Corporate Tax Audits on the Rise
Corporate Tax Audits are increasing across the country at both the federal and state levels, according to a new survey by Tax Preparation Miami. With all the recent publicity about major corporations that have managed to avoid paying federal income taxes, that’s probably no surprise says Tax preparer Miami Accountant Gustavo Viera.
Tax Preparation Miami states that the majority of the 890 corporate tax preparer Miami surveyed said federal and state Corporate Tax Audits increased in the past 12 months, and the majority of them also believe audit activity will increase over the next year too.
Nearly two-thirds of those tax preparer Miami polled said federal tax dispute activity had increased in the past 12 months, while more than one-third said the total number of state Corporate Tax Audits in jurisdictions in which they do business has also increased according to Tax Preparation Miami.
Tax Preparation Miami is warning companies of all sizes to be prepared for potential Corporate Tax Audits in advance of receiving an audit notification. As a tax preparer in Miami, that’s probably good advice, especially as the IRS has been looking to tools like its expanded CAP program to encourage greater corporate tax compliance.