"This is a notice from the Department of Revenue. Your company has been selected for a routine sales tax audit."
Have more terrifying words ever been received by a multi-state company’s tax and accounting department? We don’t think so.
According to a recent article in Digital Journal, “if the Department of Revenue decided to do a routine check on a business, it will mean that the business owner has to prove that the correct amount of sales tax was remitted to the Department of Revenue.” The article offers some good advice and information on three basic tips to help companies prepare for this type of an audit:
- Organize records
- Keep the audit process within grasp
- Consult a professional
It’s critical for multi-state businesses to be prepared for a sales tax audit, and a sales and use tax automation solution is the best provision against those terrifying words. For more details on how Vertex Cloud can prepare your small to medium-sized business – and solve your sales tax needs – check out our solution.