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Managing a sales and use taxaudit can be challenging. First, you should always anticipate an audit – even if you’ve never beenaudited 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.
Life has a way of throwing us unexpected challenges, and for many individuals and businesses, tax problems are among the most daunting. But don’t let the weight of back taxes hold you back from financial freedom. Unfiled TaxReturns: The Silent Menace Ignoring unfiled taxreturns won’t make them disappear.
The process also involves a review of sales tax payable against the sales tax the company actually paid. A sales taxaudit often occurs when a state tax agency suspects a business of understating its reported sales or when the sales taxreturn filed with the state doesn’t match what was reported to the Internal Revenue Service (IRS).
Audits for the top 0.1% were much more complex but also much more remunerative, pushing the return to $6.29 Second, the average doesn’t consider the effect on tax collection in the years following an audit. on the dollar.
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