Understanding Reverse Audits
Sales tax rates and rules can change frequently, and compliance can vary significantly from state to state. Keeping up with these changes and figuring out the correct sales tax charges on services can be a real challenge. That’s where a reverse sales tax audit comes in.
What is a Reverse Sales Tax Audit?
A reverse sales tax audit is like a financial check-up for your business. Instead of waiting for a tax authority to come and check your records, we proactively review your past transactions to find any mistakes or overpayments you might have made. Essentially, it’s a way to look back and see if there’s money you’ve overpaid or credits you’ve missed out on that you could potentially recover.
The sales tax professionals at TMTY have the expertise to pinpoint these discrepancies and also navigate the complex process of reclaiming overpaid taxes. We handle all of the work to ensure your financial records are in order and any money you’re owed is reclaimed.
TMTY’s Reverse Audit Process
Initial Assessment:
We start by taking a quick look at your financial records to figure out the scope of the audit and size of the claim.
Analysis:
Next, we dig into the details of your transactions, returns, invoices, accruals, and any other documentation to find any errors or overpayments.
Full Report + Recommendations:
After pinpointing where mistakes or overpayments have occurred and calculating how much you might be owed, we provide you with a comprehensive report of our findings and devise a plan to get your money back.
Submitting and Monitoring Claims:
Finally, we prepare and submit refund claims to relevant authorities with continuous monitoring as your refunds process.
Benefits of Choosing TMTY’s Reverse Audit Services
Identify Overpayments: A reverse audit helps you spot any overpayments you might have made on your taxes. By looking back at your past transactions, we can figure out if you paid too much and help you get that money back.
Recover Credits and Refunds: Sometimes, you might miss out on tax credits, exemptions, refunds, and incentives that you were eligible for. A reverse audit gives you the chance to claim these missed opportunities from previous transactions.
Financial Accuracy: During a reverse audit, we also check for any mistakes or discrepancies in your financial records. Fixing these issues improves the accuracy of your records and keeps your finances in check for the future.
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