Baldwin Businesses Face Increased Audit Risk
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County Checking For Use Tax Compliance
HB&K team members recently called a meeting with Baldwin County representatives to discuss the increase in audits of local businesses for consumer use tax. The audit look-back period extends to 1989 or the time a company began operating, whichever is most recent. Businesses may find they owe significant tax, penalties and interest.
Businesses are required to pay use tax on any goods purchased for use in their trade if sales tax is not collected by the vendor. To read the complete summary, as well as some examples of taxable purchases, click here.
Next Steps:
If you feel your business may have been under-reporting its use tax obligations, contact your HB&K professional at once. We will meet with you to assess your tax obligations and work towards a resolution.
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Hartmann, Blackmon & Kilgore P.C. is one of the Gulf Coast's leading CPA and business consulting firms, and is ranked by Business Alabama as one of the top-tier accounting firms in the state. The company was founded in 1990 as a certified public accounting practice, and has grown to include consulting services such as business valuation, litigation support and estate planning. HBK serves as a strategic partner to many of the leading businesses and municipalities throughout the Gulf Coast, as well as a variety of individuals and entrepreneurs.
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