Making the Most of Managed Audits

If you represent a multi-state company operating in one of sixteen states with a managed audit program -- including heavyweights like California, New York and Texas -- you now have the opportunity to call your own shots on a state tax audit.

And as more states create these programs, your corporate tax department needs to stay fully informed of their advantages and disadvantages.

A managed audit agreement allows your company or outside accounting firm to conduct a self review within state-approved guidelines -- on your schedule, under your control.

Imagine wrapping up an audit within months rather than years, and deciding when, where, and how to assign your staff. Or enjoying more control over inspectable records and the sample size for a sales tax audit.

But a managed audit is not for every company, as the program raises a number of downsides to consider. So how do you determine if a managed audit is right for you? And if you decide to participate, how do you get the most benefit? Find out today during this program.

Our panel of veteran corporate tax specialists and advisors share their experiences with managed audits in multiple states, offering proven formulas for success, as well as pitfalls to avoid.

Dennis Prestia, Principal, Northeast Sales and Transactions Tax Practice Leader, KPMG, New York

Gil Kayton, Executive Director, Grant Thornton, Charlotte

Julian Chavez, Partner, Stafford Chavez & Associates, Fairfield, CA

You get a thorough understanding of how managed audit programs work -- including individual states' peculiarities -- and the tools you need to structure a managed audit that really pays off:

• Successful examples of taxpayers that run managed audits without tying up their tax managers in low-end fieldwork -- often demanded by an on-site auditor
• States that waive or reduce penalties your company might face in a standard audit -- and those that give you no breaks at all
• When to hire an outside CPA firm to run the managed audit -- and terms you need to negotiate
• The risks of signing a managed audit agreement -- such as disclosing a compliance violation that you simply didn’t know about before -- and you how can mitigate them

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TELECONFERENCE CD