How to reduce the impact of a tax audit on business

How to reduce the impact of a tax audit on business published an article about how tax audits can be a real nightmare for businesses, especially small businesses. Tax audits can take a long time, require large expenses for legal services, and incur penalties for violations of tax documents.

To avoid problems with tax audits, it is important to comply with all requirements of tax law, keep clear records and report to the tax authorities on time. It is also worth paying attention to what tax payments are required and when.

"If you refuse to pay, you can confidently wait for the appointment of an on-site inspection soon. In such a case, it is recommended to take several steps:

  • Allocate personnel to handle the audit.
  • Pull up contact information for counterparties - suppliers, contractors and others. Information on transactions may be needed from them. In addition, it is recommended to update contacts with former employees who have important information on any transactions.
  • Clarify information about the employees who were responsible for the contracts: participated in negotiating the terms, signed and accepted the results of their execution," said Alexey Stanchin, Senior Tax Compliance Consultant.

The full text of the article can be found here.