REFUND AND EXPOSURE REVIEWS
The Brennan Group identifies all exempt transactions on which sales or use tax was remitted. There are several issues that can impact the taxability of purchases, including specific industry tax laws and regulatory changes, court cases, and letter rulings that many companies are not aware of. This may result in sales and use tax overpayments.
The Brennan Group will identify all exemptions that impact your business. Our experts identify and recover overpayments that go directly back into your business.
At the conclusion of our review, The Brennan Group will provide a Compliance Review Report that details our findings Illustrating exactly “WHAT IS” and “WHAT IS NOT” exempt and how to correct overpayments moving forward so you continue to save in the future.
- Analyze accounts payable invoices, sales and use tax returns and reports
- Qualify and quantify overpayments and underpayments which fall within the state’s statute of limitations period
- Compile and present findings in a Compliance Review Report, detailing refunds, exposures, statutory support, lists of all transactions, and applicable recommendations
- Manage all aspects of the review process including filing refund claims with vendors or states, amending any sales & use tax returns, and continuous follow-ups until all refunds or credits are received
MONTHLY FILING OF SALES AND USE TAX RETURNS
1. Ensure Compliance
2. Timely Filings
3. Eliminate Non-Filer Notices and Penalties
Monthly compliance reporting for sales and use taxes is one of those routine tasks that, when done incorrectly, can create material liabilities for your company such as penalties, interest, and loss of timely filing discounts. Conversely, outsourcing the preparation and filing of your sales and use tax returns will eliminate the burden on your staff and bring peace of mind knowing the returns are filed accurately and on time!
Many CEO’s, CFO’s and Controllers believe compliance can be automated with a simple plug-and-play software solution. Unfortunately, there are over 60,000 sales and use tax codes and statutes. Every state is different and can make changes on a daily basis. One code or statute could result in a huge overpayment.
We become a valuable extension of your accounting department. Consider your monthly compliance to-do list completed. With The Brennan Group’s team of industry and multistate experts, you will have the knowledge base of ex-auditors and CPAs to rely upon when questions or issues arise.
- TBG will prepare and remit the sales and use tax returns and payments for all applicable taxing jurisdictions
- TBG will e-mail a list of all tax payment due amounts for disbursement authorization
- If needed, TBG will reconcile the checking account used for EFT payments on a monthly basis and provide a monthly reconciliation statement
- TBG will handle all questions or concerns from taxing jurisdictions regarding the monthly filings
NEXUS REVIEW AND EVALUATION
State taxing authorities have different requirements and thresholds to determine whether out-of-state businesses have enough in-state activity to trigger nexus. This is determined through physical presence or sales into a particular state.
The purpose of the Nexus Review is to determine if your company has a presence in a particular state which creates a requirement to register, file, and remit sales & use tax.
- TBG will supply you with a Nexus Questionnaire asking a series of questions including but not limited to where you have a physical presence, sub-contractors, sales, sales reps, and/or where your products and services are offered
- TBG will analyze this data to determine potential sales tax nexus by state and if registration is required. If registration and filing are required, we will advise you on alternatives and procedures available to reduce exposure.
Our review is designed to determine if an auditor has assessed tax on any nontaxable transactions by reviewing all audit work papers and data the auditor used in calculating your assessment.
We consider all statutes, regulations, letter rulings, and court cases to determine the legitimacy of the auditor’s claims. If we determine the auditor’s assessment is in error TBG will assemble a defense to reverse the auditor’s assessment. We also work to offset assessments through identified overpayments.
- Review the audit work papers to determine if fairly assessed
- Analyze sales and purchase data from client, state statutes, and regulations to validate or challenge the auditors position
- Discuss an equitable audit resolution plan with the state
CONSULTING & SPECIAL PROJECTS
If you’re starting a new business, or expanding into new products, services, or states, you need expert advice on taxability requirements. Our consulting services provide the answers you need to be in compliance in any new venture you undertake. Many businesses who are expanding quickly need assistance registering their business in a new taxing jurisdiction, and completing exemption certificates for non-taxable purchases and sales. TBG can back-office these one-time projects, freeing up your staff during this busy time. TBG also provides Letter Ruling Request Preparation and Voluntary Disclosure services. If it’s a sales and use tax question, The Brennan Group is the answer.