An audit is defined as a methodical examination. Audits are grouped into two principal sets – financial and organizational compliance (usually related to licensure). For the small business entrepreneur, it is almost unheard of for them to have an organizational compliance audit.
Local Revenue Tax
The business license application traditionally triggers the business local revenue tax. This tax is customarily a percentage of the entire revenue of the business during a calendar year cycle. However, the formula to calculate complex and any new business entrepreneur needs to understand this formula or pay substantially more in tax than you need to pay.