TaxConnex
APRIL 28, 2022
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.
ThomsonReuters
MAY 12, 2022
How do you prepare for a sales tax audit? Sales tax auditors examine federal income tax returns to reconcile the gross sales between the federal return, the sales tax return, and the sales recorded in accounting records. Be prepared to produce additional financial documents, including general ledgers and sales journals.
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