Sales & Use Tax Due Diligence
Compliance with all of the sales and use tax laws can be extremely difficult. An erroneous interpretation, honest mistake, or even reliance on a long-held industry practice can cost a business tens of thousands of dollars. We have the expertise to review your Company's sales and use tax procedures and determine if they are in compliance with the governmental requirements. If a mistake is detected, we will advise you on how to correct it. If you request, we will quantify the prior errors and amend prior filings to bring your business into full compliance with the sales and use tax law. In addition, we can help you to recover sales and use taxes from your customers that should have been collected.
If
you are buying a business, you may inadvertently buy that business's sales and
use tax mistakes and assessments. Many professionals only focus on the income
tax aspects of buying a business. We can review the records and procedures of
the target company to determine if there are outstanding assessments for sales
and use taxes or if a mistake or erroneous interpretation has lead to a
potential sales and use tax liability that the government has not yet
discovered. With this knowledge you can then set up the applicable escrow
accounts or purchase price adjustments that reflect this potential liability.
If you are considering selling your business, we can review your operations to make sure that you are collecting sales and use taxes as applicable. In addition, we will evaluate your purchases to see if you are underpaying or overpaying your sales and use taxes. If you are overpaying them we will work with you to obtain a refund from the government, and if you are underpaying, we will instruct you as to the correct rules. By correcting any sales and use tax errors, you maximize the value of your business and the potential sales price for it.
Take advantage of our Free Evaluation
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