You might have heard of tax audits; but, what’s a BOE sales tax audit? If you are in the state of California, a Board of Equalization (BOE) audit is an attempt by taxing agencies to discover revenues which haven’t been paid. This is likely to be illegal by most business owners, and in many cases, business owners conceal how much they have earned. However, in some instances, a business owner might have exempt certain earnings or revenue, and have done so innocently. Even if this is the case, a BOE sales tax audit can turn up a bad report, meaning you might be delinquent, even if revenues weren’t reported innocently.
What to do in an audit –
If you are subject of a tax audit, you already know that having an accountant by your side is one thing. Not only are they going to vouch for your earnings, they are going to work with the IRS and state tax agencies, to ensure they prove you reported all of your earnings. However, this is on the personal tax front; how about on the business end? Sure, an accountant is great. However, having a team of legal professionals on your side, is also going to make a world of difference if an audit is conducted against your business. Not only will they inform you of your rights, they are going to work on your behalf, with the state agencies as well as the IRS, to ensure your rights are preserved as a business owner.
Don’t allow taxing agencies to walk all over you –
As a business owner, the thought of a BOE sales tax audit might cause fear in the back of your mind; however, it doesn’t have to, especially if you failed to report certain revenues to the agencies and state innocently. If you aren’t sure what to do in the event of an audit, you’re going to want to have the top legal and accounting minds on your side, to work with you through the entire process.
Don’t hesitate to hire a professional. There are many reasons to consider having an accounting firm and top lawyers on your side as a business owner. If you are involved in an audit, or fear you might be subject of one as a business owner, make sure you have the best team in place to work with you throughout the BOE … Read the rest