Sales tax audit
Topic: Finance
From HandWiki - Reading time: 1 min
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.[1] Bob Meighan, writing for Huffington Post, stated that "only 1.1 percent of individual taxpayers receive an audit letter every year", and out of them, "75 percent of audits are conducted entirely by mail".[2]
Businesses also conduct their own internal audits of sales tax records to see if they reflect cumulative changes to various federal, state, and local laws and regulations.[3]
References
- ↑ "The Auditing Process". https://comptroller.texas.gov/taxes/audit/process.php.
- ↑ Meighan, Bob (April 4, 2012). "5 Tax Audit Myths Debunked". https://www.huffpost.com/entry/5-tax-audit-myths-debunke_b_1399924.
- ↑ Hauber, Ryan (March 2, 2018). "Reverse Sales Tax Audit For Manufacturers: The Tax-Saving Measure You Could Be Missing". https://www.forbes.com/sites/forbesfinancecouncil/2018/03/02/reverse-sales-tax-audit-for-manufacturers-the-tax-saving-measure-you-could-be-missing/.
External links
- Links to all state sales/use tax resources
- "5 Tips on a Sales Tax Audit That You Do Not Want to Ignore". https://jrcpa.net/5-tips-on-a-sales-tax-audit-that-you-do-not-want-to-ignore/.
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