Taxes are a part of life, no matter who you might be here in the United States. Our wages are taxed, as too are our properties. Businesses both large and small are also very much required to pay taxes. Even businesses that we have established overseas must follow our tax mandates, thus necessitating international tax services to be readily available to such places. SEC compliance audits in China present just one example of how taxes operate overseas, and SEC compliance audits in China show just how important such steps taken can be.
From SEC compliance audits to the average person filling out their tax forms come tax season each and every year, the world of taxes and the IRS itself can be quite confusing indeed. Fortunately, business advisory services and other such tax services are now more accessible than ever before. After all, here in the United States alone there are currently as many as (very nearly) one and a half million different accountants and auditors working throughout the country. Abroad, there are even more, such as those who provide accountancy services for China and accountancy services for Chinese business, especially in the face of SEC compliance audits in China and other such important measures taken.
After all, taxes can be quite confusing for the individual person and business alike, be it a small one or one that operates on a considerably larger scale. Fortunately, hiring a professional to oversee something such as the typical SEC compliance audits in China can certainly help to ensure the overall good end result of such SEC compliance audits in China. Of course, accountants and tax professionals can help with matters much less serious and high stakes than that of the SEC or SEO compliance audit.
It’s also important to understand your risk for being audited. If you’re an individual person without any kind of business in your own name, being audited is actually highly, highly unlikely, to say the very least. Individual people of normal levels or even high levels of wealth will almost never be audited, as any professional in the IRS or tax world as a whole can tell you.
And even small scale businesses are not particularly prone or vulnerable to an audit from the IRS. In fact, the data that has been gathered on the subject more than supports this claim. This data shows that the chances of a small business, one that has a return of less than $10 million for any given year, are actually less than 1%, at least according to the data that was gathered back in the year of 2017. Corporate audits, on the other hand, are much more common – as one might certainly expect. Such corporate audits can include, but are certainly not limited to, SEC compliance audits in China or even SEC compliance audits right here in the United States.
Understanding just what exactly it is that the IRS can audit, such as during SEC compliance audits in China, is also a hugely important thing. After all, many people are not actually aware of the fact that a business tax return can be audited within three years of filing it. That means that business tax returns three years in the past are fair game for an audit conducted by the IRS. In addition to this, back taxes can also be collected for a considerable amount of time, often as many as ten full years into the past.
At the end of the day, the prospect of getting audited does not have to be a wholly frightening one, not by any means. Fortunately, the help of a professional can help even SEC audits in China (or elsewhere back here in the United States) to go as smoothly as they possibly can go. Simply having a much better and deeper understanding of the processes of auditing and how it happens – and why it happens, for that matter as well – can be instrumental for so much in regards to the overall success of any given small business.