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Unknown Facts About Tax Errors in Indiana: Audit May Take Months

  Sanjiv Gupta CPA  Published 
Unknown Facts About Tax Errors in Indiana: Audit May Take Months

Taxpayers of Indiana will have to wait a long time to find out who is responsible for the 526 million dollar tax errors in Indiana. December 2011 shocked people of Indiana when Gov. Mitch Daniels made it public that the state cannot track 320 million dollars in corporate tax collections. This, soon, was followed by the announcement of state budget director Adam Horst that the state owes 206 million dollars to Indiana's counties.

Although what happened to these dollars is still unaccounted for, three top Indiana revenue officials resigned after this news was revealed.

Representatives of the international accounting firm Deloitte informed the members of the state budget committee that their assessment of the things that need to be audited will take the entire month of August. It is difficult to put a date to when the audit will be completed as the actual process of an audit will take months after the plan by Delloitte is approved.

This audit is already showing its impact on the governor’s race. The democratic candidate John Gregg has demanded that the audit should be done faster. His running mate, state senate democratic leader has also asked for an expanded audit.