How Can Sales Tax Colorado Save You Money? We Will …
Provide your company advice on ways to legally reduce the amount of tax due on a transaction. For instance, how a company structures its invoices can affect the taxability of the entire transaction. In many states an item can become taxable if not separately stated on the invoice. We also review company purchases to determine which assets may qualify for exemptions. Finding overlooked exemptions can often result in significant savings.
Review viable tax saving alternatives that are right for you.
Gain an understanding of your products and services and provide you with actionable information in the form of a “plain language chart” on how various states’ Sales Tax laws apply to each. Such matrices will provide taxability and technical direction to allow your personnel at a glance to determine taxability with accuracy and efficiency. The matrices will also assist in reducing tax exposure and the risk of overpaying taxes, as well as reducing the cost associated with future Sales & Use Tax audit defense.
Recommend procedures to improve or implement proper Sales & Use Tax collection and filing requirements and provide guidance on the retention of proper supporting documentation, including exemption and resale certificate requirements.
Assist in structuring invoices to increase the likelihood that taxes will be properly billed and collected from customers based on the company’s primary service offerings. Assist with the implementation of Sales & Use Tax payment and self-assessment procedures, along with recommendations for implementing proper procedures to assure taxes will be properly reported and remitted to the applicable taxing authorities.
Obtain an understanding of the company’s primary vendors and recurring purchases and review or implement company’s policies and procedures for payment/non-payment of Sales & Use Tax on purchases.
Review current procedures, if applicable and/or recommend cost-effective solutions relating to the Sales & Use Tax return filing process and evaluate whether the company would benefit from out-sourcing and/or automating aspects of the Sales & Use Tax return filing and other compliance processes.
Sales Tax Colorado provides technical direction to assist in determining how the Sales & Use Tax laws apply to your specific business. We can also do an in-depth evaluation of your current and potential future business activities to provide alternatives that may position your business to take advantage of exemptions or to derive a future Sales or Use Tax benefit. This planning can include options such as restructuring an entity or transaction to legally qualify for Sales or Use tax exemptions or exclusions. We will advise you of ways to legally reduce the amount of tax due on a transaction or ways of saving your tax dollars.
Corporate Startup / Expansion Consulting – New? – Got Sales Tax Covered? Growing? – Keep Up On Registrations, Taxability And Exemptions.
Sales Tax issues affect personnel in Accounting, Accounts Receivable, Accounts Payable, Billing, IT, Purchasing, Tax and various other departments. A proper understanding of Sales & Use Tax laws and the associated procedures will help ensure the business’ success and minimization of the compliance burden.
New markets, products or services raise taxability and nexus issues, as well as additional collection requirements. In today’s world of inconsistent, constantly changing Sales Tax laws and aggressive states trying to fill their revenue coffers, businesses simply cannot afford to rely on the status quo. Sales Tax Colorado can keep a new or expanding business in compliance and ensure they only collect and pay Sales & Use Tax when warranted.
Resale And Exemption Certificate Consulting – Get A Handle On This Important Area.
“It’s taxable unless proven otherwise.” This is heard all too often. The burden is on business not only to receive properly completed exemptions certificates, but to maintain and be able to retrieve them years later.
When auditors review your invoices and purchases, they’ll require supporting documentation when tax wasn’t charged or paid. If your customer was exempt, but you can’t retrieve the certificate to prove it, you could owe the tax plus penalties and interest! The large volume of certificates to be managed by some businesses can be overwhelming.
Our professionals will review and test your procedures and recommend appropriate solutions to ensure your protection.
Taxability Matrices And Technical Memoranda – Don’t Over Collect Or Remit. Know What’s Taxable!
We will develop tax matrices and/or procedures to enable your personnel to make proper taxability decisions. This may also uncover compliance areas where over or underpayments have occurred and a prior liability or refund opportunity exists. The matrices can be used in quantifying any prior tax liabilities and/or overpayments. We can provide clarity with respect to taxability issues that may be difficult to abstract from regulations and prior court rulings. When needed, we can seek binding interpretation directly from the state based upon your specific circumstances.
Compliance Software Solutions – Is Automation Right For You?
Sales growth, new geographic markets, or an increase in products and services often trigger consideration of automating some or all of the compliance functions. This can include determining taxability and correct tax rates to charge, managing exemption certificates, completing required returns, etc.
The investment in the software can be significant even before integrating it and involving your IT, Accounting, Tax and other personnel. Making the wrong choice can easily turn the investment into a costly mistake.
Call on us for help determining what level of automation you need and which vendor’s products are right for you.
Large Transaction Structuring & Consulting – Don’t Over Pay Taxes!
When the stakes are high, our professionals can often recommend proven strategies to eliminate taxability of a transaction or to defer the taxes over time. Deferrals allow the purchaser to sell the asset later having only paid a portion of the Sales or Use Tax otherwise due.
Outsourcing & Automation Consulting – Is Doing It All In-House The Best Option? Want More Time For Your Core Business?
Outsourcing is commonplace in today’s world of business. Reducing or eliminating non-core activities allows personnel to focus on the critical success factors driving your business. Sales Tax compliance such as return preparation and filing can be a great candidate for outsourcing.
Some firms want to continue handling some or all of their Sales Tax compliance internally, but do not possess the correct tools. Our specialists can help determine if automation or full or partial outsourcing is the right solution for you. We’ll also help ensure the vendor providing the desired solutions is a good fit for your needs and systems.
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Contact us today for a no-obligation consultation about your Sales & Use Tax issues.
