As if having to fork over taxes to federal, state and local governments weren't enough in these tough economic times, experts are warning companies that they can probably expect more audits by strapped governments looking for ways to scare up extra cash to help them avoid cutting back on needed programs.
That's the conclusion of a new report by the Tax Governance Institute and accountancy firm KMPG, which in March and April asked the institute's 14,000 members to rate what they considered their biggest tax risks going forward.
KMPG principal Hank Gutman, who is also executive director of the Tax Governance Institute, says 30% of the responding firms rank increased tax audits as the biggest tax risk they face, ahead of both increased regulatory risks (27%) and accuracy of tax provisions (26%).
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