Sales and Use Tax Management Gross Receipts Tax Review

The Importance of Sales and Use Tax Management:

Sales and use tax management is critical to any business because it can save your company money. Comprehensive overpayment reviews often reveal opportunities for cash refunds, areas to reduce future tax payments, areas to reduce future operating expenses as well as future tax liabilities. Effective research and planning can also identify ways to structure transactions that will reduce future tax liabilities for established, new or rapidly growing companies. Properly managing audits can in many cases substantially reduce tax expense. In addition, properly managing tax appeals can substantially reduce tax expense. Finally, cash savings can be generated by obtaining all applicable abatements, incentives and exemptions.

General Financial and Tax Consulting (GFTC) offers a comprehensive service to assist companies in lowering their sales and use tax liability. Through skillful planning our goal is to not only recover past overpayments but to work with companies as a partner to reduce tax liabilities up front. This approach offers the benefits of both reducing cost and maximizing cash flow.

GFTC, likewise, offers a comprehensive review of gross receipts to assist companies in lowering their gross tax liabilities. This would also include an analysis of reporting elections. After completing our projects GFTC will work with your company to make sure employees receive the training necessary to implement any tax savings initiatives that have been identified.

How It Works

GFTC has a team of experienced transaction tax professionals dedicated to maximizing sales, use and gross receipts tax savings by structuring a comprehensive plan specifically designed to address the unique issues of each individual company. Some of the specific services offered by GFTC include:

• Overpayment Reviews – GFTC will review your company’s recent payments to determine if there have been any overpayments. If any overpayment does exist GFTC will prepare the appropriate refund claim applications and manage the entire process until the refund is received.
• Process Review – GFTC will conduct a comprehensive review of your company’s entire transaction tax process. GFTC will recommend, as well as assist in implementing, any changes that will improve the strength and overall accuracy of your process.
• Research and Planning – GFTC will work with your company to properly structure transactions up front so transaction taxes are minimized. This service includes establishing the proper documentation or records to ensure your tax position can be confirmed if an audit takes place.
• Audit Management – GFTC will manage your entire transaction tax audit or, if desired, assist your company in managing the audit. Our audit management services include direct interaction with Audit Departments of respective states. Our services also encompass developing audit plans that minimize the scope and resources required to conduct the audit thereby saving additional dollars and reducing potential audit exposure.
• Appeal Management – GFTC will manage any tax appeals for you from start to finish or, if desired, will assist you in managing the appeal process.
• Tax Abatements, Incentives and Exemptions – GFTC will review all of your company’s recent and upcoming expenditures and projects to determine if you would be eligible for any transaction tax abatements, incentives or exemptions. If you qualify GFTC will prepare the appropriate applications and manage the entire process until your benefit is received. If you request, GFTC will also prepare any follow up reports required by law.
• Nexus Studies – GFTC will assist emerging or growing companies with multi-state transaction tax issues such as determining nexus, collection and remittance responsibilities. If appropriate, GFTC will negotiate with state tax officials to minimize prior liabilities. GFTC can also complete the registration process for companies doing business in a state for the first time.
• Training and Education – GFTC will conduct training sessions for your company personnel so any changes designed to strengthen your transaction tax process will be properly implemented.

In summary, GFTC offers a flexible and comprehensive multi -state transaction tax service designed to both recover any past overpayments and reduce liabilities going forward.

Benefits for Sales and Use Tax and Gross Receipts Tax Services

GFTC’s sales and use tax services will enable you to reduce costs and maximize cash flow. Specific benefits include:

• Cash Refunds Through Overpayment Reviews
• Reductions In Future Expenses Through Overpayment Reviews
• Reductions In Future Expenses Through Process Reviews
• Reductions In Tax Expense Through Effective Research and Planning
• Reductions In Tax Expense Through Effective Audit Management
• Reductions In Tax Expenses Through Effective Appeal Management
• Cash Savings Through Obtaining Tax Abatements, Incentives and Exemptions
• Savings Through Training and Education

Contact Us to Get Started

Whether you are ready to get started or have additional questions, the first step is to contact GFTC. We want to hear your questions and explain how we can work together. Many of our clients have similar questions and you may be able to benefit from their experience. Start by visiting our web site at www.genfitax.com. If you would like additional information, have more questions, or want to discuss your situation, call us at (800) 733-5252 ext. 7022.