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Loss of Contingency Fee Audits

Loss of Contingency Fee Audits . How has it impacted your counties audit compliance program? North Carolina Department of Revenue 2013 Advanced Personal Property Seminar. NCDOR Advanced Personal Property Seminar. Moderator Tina Stone, PPS NCDOR Panelist

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Loss of Contingency Fee Audits

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  1. Loss of Contingency Fee Audits How has it impacted your counties audit compliance program? North Carolina Department of Revenue 2013 Advanced Personal Property Seminar

  2. NCDOR Advanced Personal Property Seminar • Moderator • Tina Stone, PPS NCDOR • Panelist • Johnny Bailey County Tax Services, Inc • Kirk Boone, PPS Tax Management Associates • Phil Evans Philip Evans Consulting • Jim Turner, C.P.A, CVA, CMEA Turner Business Appraisals

  3. Background • Senate Bill 462 prohibits the use of a third party agent if paid on a contingent basis. • Senate Bill 847 revised the timetable and made it effective for only two years beginning July 1, 2013 until July 1, 2015. • “From July 1, 2013 until July 1, 2015, cities and counties shall not renew any contingency fee based contracts for these services. From July 1, 2013 until July 1, 2015 cities and counties shall not assign further audits on a contingency fee basis to an auditing firm under a contract that meets all the following conditions : (i) the contract would have been prohibited under this act had the contract been entered into after July 1, 2013, and (ii) the contract allows the assignment of audits on a discretionary basis.’

  4. Why was this law introduced ? Is this the public perception?

  5. Question One • What is your perception on why this law was created?

  6. Question Two • How has your marketing approach to counties changed? • What impact, if any, has it had on relationships with the counties?

  7. Question Three • Is your business able to adapt in order to comply with the new law? How so?

  8. Question Four • What audit business practices do you feel are currently creating issues for the business owner in relation to using the contingency fee structure?

  9. Question Five • What measures has your company implemented for future audit programs that will help minimize the perceived negative impact from business owners?

  10. Question Six • What do you envision is the best way to move forward under the new law; and do you think the moratorium will be lifted or a permanent ban will be imposed?

  11. Question Seven • How can NCDOR and the counties assist your company in the future in refining your auditing program to comply with the new law?

  12. What do you think?? • Questions or comments?

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