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California Franchise Tax Board Audit

California Franchise Tax Board Audit

If you operate a business in the state of California, then you might have received an audit notice from the state’s Franchise Tax Board. Receiving an audit notice of any kind can be stressful. When it comes to the Franchise Tax Board, audits are conducted for numerous reasons, and they’re conducted in a few different ways. They were once conducted primarily face-to-face, but now, the Franchise Tax Board does most of the audit behind closed doors, sending the bill to you after the fact. In some cases, though, and auditor could show up at your door. No matter how your audit is conducted, it’s wise to be prepared.

How to Navigate a Tax Board Audit

The Franchise Tax Board will take a close look at your books to make sure everything is balanced and recorded properly and that your taxes have been paid on time and accurately. Any discrepancies will lead to further review. Most of the time, Tax Board auditors are only looking to make sure everything falls within the normal regulations and statutes that franchises are required to follow. Be aware, however – the Franchise Tax Board has been known to investigate for criminal cases. If you aren’t sure why you’re being audited or if you don’t know what to do next, it’s wise to consult with a tax pro before you go any further.

How Can a Tax Pro Assist with My Franchise Tax Board Audit?

Knowledge is power, and a tax pro can give you a wealth of knowledge to guide you through the Franchise Tax Board audit process. Our tax pros offer powerful strategies for getting you the best results possible. For instance, we begin by thoroughly going through your books well ahead of the audit. This ensures that any questions are answered before the audit and that all bank statements are reconciled. We will also work with you to answer all of your questions and get you ready for the audit. Altogether, this preparation and guidance make sure that you don’t go into an audit blind, and it ensures the best results possible for your Franchise Tax Board audit.

Franchise Tax Board audits can be truly daunting, and anyone who’s ever been through one will tell you the same. The Franchise Tax Board can ask questions that are difficult to answer and, in many cases, simply requires a foundation of knowledge. If you aren’t the primary bookkeeper for your franchise, you might not be all that familiar with the terms used in an audit. If you aren’t comfortable talking about balancing the ledger or reconciling statements, then you’re going to struggle in an audit. We believe there’s no reason to struggle when you’ve got tax pros on your side. Through years of practice, we know what it takes to come out of this audit as seamlessly as possible!

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