Sales & Use Tax Compliance
A failure to comply with widely varying sales and use tax laws, whether through mistake or misinterpretation, can cost a business plenty. With our knowledge of all the necessary requirements, we can evaluate whether your procedures are consistent with the rules, and offer advice on rectifying any errors that might have occurred. Upon request, we can calculate the cost of prior errors and amend earlier filings in an effort to limit your risk.
In addition, if you are acquiring a business, we can help you avoid taking on responsibility for unwanted sales and use tax obligations. Unlike accounting professionals who focus almost exclusively on the income tax aspects associated with buying a business, we dig much deeper, evaluating the records and procedures of the firm being acquired in a search for undiscovered liabilities. If they exist, you can make the necessary arrangements, including adjusting the sales price or establishing escrow accounts, to account for the adverse impact.
Finally, if your company is on the block, we can review its operations to ensure that sales and use taxes are being properly collected, and in the correct amounts. If too much has been paid, we can work with you to secure a refund; if you are remitting less than required, we can instruct you as to the right procedure. By correcting this particular issue, we can help you maximize the value of your business – and, perhaps, the price that others may decide to pay for it.