Sales and Use Tax: Five Solutions to Become Best In Class
State governments are looking for ways to raise revenues and your tax dollars are at risk! Two methods they are currently using are (1) increasing their audits and (2) keeping your tax dollars in their treasuries that you may have unfortunately overpaid.
Sales and use tax overpayments add up, so you need to be proactive to find them on your own. It can certainly be worth the effort. A couple of recent examples show why: One Global 1,000 company was paying both sales and use taxes on the same purchases, resulting in an overpayment of nearly $3 million which was eventually refunded by the state. Another found it overpaid use taxes totalling $1.5 million on non-taxable software license fees. Both companies have implemented corrective action plans that will affect their bottom lines and cash flow.
Be proactive and take the following five steps that can provide sales and use tax solutions to become best in class.