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The ever-changing laws on taxation have brought about certain changes in a number of existing businesses. The rules of taxation, not to mention the dynamic modifications in interstate sales tax landscape, have become complicated and the need to hire a professional sales tax experts, like those from Interstate Tax Strategies has been on an increasing trend nowadays.
Any business that has been selected for sales tax audit is sure to face a lot of challenges, especially when this company has not prepared all the documents needed to properly prove that proper remittance of their taxes has been made.
Below are the basic steps in ensuring proper compliance to sales tax audit:
1. Organization is the key. During the sales tax audit, the business will be required to present sales tax returns, excise tax returns, documentation for use tax, retail sales tax, business, and occupational tax, and all other critical records related to the business. All sales transactions will be checked as well. It is always best to keep all documentations to support individual transactions. Sales tax software solutions are recommended for organizing tax records.
2. Take Time for the Audit Process. The sales tax audit procedures is a very tedious process, so to make things less complicated on the part of the auditor, and on the part of the businesses, it is a must for these businesses to have cash register tapes ready. Exemption certificates must also be prepared prior to the audit.
3. Seek the Expertise of a Professional in the Field of Sales Tax Audits. It pays to hire a sales tax audit expert who has thorough knowledge and experience in computing sales tax rates and managing all documents needed for tax audits. Businesses who hire the services of a professional in the field have enough confidence when being subjected to sales tax audit procedures.
Check with Interstate Tax Strategies now on how to be sales tax audit-prepared!
Internal Revenue Service audits tax returns to verify that the tax reported was correct. Selecting a return for examination does not necessarily mean that the taxpayer has made mistake or had been dishonest. Also the selection process is made randomly. Therefore anyone can be subject to auditing. Below are guides and tips that can help you prepare for a tax audit.
• It is important that you maintain records to prove your deductions in the event of an audit. Collecting and organizing your records throughout the year will make it easier to prepare your return and reduce the likelihood of error.
• Certain factors may contribute the likelihood that you will get audited. Factors like your income, your profession, the type of return file, type of transactions reported and where you live.
• To prepare for a tax audit, you should review at the details of your return to refresh your memory. Then organized your records to support the items questioned by the IRS.
• Establish a range of settlements that you are comfortable accepting. By doing this, you will be prepared for possible settlement terms that might be discussed later by the examiner.
Ground Rules You Can Set For an Audit
• You have the right to conduct the audit at a time and place that is convenient to you. You have to assert your right for you to be able to prepare and avoid being caught off guard.
• You have the right to record an audit as long as you give the IRS the same right. Using this rule prevents the IRS from changing the rules midway through the audit.
• You have the right to limit the scope of the audit to avoid time and trouble discussing issues not relevant to your tax liability.
• The right to professional and courteous treatment by the IRS employees.
• The right to privacy and confidentiality to tax matters.
• You have the right to representation by oneself or an authorized representative.
• You have the right to know why the IRS is asking for information, how the IRS will use it and what will happen if the requested information is not provided.
• You have the right to appeal disagreements, both with the Internal Revenue Service and before the courts.
Getting a notice that you are being audited by the IRS can strike fear in the hearts of the bravest of taxpayers. However, educating yourself about sales tax audit procedures can make the process less painful. http://salestaxstrategies.com/voluntary-disclosure-services.html
BENEFITS OF DEALING WITH TAX SERVICES
Paying tax is one of the most important obligations of each and everyone. Tax is a compulsory contribution to state revenue, levied by the government on workers income and business profits added to the cost of some goods, services and transactions. It can be considered as a heavy demand for workers and business owners. The amount of tax you need to pay depends on your monthly salary as well as how much does your business earn every month. But the tax may decrease if you are the breadwinner and numbers of your dependants. Most of the time, some of the business owners always encounter problems with paying tax that’s why they looking for tax services.
Atlanta tax services are one of the best places where you can find tax services for individuals and business owners. By consulting your tax problem, they will be the one who will teach you on how to handle your tax in the best way. Every business transaction has a tax implication. It could mean the difference between the success and failure. This is why most of the businesses are looking for tax services to them to make the right choices and to see the big picture of them.
In a globally connected economy, increasingly complex tax implications constantly arise for multinational companies. Providing the clients with innovative ideas and seamless service delivery, and is underpinned to invest in and develop leading tax technologies. Each of the tax services companies offers different services in different range of areas. They are responsible to help and guide firms who have problems with their tax. Some of the tax services include:
• Helping businesses create new tax best practice standards, without just looking at tax in isolation
• Help clients navigate the complex and frequently changing raft of federal and state indirect taxes to find innovative, cost-effective solutions that meet their business needs.
• Ensure clients’ most demanding cross-jurisdiction tax issues are holistically addressed including help with government incentives.
• Create value by helping clients deal with the complex and dynamic issues they face around inbound and outbound tax issues, including overseas investment and business restructuring.
Importantly, you won't be alone. You'll meet a large group of like-minded people, learn from each other’s experiences and make long-standing friends. You'll be part of a collegial, dynamic and interactive team that pulls together to solve complex issues. Like the Arizona tax services, they work professionally and focus on quality as well where success is guaranteed.http://salestaxstrategies.com/sales-tax-audit-defense.html
Purpose of Sales Tax Audit
The purpose of a sales tax audit is to examine the business records in order to determine if the appropriate amounts of sales tax have been collected and remitted to the state. The audit is used as an enforcement tool to ensure compliance, and as a means of increasing State revenue. As part of normal business, most companies eventually will undergo a sales and use tax audit. Most auditors are professional and even friendly but you should not mistake that professionalism for being your friend. While few auditors will admit it, their primary goal is to issue a substantial sales and use tax assessment. We provide you with the sales tax audit defense expertise that you need to minimize and control any damage to your business.
