Eileen730
Former Member
- Joined
- Oct 17, 2010
- Messages
- 20,232
- Reaction score
- 255
Corporate tax is my world... a state auditor is not likely to find anything other than some state adjustments that weren't made or nexus /consolation issues. Everything would be documented, and the taxpayer wouldn't know until a proposed adjustment report was made and a copy given to the taxpayer. Auditors don't have free access to the corporate books. They are given schedules supporting tax return numbers, and they aren't allowed to go on fishing expeditions. So not likely work related, IMO.
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We’ll contact you to discuss the types of records you’ll need to provide. We’ll also check for missing records. Items that cannot be accounted for will be considered taxable unless you can provide information to show otherwise.
We may request the following records:
general ledgers, chart of accounts and financial statements
business returns and supporting worksheets for Sales and Use Tax filings
depreciation schedules and supporting invoices
sales invoices and accounts receivable journals
vendor invoices and accounts payable journals
cash journals and check registers
other records that are relevant to the audit
http://www.revenue.state.mn.us/businesses/sut/Pages/Being_Audited.aspx
See to me if he was doing an audit on some hinky business I think that could get him in a world of trouble.
But maybe I watch too much TV. LOL