The team performs audits of business operations to ensure equitable licensing classification, accurate business assessment reporting, and compliance with other taxing directives as propagated by the Commonwealth of Virginia and the City of Norfolk.
Basic Audit Procedures
Audit selection is conducted with the use of trend, risk, and financial ratio analysis. An audit engagement letter or request for information requires a business to make available for examination, all pertinent:
Books of record
Client prepared work papers
Federal, state, and local tax returns
Source documents, receipts, and invoices
Application for Review of an Audit Assessment
A taxpayer can apply to the Commissioner of the Revenue for a review of an audit adjustment. The process requires the objection to be filed in writing within one year of the date of the audit assessment to C. Evans Poston, Jr., Commissioner of the Revenue. Your application must include the tax period covered, the dollar amount in dispute, the remedy being sought, and an explanation presenting the facts, issues, authoritative references and relevant documentation necessary in support of your position. If the taxpayer is dissatisfied with results of the review, they may appeal the decision to the Tax Commissioner in the State of Virginia's Department of Taxation within 90 days of the Commissioner of the Revenue's final determination for local business license and property taxes.