article thumbnail

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


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.

tax 262
article thumbnail

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


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.

audit 243

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

The new breed of audit


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.

audit 245
article thumbnail

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.

tax 111
article thumbnail

7 Ways a Business is Selected for Audit


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.

audit 246
article thumbnail

EY Accused Of Missing Alleged Wirecard Fraud


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.

auditor 130
article thumbnail

Facing Tax Problems: Your Path to Financial Freedom with Mike Habib, EA


Maybe you’ve been audited by the IRS, or you have unpaid back taxes. Your brighter, debt-free future is waiting for you – seize it now! Contact us for professional tax help today! Are You Facing Tax Problems? If you’re like many taxpayers, you may be facing tax problems.

tax 100