Managing Sales and Use Tax Audits
1 hour 40 minutes
Develop an understanding of what you can do now to minimize future audit liabilities.
States are increasingly looking to audits and enforcement to raise much-needed revenue. Technology advances are increasing the use of newer audit methodologies such as statistical sampling. Auditors and supervisors are taking increasingly aggressive positions on tax matters and documentation requirements. This topic will enable viewers to better prepare for sales and use tax audits in the current tax climate. Learn the advantages and challenges presented by various audit sampling methodologies. You will learn real-world solutions for handling documentation issues and practical tips for managing the audit and auditor. This information is critical for companies seeking to streamline the audit process and help achieve better results.
• You will be able to discuss the advantages for a pre-audit review to identify exposure and overpayment areas to better manage the audit.
• You will be able to identify the different sampling methodologies that are practiced by the state tax authorities.
• You will be able to describe the benefit of speaking with audit supervisors regarding disagreements and gray areas.
• You will be able to review the importance of correct procedures to prevent a reoccurrence of the sales tax exposure areas.