Sales and Use Tax
The national landscape of today’s Sales and Use / Operational Tax environment is rapidly changing. Jurisdictions are leveraging transaction tax increases to patch revenue gaps in their current budgets through policy changes and an increase in audit activities. Furthermore, local municipalities are focusing on property tax and business licenses to gain greater access to constituent revenue.
Smith & Howard’s Sales and Use / Operational Tax team, part of the firm's SALT group, helps clients navigate these increasingly turbulent waters by providing a number of services addressing sales and use taxes, property tax appeals and compliance, tax credit and exemption studies, relocation and expansion incentives, business license reviews and compliance, and assistance with unclaimed property. While similar to some of our income/franchise services, the operational tax area includes additional services customized to your needs:
- Sales Tax compliance review. Working with you to determine if your services and products are subject to sales tax
- Transaction Tax diagnostic review. How is your company planning, researching, calculating, remitting and reconciling tax activities?
- Transaction Tax nexus review. Determining where your company should be registered and filing
- Transaction Tax compliance review. How are you gathering your tax compliance data, how is it getting to a return, what returns should you be filing, and how did they get paid?
- Disclosure under ASC 450 Contingencies. Review of sales/use tax issues for potential financial statement impact
- Audit Defense. Assistance with the development of the appropriate posture and strategy for state and local audit defense
- Taxability studies. Review of your company's business and preparation of a state taxability matrix
- Use Tax. Often overlooked, failure to self-assess use tax on purchases can often lead to unpleasant results upon audit
- Outsourced sales/use tax compliance
- Internet sales. Selling your product via the internet or "in the cloud" can have an impact on your company's requirement to collect and remit sales tax
- Exemption Certificates. Is your company collecting and retaining the proper customer exemption certificates needed under audit?
- Reverse Audits. Assistance in determining overpayments of sales/use tax, gathering the evidence and filing the appropriate refund claims on your behalf
- Due diligence in business acquisition or sale. Sales/use and other non-income tax issues (i.e., employment tax, etc.) should be thoroughly reviewed when buying or selling a business
- Property tax review. Smith & Howard can assist in reviewing your property tax assessments and challenging the assessments, if appropriate
- Escheat tax. Understanding and complying with the "unclaimed property" rules imposed by states
- Relocation and expansion incentives
- Disclosure under ASC 450 Contingencies - Review of sales/use tax issues for potential financial statement impact
- Taxability studies - Review of your company's business and preparation of a state taxability matrix
- Reverse Audits - Assist in determining overpayments of sales/use tax, gather the evidence and file the appropriate refund claims on your behalf
- Unclaimed Property Compliance
- Review of Available Credits and Incentives. Our reviews help uncover non-income tax incentives on the state and local level and our experts guide clients through the process to take advantage of those opportunities.
Call Tim Howe or Marvin Willis at Smith & Howard to leverage our national expertise and locally-based personal service to help your business understand and take advantage of tax saving opportunities.