- Proper documentation is crucial for businesses to ensure successful audits
- Types of documentation required for audits include sales tax accruals, invoices, returns/credits, exemption certificates, bad debt, miscellaneous adjustments, consumer use tax accruals, summary reports, and income tax returns
- Organization and regular updates of documentation are key
- Consider outsourcing help if unsure about maintaining compliance documentation
- Following guidelines can help minimize risk of unfavorable assessments and penalties during audits
Source: taxconnex.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