Sales tax auditors frequently come with the preconception that businesses cheat or at least intentionally try to circumvent the sales tax law. They begin most audits with the attitude of trying to determine how much the business owes, not whether or not the business owes anything. Should the auditor find a transaction that the company erroneously paid tax on, it is unlikely that they will mention it. We provide you with the sales tax representation that you need to make sure you get all the credits you deserve.
Penalties for Sales Tax Evasion
In general, tax evasion is a misdemeanor unless the amount of unpaid taxes exceeds a specified amount. Most states increase the penalty from misdemeanor to felony where the unpaid amount is over $10,000. A misdemeanor charge of sales tax evasion usually carries a penalty of a fine; where the charge is increased to a felony, the penalty also increases in the form of a larger fine and possible jail time.
Consult A Lawyer
If you or your business have been audited or are under investigation for sales tax evasion or any other crime, a criminal defense lawyer with experience in the laws of your state is an invaluable resource. Consulting an attorney early in the process may enable you to negotiate a settlement that avoids jail time and/or increased fines, and may limit the harm to your business and finances. http://salestaxstrategies.com/sales-tax-audit-defense.html
THE PURPOSE OF SALES TAX AUDIT
The purpose of a sales tax audit is to determine if the taxpayer is paying the correct amount of sales tax to the State. The audit is used to promote compliance with tax laws, and as a means of increasing State revenue. As part of the ordinary course of business, most companies eventually will undergo sales and use tax audit. Most auditors are professional and even friendly but please don't mistake that professionalism for being your friend. While few auditors will admit it, their primary goal is to issue substantial sales and use tax assessment.
A sales tax audit is the examination of a company’s financial documents by a government's tax agency to verify if the proper amount of sales tax has been remitted to the proper authority. Sales tax auditors frequently think that businesses cheat or at least intentionally try to skirt the sales tax law. They begin most audits with the attitude of trying to determine how much the business owes, not whether or not the business owes anything. Should the auditor find a transaction that the Company erroneously paid tax on, it is doubtful they will let you know about the over payment. It is the mission of sales tax auditors to see that your business is treated fairly on a sales tax audit.
Most of the auditors that will be assigned to your business account will be professional and extremely friendly. However, it is important that you never misinterpret their professionalism and friendly demeanor as being on your side. Their goal is to issue that a sales and use tax assessment that is large. Most of the sales tax auditors are trained to believe that most business owners have in one or another, whether intentionally or not, have avoided paying all of their sales taxes. They will approach you audit with the thinking you owe the government money, and they must find it. They do not come into the audit believing that you have paid everything accurately, and they will not proceed with the audit in that manner. If the auditor finds a transaction where the business overpaid the sales tax, they will generally not inform you of this. Their responsibility is to collect money from a business owner, not repay them for something they have overpaid.
For more information about sales tax audit defense please visit this site http://salestaxstrategies.com/sales-tax-audit-defense.html
ADVANTAGES OF VOLUNTARY DISCLOSURE
The web defines voluntary disclosure as the provision of information by a company’s management beyond requirements generally accepted accounting principles and Securities and Exchange Commission rules, where the information is believed to be relevant to the decision-making of users of the company’s reports. In short, voluntary disclosure is just a company’s way to voluntarily declare its assets and liabilities. The state government thereof makes the following necessary actions for the benefit of the state and of the business company.
The need to make voluntary disclosures can arise in tax audits, criminal investigations, political campaigns, internal investigations at work and other situation. The disclosure might be uncomfortable because it involves the revelation of private information. If criminal wrongdoing has occurred, revealing the evidence might give rise to legal responsibility. Each condition needs to be individually examined to assess the possible risks and benefits.
The primary benefit of a voluntary disclosure is that it limits the look-back period to 3-5 years. In some cases, prospective agreements can be reached in which the taxpayer is forgiven of all past liabilities in agreement for future compliance.
It also serves a lower average cost of capital, enhanced credibility, access to more liquid markets, better investment decisions and less danger of litigation because of compelled disclosure. An important expected implication of this is a lower cost of equity capital.
Also, most states will waive penalties on any prior period taxes that are remitted in connection with a voluntary disclosure agreement.
A limited number of states will decrease interest to full. Many states apply a reduced interest rate to prior period taxes remitted in connection with a voluntary disclosure agreement.
Aside from the fact that it saves time for tax auditors to find faults from your business liabilities, while state taxing authorities typically reserve the right to audit taxpayers who come forward pursuant to a voluntary disclosure agreement, the audit will typically be limited to the reduced look-back period, and it would generally focus more on understanding and confirming the reasonableness of the taxpayer's liability quantification approach, rather than on uncovering additional liabilities.
As for the taxpayers, they will be comfortable knowing that prior period liabilities are closed and will be able to concentrate its fulfillment efforts on current and future periods.
For more questions go to http://www.salestaxstrategies.com/voluntary-disclosure-services.html.
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