There are many different types of audits. Audits usually start with a letter from the auditor. A sales tax audit can be initiated to determine if the company is properly taxing the sales of goods and services at the state and local level. In the case of capital improvements, there may be a question of whether sufficient use tax was paid and reported on the materials used in the capital improvements. Another issue may be whether sales tax was properly paid on expenses and equipment purchases. An income tax audit may be initiated by the IRS or the state having jurisdiction. Income tax audits may occur for a variety of reasons. Most audits look to verify the supporting documentation for income and expenses that were reported on the tax return. A workers compensation or liability audit may be initiated by the insurance company at the end of the policy year to verify the actual premium due. These policies are estimated at the beginning of the year and adjusted at the end when the actual amounts can be determined. A Department of Labor audit can be inititated by the federal or state governments, and may examine issues such as overtime, minimum wage, and prevailing wage rates.
At Sela CPAs Financial Group, we have decades of experience in handling these matters and look forward to discussing them with you.
Have your personal income tax return filed by a professional. We will even review up to 3 years of prior returns to ensure maximum deductions.
Corporate income tax law is complex and constantly changing. File your corporate tax return right the first time with the Sela CPAs Financial Group.
What's your five year plan? Are you ready to bring your business to the next level? We can help implement a growth plan that fits your goals.
Collecting and paying sales and use tax can be more problematic than it seems. Overpay and lose profits. Underpay and you could face an audit.
Save time and money by outsourcing your bookkeeping to a certified QuickBooks® Pro Advisor, and streamline it further with online banking.
Payroll tax filing is a important part of your business' operational process. The Sela CPAs Financial Group can help you with your payroll processing needs. Call today.
