SALES, USE, AND VAT
With an unprecedented amount of global indirect tax reform, including a broadening of the tax base and increasing tax rates, more companies are scrutinizing their indirect tax responsibilities.
SimekScott's indirect tax services provide our clients with a comprehensive approach to determining their indirect tax burdens and opportunities. We collaborate with our clients to gain a thorough understanding of their operations and use that knowledge to identify risk areas and sustainable planning opportunities related to sales and use taxes, value added taxes (VAT), goods and services taxes (GST), federal excise taxes, telecommunications taxes and other transaction taxes.
We take a holistic approach and provide timely, consistent and thorough insights and guidance to address our clients' multistate indirect tax needs in order to achieve our clients' short and long term business objectives.
We will work with our client's to identify indirect tax risks and opportunities related to:
- State audit defense: Working with taxing authorities to mitigate audit assessments.
- State tax nexus analysis and exposure: Analyzing current in-state activities to determine if a current and/or historical filing requirement exists.
- State voluntary disclosure: Working anonymously with state taxing authorities to address our clients' historical multistate tax exposures.
- State taxability research: Analyzing statutes and regulations to determine whether sales or use tax applies to a product or service.
- Process and system review: Reviewing and streamlining the transaction tax process by implementing new procedures, software products and controls.
- State tax reverse audit and refund review: Reviewing historical purchases to determine whether sales and use tax has been properly paid, filing refund claims and recovering overpayments of tax.
- ASC 450 reserve analysis: Analyzing transaction taxes to determine whether liabilities exist and assisting with booking a reserve where appropriate.