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What you need to know if you're facing an audit in New York...
Have a Professional Handle Your Company’s Sales Tax Audit
Most states audit businesses for sales tax, sometimes resulting in assessments that can be a huge financial burden on the business. These sales tax assessments often go unchallenged because the business owner or in-house accounting personnel are not familiar or experienced with the sales tax laws that could reduce the sales and use tax liability of the business. As a result, many businesses are overpaying astounding sums to their State.
The panic of a North Carolina sales tax audit often begins by receiving that dreaded phone call from a Pennsylvania sales tax auditor. Usually, after the inquiry phone call and formal notice is issued, a Pennsylvania sales tax auditor can audit 3-4years of business activity from when a return was filed, and they could possibly go back to the inception of business if a Pennsylvania sales and use tax return was not filed. The slightest error, when multiplied over three years, can add up to a considerable amount of sales tax liability. These audits are often triggered by seemingly insignificant things like not having the correct paperwork.
The trying, grueling, and exhausting process of a Tax Audit is finally over. But what happens if you do not agree with the outcome of the audit? On top of taxes, the auditor also calculated penalties and interest to add to the money you don’t owe, or you cannot afford. Sometimes the overinflated assessment is a result of poor auditing techniques. Other times a large assessment can result in the audit double-dipping or using bad periods for your business to predict other periods. Many times, there is a discrepancy as to whether your business is even selling taxable items or services, or you just could not produce records timely enough to prove the taxability of certain items. There may even be a controlling case that even the tax auditor is unaware of. Fortunately, state and local tax consultants and other professionals can challenge the findings in some way.
Even most good tax professionals out there do not deal with taxes enough to really know the ins and outs of both the tax laws and the administrative procedure of fighting an audit assessment. Our firm primarily handles state and local taxes and is used to the ins and outs of the issues and the procedures to help reduce your assessment. As state and local tax lawyers, we challenge the Department of Tax and Fee Administration and other state agencies on a regular basis. Our tax appeal consultants in North Carolina often assist with audits, protests, and resolving tax disputes at the administrative court level. Simply put, this is what we do each and every day.
Contact our offices for a FREE INITIAL CONSULTATION with a consultant with experience in state and local tax matters. During our consultation, we will review your tax audit and discuss ways in which we can get you the results you are looking for. We regularly are able to reduce the tax, penalties, and interest. Whether you hire our firm or not, we offer a quick and honest evaluation, so you can proceed as you deem fit. To get your tax, penalties, and interest reduced with the Department of Tax and Fee Administration.
Representation for Tax Controversy Matters in North Carolina
Our North Carolina tax litigation consultants can help you identify your Taxpayer problems. It usually begins when they receive a notice of final determination from the North Carolina Department of Revenue which indicates that they intend to conduct a North Carolina sales tax audit on them or their business. It is often wise to contact a tax professional to be sure you know your rights and to ensure the auditor has not overstepped its bounds.
Businesses will often utilize their CPAs or, occasionally, in-house tax departments to handle North Carolina tax audits. Even if the audit is handled expertly by the CPA or tax department, the North Carolina Department of Revenue may still take aggressive positions against the taxpayer or may simply be unreasonable. After the Notice of Final Determination is issued, and when settlement negotiations are not working during or after the audit, then the taxpayer has a small window of time to use the only other means of getting a just result – controversy. If a taxpayer does not file a complaint or petition within 60 days of the notice of final determination, then the ability to litigate or even protest their tax debt becomes much more difficult.
Sales Tax Helper has worked for over five decades of cumulative experience in assisting taxpayers who need to litigate their tax matters to get just results. Our firm focuses on the tough situations, the times when hard-hitting actions are needed to take a negative situation and get the very best out of it. Additionally, we work with CPAs and sales tax consultants whose clients need aggressive legal help when dealing with the New York Department of Tax and Finance or other tax authorities. In fact, we have found that is not uncommon for the start of the controversy process to be the most effective settlement tactic the taxpayer has.
The right professionals can point out opportunities for tax savings, reduce future audit exposure and get back sales tax you shouldn’t have paid.
As a business owner, planning can be critical in the management of state and local taxes. Failure to diligently manage, comply, and plan for state taxes can result in harsh back taxes out of your pocket along with penalties and interest.
Business transactions, whether routine (e.g. a standard sale to a customer) or infrequent (e.g. purchasing new business facilities) can be structured to save a significant amount of taxes. All it takes is taking the time to plan ahead with the right professionals on your team.
Specific business transactions can also be riddled with tax minefields or present tax savings opportunities. Most states have specific rules for purchases of aircraft, art, and motor vehicles. Proper structuring can result in huge state and local tax savings. Many states also have broad manufacturing-related exemptions.
If your business has made large purchases of machines, or repairs of those machines it is important to avoid state and local taxes or seek refunds for taxes paid. As sales tax is often an afterthought, it is often wise to have a sales tax professional on your team before the transaction happens.
A sales and use tax professional from North Carolina Sales Tax Helper can consult with you on correct tax procedures to make sure you pay as little sales tax as possible and recoup sales tax you should not have paid. Further, our firm can also help you in the calculation and record keeping your taxes but can also assist you in legally reducing your tax liability. Your company goals are important, and, with our services, we strive to help you meet them in the most tax-effective method possible. Please realize that by taking the necessary steps to ensure you have a sound tax planning strategy and proper execution.
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