Top 10 tax and accounting mistakes companies are fined for

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The US Internal Revenue Service (IRS) fined U.S. businesses nearly $7 billion in civil penalties in 2013 stemming from tax and accounting mistakes.

The mistakes stem mainly from the incorrect reporting of business income and employment values, writes Dean Sonderegger, executive director of product management for Bloomberg BNA, Software Segment.To uncover the most common mistakes plaguing corporate tax and accounting departments , and find out how those mistakes vary across company size and industries, Bloomberg BNA conducted a survey of 200 in-house tax and accounting professionals, over half of which represent firms with revenues above $1 billion. From technological pitfalls to regulatory confusion, the top ten tax-and-accounting rule-based mistakes that may be costing your organization, are:

 

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