Audit defense is something all business owners should take part in, read on for more info.
When opening a business, you think of all the things you need to get done, to get off the ground.
You find a location, inventory, employees, tax id numbers, and etc.
During this time, you are up and down with how hard it is to get going but you keep pushing through till you are finally open.
You did it, your doors are open.
Believing you are in the clear of all the hard paperwork with the government, you begin to just focus wholeheartedly on growing and expanding your business.
Out of nowhere you are informed you are going to go through a sales tax audit, a business worst nightmare.
Now having to read up on and say words you have never even heard of; you don’t know what to do.
Questions start to be raised and asking yourself if you can get representation for something like this.
Good news! Tax Connex, a company that focuses on all thing’s sales tax, is there to defend and support small and medium-sized businesses in their sales tax audit.
They handle all the paperwork needing to be given, the back to back phone calls and the tough questions.
Doing the hard work of establishing your sales tax nexus and economic nexus.
Or in simple terms, whether or not you have a physical presence in the state you are located in and the number of sales and or transactions you have made in that state.
One questions I know I would be asking them and myself is why me?
What did I do as a business owner to warrant a sales tax audit?
Believe it or not, there really isn’t a rhyme or reason to it most of the time.
An audit can happen just bad luck of the draw. It simply could just be your turn by random selection.
Another reason is due to business relations you might have with another company that is being watched for that very reason.
Where you are located can make you even being summoned for an audit.
I know, your location! Something you can’t help.
One of the craziest reasons of all though is a data analysis.
Technology allows them to assess your records better allowing them to determine if you have a physical presence in a state, a sales tax nexus, making them do a tax audit.
When going through an audit the first thing they most likely will ask for is sale tax returns, till receipts, resale certificates, and bank statements to name a few.
Another thing they may ask for is transactions for both sales and purchases, also known as economic nexus.
No matter the reason, you can go into the sales tax audit with complete confidence and trust the outcome will be in your favor with the support and defense of Tax Connex on your side.