How to manage tax audits and accounting in Marijuana?

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A sales tax audit is inevitable and can happen at any moment. Take help from commercial enterprises to stay prepared for the tax audit. An experienced and reliable tax consultant may assist you.

Managing sales and using tax audit is challenging. The pressure of finance reporting, corporate governance, the responsibilities of public and private firms has increased in the recent years. Before the audit notification arrives, make sure you adhere to certain steps. Jurisdictions target companies for audit since the tax rules keep on changing and there is probability of making errors in tax audit for Marijuana. If you are not sure of your financial state and the account keeping, hire professional services when it comes to accounting for Marijuana dispensaries. Companies do have professional team assisting in dispensary accounts keeping. Dispensaries should not take advantage of special leeway and must pay their taxes.

Services to be expected from professionals

Companies assist business organizations of different sizes with the day-to-day bookkeeping services, tax returns and the preparation of financial statement. Hence, you are able to stay at the top of your accounting transactions, tax payments, payrolls and hence you may focus on the core areas of the business. Recognized service providers offer personalized accounts keeping and bookkeeping services at cost effective rates. Thus, you are prepared for those auditing sessions. It simply assists in easing the complexity of functioning in Marijuana landscape.

Maintaining compliance documents

The compliance document must be kept in a fashion that an auditor can interpret easily. If you fail to produce apt documents, the auditor will assume your transaction to be taxable. The lack of invoices, sales data will compel the auditor to make a historical projection and an arbitrary assessment of the taxable sales. Be prepared with documents like invoices, sales tax accrual, exemption certificate, summary reports, returns and consumer tax accrual.

Negotiate the findings of the auditor

The auditor will have the tendency to sell you on the basis of the finding. An auditor’s assessment is ambiguous to a certain extent and so you have the chance of negotiating over the findings. Work closely with the auditor to judge their thought process and their interpretation of the law. Mitigating an assessment with the appeal process may again be expensive and time consuming.

In any business, getting prepared for eventuality is important. A company needs to be fully prepared for those audit sessions and doing so certainly implies getting the tax audit and accounting services. Go here: http://www.calctas.com

 

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