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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16547
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.

I'm sorry chat is messed up. I will copy and paste everything I wrote in chat here, and you can respond:

Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.

9:59 AM

How are you today?

10:00 AM

The audit should not be very grueling. It should take 2-4 weeks, and for the franchise portion of the audit you will not have to provide information.

10:00 AM

For excise tax, you may be asked for documentation such s invoices, bank statements, accounts receivable, etc

10:03 AM

The auditor should send you a list of items that they will want to see, and you should receive that a week or two before your audit is scheduled

 

Your CPA can handle this for you, and if they are busy for the busy season they can get the audit postponed.

 

Please let me know what further questions you may have. If satisfied, please rate as "excellent" so that I may receive credit for assisting you today. And I'm sorry for any trouble you may be having with the site.

Customer: replied 3 years ago.


Thank you. When you say invoices--would that be invoices we give to customers or invoices that we paid as businesses expenses? The way you make it sound it is a pretty "light" audit compared to say a sales tax audit?



For the franchise portion, what would they be auditing if we don't have to provide anything?

When I say invoices, I mean customer invoices - not your expense invoices.

Franchise tax is just the cost of having a business. They will just make sure you have paid it.

Please let me know if you need anything additional. If not, please rate as "excellent" so that I may receive credit for assisting you today.
Customer: replied 3 years ago.


Thank you. On the customer invoices, what specifically are they looking for? Would it be a sample over a period of time they provide to us, or would we need to bring all 3 years of customer sales receipts?

Tyler,

They should tell you what they want to see. If they don't specify I would be inclined to bring all 3 years. This way, you have everything. But, they should be able to specify before the audit what they need to see.

Please let me know if you need anything additional. If not, please rate as "excellent" so that I may receive credit for assisting you today.
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