Most tax department audits produce heavily one sided results - primarily on the "you owe us" side. Auditors rarely identify overpayments of tax and if so, only to a cursory level. Reverse audits, by their nature, do not thoroughly address underpayments of tax, as their purpose is primarily to identify and recover lost dollars. These processes can be revealing, but individually, only represent part of the picture. Our Compliance Review completes the equation.

​What will you get out of the Compliance Review and why is it valuable?


  • By identifying underpayments of tax now, corrective steps can be taken to start paying tax when necessary. This will lower assessments, penalties, and interest on future audits when those liabilities would have been uncovered.

  • Overpayments of tax will be reported to you in a format you can easily use to either file for a refund or reduce future tax payments. Any refunds or credits are 100% yours.

  • A check up on your customer invoicing and collection of sales tax can yield surprising results.  The following questions, and others, will be answered during our review:  Are you charging the correct rates? Is the timing of your reporting accurate? If the customer is tax exempt, do you have the correct documentation? Are there customers who are eligible for an exemption but are unaware of it? Are you taking full advantage of bad debt credits?

  • In addition to your source documents, we will also review your returns for completeness, calculation errors, and general accuracy.


 


 

 

If your objective is to determine how accurately your company is conforming to sales and use tax laws and regulations, our Compliance Review will accomplish this goal. By reviewing a sample period of your accounts receivable, accounts payable, sales tax returns, and related accounting, we will provide reporting with equal emphasis on overpayments and underpayments of sales and use tax.  

Compliance Review