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MEDIA ALERT — What are the top 10 sales and use tax audit triggers for 2021?

August 24, 2021 GMT

--(BUSINESS WIRE)--Aug 24, 2021--

Wolters Kluwer Tax & Accounting (AEX:WKL):

What: Wolters Kluwer Tax & Accounting experts have interviewed many state revenue authorities and companies across many industries that are facing or having faced sales and use tax audits over the last year to determine activities businesses engage in or things they fail to do in meeting their sales and use tax obligations that are most likely to lead to a sales and use tax audit. The result was a top ten list of audit triggers.

Why: Being aware of the most prevalent business activities that are most likely to result in sales and use tax audits is important to companies and their tax advisors for three primary reasons:

  • It provides a clear understanding of what auditors are likely to be looking for, thereby, helping companies prepare for the audit
  • It reduces the time that a company will spend during the audit
  • It will surface actions that a company should take going forward to reduce or even eliminate future sales and use tax audits

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The Top Ten Audit Triggers:

Sales and use tax audits have become more of a fact of life for businesses across most industries. Predicting what makes a company more vulnerable to a sales and use tax audit is a valuable exercise that can save businesses time and money. And, knowing what could trigger an audit can help businesses prepare for what may be inevitable.

Who: Tax expert Mark Friedlich, CPA, Esq., and vice president of US Government Affairs at Wolters Kluwer Tax & Accounting North America, can help discuss these sales and use tax audit triggers in more detail.

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PLEASE NOTE: The content of this article is designed to provide accurate and authoritative information in regard to the subject matter covered. The information is provided with the understanding that Wolters Kluwer Tax & Accounting is not engaged in rendering legal, accounting, or other professional services.

Contact: To arrange an interview with Mark Friedlich or other federal and state tax experts from Wolters Kluwer Tax & Accounting on this or any other tax-related topics, please contact Bart Lipinski.

View source version on businesswire.com:https://www.businesswire.com/news/home/20210824005618/en/

CONTACT: BART LIPINSKI

847-267-2225

Bart.Lipinski@wolterskluwer.com

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: FINANCE ACCOUNTING PROFESSIONAL SERVICES OTHER PROFESSIONAL SERVICES SMALL BUSINESS

SOURCE: Wolters Kluwer Tax & Accounting

Copyright Business Wire 2021.

PUB: 08/24/2021 12:00 PM/DISC: 08/24/2021 12:02 PM

http://www.businesswire.com/news/home/20210824005618/en