Sales & Use Tax

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When looking to drive more value out of your tax function, you need to take a hard look at your sales and use tax processes and procedures. According to one study, approximately 20% of the state and local business taxes paid are for sales and use taxes compared to approximately 10% for state income taxes (Total State and Local Business Taxes, COST and Ernst & Young LLP, July 2011).

Regardless of this fact, the amount of resources allocated to managing the sales and use tax function are often significantly lower than those dedicated to state income taxes, which are low to begin! This mismatch of resources often results in both huge opportunities as well as material risk.

When done correctly, the cost associated with the collection and remittance of sales taxes should be limited to the cost of compliance. After all, the sales tax burden should be one that’s borne by your customers. However, in reality, the lack of technical expertise, resources, and/or sub-optimal processes and procedures shifts that tax burden from your customers to you often resulting in a significant hit to your bottom line.

On the use tax side, are you confident that you’re paying the right amount of sales taxes on the assets and supplies that you use in your business? How do you know?

At CT Tax, we can help you answer these questions and more! Our goal is to help you ensure that you’re paying your fair share of sales and use taxes, but not a penny more. Our consultants have expertise in the following areas:

  • Nexus determinations (especially in a modern economy)
  • Sourcing of revenues
  • Taxability studies and private ruling requests
  • Transaction support (i.e., mergers and acquisitions due diligence or post acquisition integration support services)
  • Controversy assistance (i.e., audits, protests, settlements and appeals)
  • Voluntary disclosures
  • Sales and use tax compliance services
  • Tax accounting assistance (e.g., ASC 450 analysis for establishment and/or release)
  • Sales and use tax refund reviews (i.e., “Reverse Audits”)
  • Tax efficient domestic structural planning, diagnostic, and “tune up” services
  • Sales tax systems support

Give us a call, we can help!

 

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