Audits

In order to insure compliance with the self-assessing program, random and/or referred audits may be performed. The Utah State Tax Commission, Division of Personal Property, performs detailed reviews of financial records and on-site inspections of taxpayers’ facilities and compares those results to the statements submitted by the taxpayer. Escaped property, when discovered, may be assessed as far back as five years from the date of discovery. Property willfully concealed, misrepresented, or moved, in order to escape taxation is subject to a penalty equal to the tax on its value.