How often should businesses undergo tax compliance audits?

Author: Bible Harris Smith, P.C. |

The frequency of tax compliance audits varies depending on diverse factors. Larger corporations or businesses in highly regulated industries might undergo audits more frequently, sometimes annually or even quarterly. Small to medium-sized enterprises may face audits less frequently, typically on an annual basis. However, changes in tax laws, significant financial transactions, or specific industry regulations might prompt more frequent audits, ensuring compliance and avoiding penalties or fines.

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