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SMART TAX USA Services
In today’s economy State courts are constantly changing sales and use tax laws and regulations. It is nearly impossible for busy corporate tax managers to track and analyze the impact of rapidly changing sales and use tax laws, manufacturing exemptions, incentives and tax credits. Recently, states have been implementing new tax incentives to manufacturing companies to encourage growth of the economy. Because of these recent tax law changes, there are additional areas of exemptions that otherwise were not available, resulting in a refund opportunity for just about every manufacturing or processing company.
If a manufacturing company receives a letter or notice from their State saying they will be under audit for State tax compliance. This means the State is going to send out an auditor for a few days to weeks to look at their records and try to find out if they underpaid taxes on any of their invoices (Compliance review). We do just the opposite we look at their invoice to see if the paid taxes on any invoice that would have qualified for an exemption. We can typically offset all or most of the State’s Compliance deficit. When manufacturing companies get a letter from the State for an Audit, they will typically call a company like ours to perform an “Audit Defense”.
This is a study to determine if their company has a tax liability in a particular state where they have a presence. Each State has different rules regarding whether a company that has a presence in their State must collect and/or pay taxes to that State. In some States, having a remote sales person who offices from their home may create a nexus and make the entire company liable to report taxes in that State.
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Predominant Use Study
Predominant use studies, also known as utility studies, save companies many thousands of dollars annually by analyzing their expenses for electricity, water, natural gas and propane, and by identifying the expenses that qualify for tax reductions or exemptions under state, county and city laws. In order to encourage business development, 21 states* offer significant utility sales tax reductions and most of those states require that the majority of energy consumed be utilized to facilitate the company’s predominant purpose.
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Questions on State Tax Compliance
State Tax laws and the Manufacturing Exemptions are complex and change on a regular basis. It is nearly impossible to know every law that applies to a particular manufacturing company. Many manufacturing companies will calls us with specific questions about a recent purchase to determine if they need to pay tax on that purchase.
Smart Tax USA Duplicate Payment Reviews:
There are three distinct stages to the duplicate payment review following the agreement of the terms of engagement.
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Sales and Use Tax Seminar
Included in our service Smart Tax USA will provide a seminar to detail and explain all relevant tax laws and procedures to any and all employees you would like to have in attendance. The main focus of this seminar will be to provide the necessary information, on a go-forward basis, to correct any mistakes made prior to the review.
Included as part of our commitment to you, SMART TAX USA will also bring to your attention items (If any exist) we identify where your company may owe taxes due to underpayments. We will discuss correcting them on a go forward basis so that your company will be in complete compliance.
We will also look for duplicate payments within the accounts payable records using our advanced technology to recover hidden profits. This will be achieved by reviewing your accounts payable data to look for duplicate payments and/or overpayments and missed discounts.
LEARN MORE ABOUT SALES AND USE TAX SEMINAR >
Utility Broker Assistance
Deregulation of electricity and natural gas prices created a market in which significant cost savings are available to consumers. In many states, companies are now able to negotiate directly with utility suppliers to obtain the most competitive pricing structure for themselves. Because it is necessary to understand all the terminology commonly used in utility contracts and be familiar with the frequent volatile market fluctuations in order to negotiate an advantageous contract with a supplier, many companies utilize the services of an independent energy broker.
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Additional SMART TAX USA Services
• ACCOUNTS PAYABLE AUDITS
• DUPLICATE PAYMENT AUDITS
• STATE MANUFACTURING EXEMPTIONS
• PROFIT RECOVERY AUDITS
• VENDOR COMPLIANCE AUDITS
• PROFIT RECOVERY
• ACCOUNTS PAYABLE LOSS RECOVERY
• UTILITY AUDITS
• VENDOR FILE CLEANSING
• OFF SITE RECOVERY AUDITS
• SALES AND USE TAX AUDITS
• SALES TAX AUDIT DEFENSE
CONTACT US TODAY!
SMART TAX USA specialized comprehensive analysis can determine how these new exemptions; credits and incentives directly affect your business. This will result in a reduction of current and future tax liabilities providing significant tax savings for your business! Most importantly our success rate is 90% of the companies we work with will have a substantial tax saving benefit. Our initial review will determine the validity of your refund status and as always, the consultation is absolutely free. Our work is performed on a contingency fee basis, “if we do not perform no fee is due!”