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So you received an audit notice from the Connecticut Department of Revenue Services (“DRS”), and now you are wondering how to handle a CT DRS sales tax audit in Hartford, CT.
The first step is to get professional representation. Though there are instances where taxpayers can handle the matter themselves, an audit is usually not one of them. When squaring off with an aggressive state auditor you are better served to have a tax professional who both understands how to handle a CT DRS sales tax audit in Hartford, CT but is equally aggressive in advancing your position.
The next step is to pull together your records to document:
- · How much inventory you purchased and at what price;
- · Cash register tapes to prove your sales;
- · Bank statements;
- · Your federal tax returns.
One of the steps you need to understand about how to handle a CT DRS sales tax audit in Hartford, CT is that the state auditors will attempt to reconcile your reported sales on your sales tax returns with your bank deposits, your cash register tapes and the revenues you reported on your federal tax returns. Variances will be taken as potential underreporting of sales.
An additional step will be the comparison of your sales with purchase information reported by third party vendors, again to determine if your sales figures stand up to scrutiny based on how much you purchased.
The key to a successful audit result is obtaining competent representation as early as possible in the process.
If you should have any questions or concerns about how to handle a CT DRS sales tax audit in Hartford, CT, I would be happy to help. Please feel free to contact me anytime at (860) 657-9040 or e-mail me at egreen@convicerpercy.com.
Eric L. Green, Esq.
Tax Counsel
Convicer & Percy LLP
Phone: (860) 657-9040
E-Mail: egreen@convicerpercy.com
Website: www.convicerpercy.com
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