SALES & USE TAX COMPLIANCE REVIEW
Thomas, Thomas & Thomas, PC performs compliance reviews that aid clients in identifying tax over and underpayments. The firm reviews documents and reports findings to clients. These reviews:
- Minimize the risk that the cost or profit margin associated with a transaction is increased due to unforeseen tax consequences;
- Minimize the costs of penalty and interest assessments due to tax underpayments; and
- Provide simplified guidelines for the accounting staff.
Minimal Disruption of Daily Activities
We review necessary documents while minimizing staff involvement.
Avoid Tax Overpayments to Vendors and State Taxing Authorities
We periodically review client’s purchases in order to make sure that the client is utilizing available state tax exemptions and credits.
Identify Unsubstantiated Tax-Free Sales
We periodically review client tax exempt customer 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’s Compliance with State Sales & Use Tax Laws
We periodically analyze the client’s tax accounting system, look for systemic problems, and recommend procedures to improve the client’s compliance with state sales and use tax laws. We also train the client’s designated personnel on taxability issues that are industry and company specific.
