000,000, has not claimed double taxation relief, or has not obtained an advance tax ruling for that year.
