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Blog: The 'XYZ Letter' and your sales tax compliance

TaxConnex

One of the downsides, is that if you are selling to small businesses, small businesses are less likely to have accrued and paid use tax or to have been audited. XYZ letters are a great tool to help minimize sales tax exposure.

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Tips to Ensure You Don't Mishandle a Sales Tax Audit

TaxConnex

Managing a sales and use tax audit can be challenging. First, you should always anticipate an audit – even if you’ve never been audited before. While they are definitely becoming more frequent as states try to crack down on economic nexus laws, rarely are you given advanced notice as to when an audit will occur.

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7 Ways a Business is Selected for Audit

TaxConnex

A random drive-by past one of your locations, noticing your company’s name in the news, an auditor seeing your business at a tradeshow, all could lead to a potential audit. You have recently been audited – Jurisdictions do speak to each other.

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The new breed of audit

TaxConnex

Even though many audits have shifted to remote audit, the fundamentals of the sales tax audit haven’t changed. The consultancy Agile has cited several stats on sales tax audits, including that one in five small-to-midsize businesses have been audited within the past five years. Fear and loathing.

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EY Accused Of Missing Alleged Wirecard Fraud

PYMNTS

EY has been auditing for Wirecard since 2008 when it was hired to conduct a special audit over allegations that there were deficiencies in the company’s financial statements, and then EY continued as the company’s regular auditor from 2009 onward.

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Why Microsoft’s $29 Billion Tax Bill Could Be the Big Knockout Punch in Fight with the IRS

CPA Practice

By Clint Rainey, Fast Company (TNS) Way back in 2012, the IRS launched the largest-ever audit in history, accusing Microsoft of stashing billions in offshore tax havens to dodge U.S. Former CEO Steve Ballmer got summoned.

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Wirecard Forces ‘Radical’ Reboot Of German Accounting Regs

PYMNTS

German regulators have faced accusations that they failed to adequately supervise Wirecard, which has been audited by Ernst & Young , the Times reported. Last week, the company filed for insolvency, owing creditors almost $4 billion.

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