Lower risk of audits and penalties through accurate tax returns

What happened?

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In 2022, a customer ran into significant difficulties because his former accountant had failed to close stocks on time. This negligence led to inaccuracies in financial reports and incorrect tax returns.

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Problem statement

The late closing of inventories affected the accuracy of the customer's financial reports. False tax returns based on these reports could trigger detailed tax audits, which could result in significant fines and negative financial consequences.

Our Approach

Numarics conducted a comprehensive audit of the customer's inventory and financial records. We ensured that the inventory was completed on time and that the financial reports were prepared correctly. We emphasized the importance of accurate tax returns and guided the client through the right procedures.

Scores

Numarics improved the accuracy of the customer's financial reports by correcting inventory closing processes. The correct tax returns reduced the risk of tax audits and potential fines and thus ensured the client's financial stability.

Conclusion

This case shows how important it is to close inventories on time and prepare accurate financial reports. Numarics' scrupulous approach not only corrected previous mistakes, but also protected the customer from potential financial penalties and gave them peace of mind and financial stability.

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