If your business has received notification of an audit from the Virginia Department of Taxation (VDT) it is not because your business has been targeted for non-compliance. Don’t panic! These are routine audits that the VDT perform randomly on all Virginia based businesses. The notification will state the time and date of the proposed audit and they will come to your place of business to conduct the audit. Among the information that the audit requires businesses to provide are payroll records, time-cards, time sheets and bank account statements. Time & Pay retains all payroll, payroll tax, check/direct deposit and all payroll related historical data on behalf of every payroll client for the duration of their reliance upon our services. Time & Pay also retains all time card, time sheet, time-clock details and can provide these required audit able records for those clients that utilize our labor management and timekeeping solutions. All of the information that you’ll be required to provide to the auditors will be clearly explained in the audit notification. Typically the auditor will review the most recent 3 years but they can go back as far as 6 years. When you get the results of the audit back from VDT and the audit reveals compliance issues you will be given 30 days to rectify those compliance issues. You also have the right to appeal their findings if you feel that there is something incorrect in their report.
For more information about VDT watch this short video Don’t Panic
Visit this web link to the VDT’s audit pages VA Audits