Unemployment,Tax,Audit,Illinoi business, insurance Unemployment Tax Audit Illinois What to do in an IDES Audi
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https://accountingsolutionsltd.com/illinois-unemployment/unemployment-tax-audit-illinois-ides-audit/You just received a notice from the Illinois Department of Employment Security that you are going to be audited. What do you do now? Whenever you go into an audit, it is important to understand the ultimate goals of the auditor and the organization. Since we’re talking about the Department of Unemployment, it would be easy to say that they are just looking to see if you paid your fair share of Unemployment Insurance. But this is the most common mistake that people make because its not that simple. Most people don’t pay a lot of attention to these audits because they think that they represent a small potential liability. Most clients pay their percentage rate (normally somewhere between 4% and 7%) on only the first $12,960 in wages. The problem is that if an unemployment audit goes badly, your case can be referred up to the Illinois Department of Revenue and the IRS. The State and The Service are not small matters. If you have problems on those audits it could be time to think about mortgaging your home or shutting down. Take these IDES Audits seriously. In the examination, your auditor will audit not only your payroll records, but also any payments made to Independent Contractors. If you cannot prove their independent status, you will be charged tax, interest, and penalty on them as well. (In order to determine an Independent Status, please see my other articles on Employee vs. Independent Contractor Status Rules.) Problems here may lead to an expansion of the audit to additional time periods. And if it turns into enough of a problem your case will get referred up to the other taxation agencies In examining the payroll records, the examiner will be looking to tie out payroll records to the payments that were made. If everything was handled and paid properly, then this should not be a problem. If it wasn’t it can turn into a nightmare. Most importantly, you should not try to handle one of these issues by yourself. If you have any problems in this regard, please contact us today. For additional taxation articles and information, please go to www.AccountingSolutionsLtd.com
Unemployment,Tax,Audit,Illinoi