The Inside Scoop of Sales and Use Tax Audits
1 hour 40 minutes
Gain a better understanding of what to expect during a sales and use tax audit and how to respond to an auditor’s request.
Businesses everywhere, and potentially every day, receive what we like to call a state ‘love letter’ – a dreaded notification of a sales and use tax audit. For some businesses. they might not have ever gone through a state sales and use tax audit. The thoughts of an audit can feel like a very overwhelming task, but it does not have to be. This topic will explain the ins and outs of a sales and use tax audit. Our hope is that when you receive that ‘love letter’ shear panic does not come over you. We have noticed an uptick in state sales and use tax audits as a result of many factors – Wayfair and tight state economies as a result of the pandemic. This topic will educate you on the different stages of an audit and what to expect in each stage. This material will also assist you in developing a plan for future compliance. Lastly, we will discuss some industry-specific issues that might arise during a sales and use tax audit. The goal is to help you feel prepared for a sales and use tax audit and to help avoid audit pitfalls that can lead to significant assessments.
• You will be able to review the do’s and don’ts of a sales/use tax audit.
• You will be able to discuss the first steps your business should take when you receive a state ‘love letter.’
• You will be able to recognize the importance of how you respond to an auditor’s request is just as important as the information that you are providing.
• You will be able to identify key dates during an audit process so that key deadlines are not missed.