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How to Maintain Compliance Documentation for Sales Tax Audits | TaxConnex

TaxConnex

Returns/Credits Returns and credits should be clearly identified in your accounting system. Bad Debt Most states allow a deduction for bad debts written off for Federal income tax purposes. Ensure these bad debts are clearly identified and documented in your accounting system.

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How To Download Your IRS Account Transcript to Look Up Your Estimated Tax Payments (Updated Jan 2025)

Nancy McClelland, LLC

For example, if you’re trying to prepare a tax return for a prior-year and need a list of all the informational documents filed with the IRS that are associated with your SSN, you’d want a Wage & Income Transcript. The best news where downloading any transcript is concerned?

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How To Download Your IRS Account Transcript to Look Up Your Estimated Tax Payments (Updated Jan 2024)

Nancy McClelland, LLC

For example, if you’re trying to prepare a tax return for a prior-year and need a list of all the informational documents filed with the IRS that are associated with your SSN, you’d want a Wage & Income Transcript. The best news where downloading any transcript is concerned?

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5 Tips to Minimize Risk Associated with Sales Tax Audits

TaxConnex

Not having good paperwork - Once hit by an audit notice, companies often fail to immediately assess their sales tax records and documentation – which in some companies is poorly organized and hard for an auditor to interpret. Documentation typically required can include invoices, exemption certificates, summary reports, tax returns and more.

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16 Common Financial and Tax Mistakes That Affect Your Small Business’ Bottom Line

Ronika Khanna CPA,CA

This is especially true with respect to the more technical aspects of business such as accounting and tax. Digital Download Available at Amazon 1. While you may not see yourself as a business owner, the tax authorities do and they, unfortunately, have the final say on this.

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What Small Business Owners Need to Know About Income Tax Instalments

Ronika Khanna CPA,CA

One of these obligations requires that you calculate and pay the full amount of your income taxes when you file your income tax return, rather than having your employer remit deductions from your paycheck directly. Digital Download What is an Instalment Payment? Payment can be made via cheque or online banking.

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12 Tax Tips for the Self Employed

Ronika Khanna CPA,CA

Ensuring that you keep on top of your finances and tax obligations is among the most important of these tasks for which it is essential to have a system in place so that you can maximize tax deductions, minimize taxes payable and reduce amounts that you have to pay to CRA and RQ.

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