Tax & Accounting Blog

Are You Prepared to Face Simultaneous Audits?

Global Tax Compliance, Tax Provision, Transfer Pricing, US Income Tax Compliance, WorkFlow Manager August 18, 2011

Global audits are on the rise and tax laws are becoming increasingly complex. A recent Thomson Reuters survey showed across the board, the number of tax audits has increased:

  • Globally, indirect tax audit activity is up 80%
  • IRS audits are up 15%
  • US state & local income tax audits are up 10%

 Key audit risk areas differ by type of tax return being audited, but common exposure areas include:

  • Incorrect application of the tax law
  • Poor or no documentation to back up a tax position
  • Audits take years to close out (risk of losing key knowledge/documents)

Having a technology solution that specializes in the types of audits you need helps to reduce audit risk by giving you power over the volume of information (documents, historical data, people, tasks). Quick, secure access to information helps companies meet due dates, settle audits sooner, and ultimately save money.

For a limited time you can receive special pricing on ONESOURCE Audit Manager.  Contact us today to learn how you can start managing your audits more efficiently with this solution.