By Steve Trusty
It is becoming increasingly common for businesses to be audited not just by the IRS but also by state and local taxing agencies as well. Whether or not the taxing agency is right, how the business handles the audit and, if necessary, the appeal, will have a tremendous bearing on the outcome.
In addition to federal tax audits, state and local taxing jurisdictions are becoming more aggressive and sophisticated in finding both potential taxpayers (especially those out-of-state) and potential taxes due," says David C. Blum, tax partner at Chicago's Levenfeld Pearlstein, LLC. "You must be proactive and take every step of the audit seriously."
Smart Business talked with Blum for his insight on handling tax audits and appeals - referred to as "tax controversies."
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