Wisconsin Audit Initiative provides 34 to 1 return on investment
This was another banner year for the Wisconsin Audit Initiative, according to a state news release. Auditors and audit-related positions created by Act 55 generated $396.7 million, exceeding the 2022 fiscal year goal of $82 million.
Wisconsin Act 55, passed in 2015, required the Department of Revenue to annually report to the Joint Committee on Finance the actual or estimated amounts of state tax revenues generated by, and expenditures associated with, the additional full-time audit-related positions created by Act 55. These include auditors and other audit-related positions, such as supervisors and resolution officers, which support audit functions and related appeals. Out-of-state audits and investigations of out-of-state companies generating revenue in the state are the primary focus of these additional audit staff.
“While it is no longer a requirement for us to annually report these results, I think it is still important for us to share this information,” notes Revenue Secretary Peter Barca. “We are thankful to the legislature for passing this important initiative that focused on out-of-state audits and investigating out-of-state companies generating revenue in our state.
“Once we bring an out-of-state company into compliance, we reap the benefit of their ongoing compliance in future years too, so this is critical for the state’s economic health and well-being,” Barca said. “In the end, it’s about fairness and ensuring that out-of-state businesses doing business in Wisconsin follow the same tax rules our in-state businesses follow.”