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Richardson TX - Surviving a Sales Tax Audit
Have you been selected for a  Sales and Use Tax Audit Examination or does the thought of being selected scare you? Many of the busiSales Tax and Useness owners who come to our office from the Richardson and Plano Texas area, are terrified at the thought of being audited by the state.
 
As States continue to need to find revenues to meet their budget needs, the need for states to maximize sales tax collections will continue to be important. In Texas, my home state, sales tax revenues for fiscal year 2018, accounted for 57.5 percent of all state revenues. States use sales tax audits as a primary means of insuring compliance. When you are audited, and you most likely will be if you collect sales tax and are in business for any length of time, here are some suggestions on how to handle the audit.
 
Upon being notified, before digging in, First look at the Big Picture
Do you know why your company is being audited?  Is there a specific reason or is it simply a random audit? Was your company audited in the past and were there findings? Are you aware of gaps or holes that occurred in processes over the ... more

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