Tax Compliance Review
Thomas, Thomas & Thomas, P.C. performs compliance reviews that aid in identifying tax overpayments and underpayments. The firm reviews documents and reports findings to clients. These reviews:
- Minimize the risk that the cost associated with a transaction is increased due to unforeseen tax consequences
- Minimize the costs of penalty and interest assessments due to tax underpayments
- Provide simplified guidelines for accounting and sales staff
Benefits of a State Tax Review include:
Avoid Tax Overpayments to State Taxing Authorities and Vendors
We periodically review purchases in order to make sure that the client is utilizing available state tax exemptions and credits.
Minimal Disruption of Daily Activities During a State Tax Audit
We interface with state auditors while minimizing staff involvement.
Identify Unsubstantiated Tax-Free Sales
We periodically review client tax exempt transactions to ensure tax exempt status is properly substantiated. We identify which customers should pay sales tax or provide additional substantiation for the tax exempt purchase.
Increase Client Compliance with State Sales & Use Tax Laws
We periodically analyze the client’s state tax reporting system, look for systemic problems, and recommend procedures to improve compliance with state sales and use tax laws. We also train designated personnel on taxability issues that are industry and company specific.