Do you know the common mistakes made by employers that result in audits?
Although agencies will tell you that you were selected “randomly;” the
truth is there are one or more red flags that made you a target.
Are you publicly traded? If so, the Sarbanes Oxley act demands you have sufficient internal controls over payroll and other systems that materially affect financial statements. Even if you are private, internal audits are essential to ensure long-term compliance and other issues that can affect your company’s very existence.
Have you ever been audited by the various agencies that require payroll information? Good preparation requires more than just documentation and records. You have to know what to do, and what NOT to do, to ensure a quick audit with positive results.
What are the penalties for non-compliance? Some penalties are increased the longer it takes for you to fix the problem. All penalties can be waived if you know how to address them. Considering most payroll tax audits are three years in length, the more serious non-compliance issues can result in bankruptcy and/or extended legal battles.
Maybe you've been "selected" for a payroll tax audit, or maybe you're taking precaution by performing a self-audit. Either way, this 4-hour online training will ensure you don’t make mistakes that could land you an audit, you’re compliant with current regulation, and your audit-proofing process is flexible enough to adjust to future regulations.
What it would mean for you to be audited – and how to safeguard your organization
What to do if you’re audited