Despite the best intentions of any business it is a certainty that the relevant tax authorities will not always agree with all of the tax positions it takes on all its returns. Tax laws are either written in a general and principles-based way in an attempt to capture all possible transactions of a certain type or they are written in a specific and detailed way which never quite fits all the transactions they seek to address. As a result tax laws are often unclear and rife with ambiguities and they promulgate tax audit debates. Accordingly it is right that a tax authority should challenge your tax returns. The onus is on the business to convince them of its position but it can take a long time to...
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Despite the best intentions of any business it is a certainty that the relevant tax authorities will not always agree with all of the tax positions it takes on all its returns. Tax laws are either written in a general and principles-based way in an attempt to capture all possible transactions of a certain type or they are written in a specific and detailed way which never quite fits all the transactions they seek to address. As a result tax laws are often unclear and rife with ambiguities and they promulgate tax audit debates. Accordingly it is right that a tax authority should challenge your tax returns. The onus is on the business to convince them of its position but it can take a long time to...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes: