Sales, Use and Excise Tax Reporting
Doing business in multiple jurisdictions puts a business as a tax collector and eventual tax remitter for sales, use, and excise tax liabilities. We can assist your company in compiling and preparing monthly, quarterly or annual tax returns to ensure accuracy and timeliness is achieved.
We can help businesses understand when and where they are required to collect sales and use taxes and self assess use taxes as well as file sales and use tax returns with particular state and local jurisdictions. In conjunction with our tax accountants consultation, we can assist with quantifying and mitigating potential sales and use taxes that are due. We can then consult on recommended ways of sales and use tax compliance entry.
We can also help businesses identify and determine the taxability of their sales and purchases of goods and services, by state and local tax jurisdictions. This analysis can include taxability determinations for sales tax collection and use tax self-assessment purposes. As a deliverable, we can provide a taxability matrix.
Unlike the federal income tax, even businesses who may be in a net operating loss position for federal income tax purposes may be liable for applicable federal excise taxes. Given the number of different excise tax provisions in the Internal Revenue Code, the specificity with which they are written, and the tenaciousness with which the IRS Excise Tax Group pursues their assessment, businesses need tax accountants who have in-depth knowledge of the idiosyncrasies of federal excise tax practice and procedure and have a proven record with respect to excise tax issues.