State's Economic Woes Have Cpas, Clients Fearing an Increase in Audits
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Summary
"Our team discovered that the distributor was also self-assessing and remitting use tax on countertop installations that were being completely outsourced to third-party subcontractors," he said. "The distributor was not responsible for that tax" - in fact, it was the subcontractor's responsibility to pay for it - "so our client essentially overpaid the tax by an amount that was nearly equal to the underpayment Right now, the state is considering our request to offset the underpayment...
From incurring out-of-state income tax liability because of a warehouse rental, to applying the wrong sales tax rate, there are plenty of pitfalls.See the full content of this document
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State's Economic Woes Have Cpas, Clients Fearing an Increase in Audits
AS BUSINESS activity suffers in the weak economy, state sales and income tax collections are getting hammered, and cash-starved government agencies may ratchet up...
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