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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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What triggers a sales tax audit and how do you reduce the risks?

ThomsonReuters

Be prepared to produce additional financial documents, including general ledgers and sales journals. Other strategies for streamlining audits include: Disclose known errors to the auditor up front. Past audits – You have been audited in the past and had sales and use tax audit liabilities.

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