When owning a small business, one of the many types of taxes you have to remember to pay is Sales Tax. Sales tax reporting is an important step in your businesses’ financials and not reporting or paying the taxes could get you into serious trouble with your state’s revenue agency. Most states require remittance of sales tax and if you fail to file your reports, they may make an estimate of how much you owe. If you don’t pay your required sales tax, you will likely find yourself in front of state revenue auditors. A sales tax audit can be a daunting experience for anyone, especially if you aren’t up to date on the latest tax laws.
When you are facing a large sales tax determination, you aren’t going to want to face it alone. That’s why it is important not only to have a trusted tax attorney to help guide you and defend you through the process, it’s also important to have tax accountants that will make sure you are compliant with all sales tax reporting and paying. In these instances, our accountants work hard for each of our clients to ensure that an accurate evaluation is reached. Our team can review the state’s findings to make sure they are accurate and there aren’t any mistakes on their end. We can also help look for years you may have overpaid your sales tax. Our office will handle all communication with your auditor and develop a plan for you and your business once we are able to analyze the state’s findings and crosscheck them with your company’s financials.
Polston Tax has the experience and the knowledge to help you make sure you’re withholding enough sales taxes and that if you get audited, we can represent you. We’ve helped clients out of this situation many times before, and can help you as well! Here’s an example of one client we recently helped:
Our clients owned a small car business in Kansas and found out they were being audited by the Kansas Department of Revenue (KDOR) for several years due to their sales tax withholding. Our clients didn’t have any software to calculate tax and they didn’t use a computer-based accounting system. We met with the state auditor at our clients’ business and reviewed their findings. After the auditor made his tax assessment, we went through our client’s financial documents and were able to provide substantiation to lower the amount of taxes our clients owed. The auditor agreed with our lower assessment and we were able to save our clients over $32,000!
We’re ready to assist your company in compiling the necessary information for the preparation of sales tax returns. If you are facing a sales tax audit or need help filing your returns, we can help! Our team is here to help you and your business stay compliant with your state’s revenue agency. Give us a call at 844-841-9857 or click Contact Us below fill out the form so we can reach out!