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COMPLIANCE REVIEW
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 receivble, accounts payable, sales tax returns, and related accounting, we will provide unbiased information with equal emphasis on overpayments and underpayments of sales and use tax.
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. Both of these processes can be educational, but only represent part of the picture.
What will you get out of our Compliance Review and why is it valuable?
- By identifying underpayments of tax, now, corrective steps can be taken which will eliminate interest and penalties 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. 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? These questions, and others, will be answered during our review.
- In addition to your source documents, we will also review your returns for completeness, calculation errors and general accuracy.
- We offer a 50% discount on our Customized Seminar fee, to companies who utilize our Compliance Review service.
Our Compliance Review is provided on an hourly fee. Contact us today for a written proposal and estimate.
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