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How to Prepare Your Business For a Potential Audit
Don’t Get Flagged for an Audit
The COVID-19 pandemic of 2020 has created economic implications that will continue to be felt across the world for years to come.
States have been heavily impacted by drops in sales tax revenue and are spinning their wheels figuring out how to make up for lost revenue.
As of June 2020, total state tax revenues are down about $57 billion compared to 2019. Clearly, the revenues are drying up, if only temporarily. A very likely way states will look to make up lost revenue early on is to increase their enforcement efforts.
Their chief tool?
The audit. Jurisdictions may have slowed or even halted audit processes during the pandemic, but as things begin to open back up, we can expect the number of audits to rise – fast.
Download this quick-read whitepaper to find out what could put you at risk of an audit, the implications of a not-so-stellar audit, and how you should respond.
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