Avoid wrath of auditors to ease audit stress

When it comes time to deal with an audit from a state revenue department, it’s easy to get caught up in the battle of disputes, interpretations and questions that seem aimed at digging out a huge assessment. But losing your cool in this pressure-packed situation can create lasting damage in your company’s tax compliance efforts. Former state revenue commissioners shared their insights with CCH editors on how to manage relationships with the state revenue departments so as to get the best possible results for your company. Never underestimate state employees, they warn. Look at how many of today’s top tax practitioners used to work for the state, notes William E. Halmkin, a senior partner with Sullivan and Worcester in Boston and former deputy commissioner for Massachusetts. And, whatever you do, don’t call the governor’s office to use your “pull” to influence an audit. Why? Click the link below for the full article to get the answer.

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This story is from the CCH’s monthly Focus on Tax newsletter, which provides advise and guidance on federal and state tax issues for tax and accounting professionals.

Read this article from CCH’s Journal of Taxation of Financial Products.

AUTHOR

Wolters Kluwer Tax and Accounting

Wolters Kluwer Tax and Accounting is a leading provider of software solutions and local expertise that helps tax, accounting, and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed, accuracy and efficiency. Wolters Kluwer Tax and Accounting is part of Wolters Kluwer N.V. (AEX: WKL), a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2016 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide. Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).

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