Audits become more likely as state agencies look for money
Best to be prepared, take advantage of tax savings opportunities
Across the state and in local jurisdictions, cash-strapped governments are scrounging for tax revenues to sustain their operations and services, and now more than ever they’re mining taxpayer funds by way of business audits. Though it’s always best to be prepared for such a review, this is an especially good time to make sure your state and local taxes are in order. LeMaster Daniels has several ways to assist you with this.
First, if you are already taking advantage of the numerous but obscure credits, deductions, and exemptions buried in state and local tax code, we can make sure you’re reporting them correctly. Common mistakes, such as improperly apportioning in- and out-of-state service revenues, stand out egregiously in an audit. (If your company is not yet availing itself of these opportunities, such as high tech credits and manufacturing exemptions, we can help determine if you qualify for them.)
Second, we can fully take over your company’s compliance with state and local business taxes. Washington State tax code is quite complex, and it takes an expert to accurately interpret it. We can relieve you of your reporting and compliance obligations and help with long-term planning while we’re at it.
Finally, we can help you avoid the pain of an audit altogether simply by preparing for it properly. By reviewing your current Department of Revenue and city tax returns and ensuring that they are correctly reported, we can deter incorrect auditor assessments and identify potential offsetting tax credits. Even if you’re never audited (and those odds are dwindling), you’ll rest easy knowing you are fully compliant – as well as taking advantage of all possible tax savings.
Our team of tax professionals now includes Rick Tedrow, whose 20 years of expertise covers both sides of state and local taxes: he has been a state and local tax consultant as well as a Washington State auditor. Rick knows this issue inside and out, and you couldn’t have a better expert on your side – particularly in our current economy. Give us a call to discuss all the ways your business can benefit from this rare and specific insight.
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