State Tax Audit and Collection Procedures: General Principles (Portfolio 1720)

The Bloomberg Tax Portfolio, State Tax Audit and Collection Procedures: General Principles reviews the general planning activities taxpayers can take in advance to minimize potential tax liability or predict tax consequences, and to create opportunities for later negotiation with the taxing agency as to tax liability.

This Portfolio explores the broad statutory power behind tax agency audits and the methods states employ during audits, including the states' authority to review a taxpayer's books and records, and to issue subpoenas to the taxpayer and third parties.

Readers will gain a deeper understanding of the means a state has to secure and collect a delinquent tax once the assessment is final. The creating of a statutory lien, its force and effect, and the placing of priorities among competing state liens and federal liens, are topics also covered in the Portfolio.