Are Your Audit Info Ducks in a Row?

Posted by Traci WheelercloseAuthor: Traci Wheeler Name: Traci Wheeler
Email: traci@redmoonsolutions.com
Site: http://blog.redmoonsolutions.com
About: Traci is a member of the executive leadership team and leads our sales and marketing efforts at Red Moon Solutions. She has over ten years of software business experience serving small and large clients in a variety of industries.See Authors Posts (120) on Jul 28, 2011 | 0 comments

As part of our Empowerment Series, aimed at bringing together the collective voices of authorities on such matters as Workplace, Innovation and Industry in tax, we will periodically be polling our readers to understand and share more of their experiences.

With Federal and state governments scrambling to generate revenue, tax audits have been on the rise. Corporations are being subjected to far greater scrutiny than they have been in the past. Resources required to manage these audits have put a strain on most tax departments.  This year, particularly, we have seen an increase in the number of conference sessions devoted to audit issues and challenges, and have written several posts to share with our readers, including a post on state tax audit and appeals strategies and one providing more information on what auditors really need.

To support these findings, in Taxand’s recent global survey, Taxand The CFO: Key Tax Challenges Facing CFOs in an Age of Scrutiny, they reported audits have increased 7.8% from 2009 to 2010 for taxpayers reporting income above $10 million. And, I’m sure those numbers will continue to increase throughout 2011.

So, as the first poll in our series, we were curious to learn how many corporate tax departments out there have an automated solution (other than Excel) to manage their audits. Please take our poll below and share with others affected by this burden.