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Hey People!
I'm Sarthak Misal, Currently a student who's about to finish his degree in Business Administration with Specialization in Finance.
Previously I've worked as a Partnership Associate and I've also got little experience in CRM, Business Development, Monitoring Industry Trends, Project management, Operations management.
Currently trying to secure a job before college ends, would be grateful for all the help :)
www.linkedin.com/in/sarthak-misal-a8843a190/
This is my first time working with a client using the COSO framework. Before elevating my inquiry to my seniors, I would like to confirm my understanding of how this exercise works.
Prior working papers are telling me that client should establish its compliance with the five components of the framework, correct? How rigid should I be in performing this?
To be fair, I was provided with a reading material but it’s a pretty hefty read.
Thanks for any responses!
Deloitte
Larsen & Toubro Infotech Hey Guys,
I have 2 offers, one from LTI and another from TIAA. Please suggest better option in terms of career growth, wlb and annual hikes. LTI -
Dont know which project I will be assigned to and TIAA is in BFSI domain Salary is almost same and profile is Business Analyst
Yoe - 8 years (5 years java developer and 3 years as BA) Larsen & Toubro Infotech Teachers Insurance and Annuity Association of America
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Deloitte question. I have always gotten a raise each year, the only question I ask is how much of a raise do I get. But I’m hearing from former Deloitte folks, it is naive to expect annual raises each year however small/big they are? And how does this play in Deloitte consulting vs advisory? Do one tend to withhold annual raises in base salary over the other, or is this just a deloitte culture thing? Looking at exit opportunities all over. So lmk! I’d Rather get a small raise than none at all.
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Income tax paid to another state while an Illinois resident is a nonrefundable credit. Consistent with other states, Illinois does not double tax. See row 15 of IL-1040 https://www2.illinois.gov/rev/forms/incometax/Documents/currentyear/individual/il-1040.pdf. I’m not a tax pro but have been a resident Illinois taxpayer with multistate income for 5+ years. Suggest checking with your tax person or consider finding a new one.
See the instructions for Schedule CR https://www2.illinois.gov/rev/forms/incometax/Documents/currentyear/individual/il-1040-schedule-cr-instr.pdf “Taxes that qualify for the credit are income taxes you paid to another state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or any territory or possession of the United States,
or to a political subdivision (e.g., county, city, local) of one of these jurisdictions.” For the reciprocal states, you do pay Illinois income tax, don’t get the credit, and are exempt from paying tax the reciprocal states. I would note that I was audited for multi-state income my first two years at KPMG. In both years I provided my multi-state tax statement (once I had to send twice as they wanted it printed on KPMG letterhead) and the audits were closed without additional payment. The KPMG tax team suggested it was a training issue with the Illinois audit teams.
Been multi-state in Illinois the last 6 years. I've used Accenture's multi-state tax prep services every year, but the last 2 years have resulted in me being audited and requiring additional payment. Both providers (H&R Block and EY) that have special divisions that are supposed to know multi-state in and out have had the same result of being audited. Not sure why I'm all of a sudden having the problem, but the letter from Illinois states that they rejected the credit from other states. Tax preparers and internal tax/payroll team acknowledged that it is a known problem with Illinois and they covered the additional payment.
Please explain...
State of Illinois doesn't recognize income tax credit for taxes paid on wages earned in other states. For example your gross earnings are $100k, but you earn $80k of that while working in a state other than Illinois. Illinois is taxing you on the full 100k and not the 20k earned in Illinois. They also aren't giving you credit for income tax withheld/paid on the 80k earned in the other states. So you taxed twice on that 80k, the state was earned in and again by your home state of Illinois. Hopefully your tax and payroll team will make you whole. I've been audited the last two years and had to make an additional payment and seek reimbursement.
Yes please explain.
Oh yeah i owed Illinois money because of that smh. I think it’s BS.
https://joinfishbowl.com/post_0lyjzu
@A1 Is you tax program telling you that you owe more money? Or is your return rejected by Illinois? I have never paid this “double taxation”. In your example, my state wages on my w-2 would be $20k for IL
I have read this on this forum and went back to review past years taxes and I’ve only ever paid tax on my IL income. Using HR Block. Could be HR Block is just doing it wrong and I haven’t been audited. Seems unlikely though
To clarify, on your w-2, are your Illinois wages 20k or 100k? Do you have 2 different states on your w-2, one for IL with 20k wages and one for the other state with 80k wages?
Posted on that other thread as well. IL W2 shows all income, not the partial. Problem being you're supposed to get credit for tax paid in other states. That being said I wouldn't put it past H&R or EY screwing up my taxes.
H&R and EY don’t include this regulation based sophistication, so yea you’re on the hook. You need to manually say all your income is taxable in full in IL irrespective of your travel to other non-reciprocal states
Ok. So that really is an issue with your payroll. Our payroll separates and reports our wages by where we bill our time. I get two separate W-2’s, one for each state. This explains why I haven’t run into this
We get a W2 for every state. Perhaps your payroll isn't doing it right?
Could be the way we are organized? Not sure really. My withholding changes monthly based on where I am working. I’m not sure why your payroll would report your whole income to IL if it’s not being generated here. I also don’t pay double tax on rental property income we have in another state. IL doesn’t know about it, why should they? The income was not generated here.
I guess the key difference is my out of state w2 income is never reported to IL.
It has worked out so far I guess. Fingers crossed as I am filing this weekend!