Transactional Taxes / Sales And Use Tax / Excise Tax
Transactional Taxes and Fees which fall under the “SALT” classification include:
- Sales/Use Tax
- Gross Receipts Tax
- Excise Tax
- Registration and Licensing Fees
These tax categories are complex for businesses because they must determine applicability of the charges to particularized sales and purchases – which are numerous and varied. Each type of tax differs in taxable base, rate and administration – for each taxing jurisdiction. Why even a simple zip code error can cost thousands of dollars!
Businesses sometimes benefit when we identify and resolve costly problem areas before state and local auditors ascertain them – discoveries which may be followed by penalties and interest on top of tax due. Resolution prior to an audit includes discovery of refund opportunities – or identification of deficiencies and a workout plan. In the event an authority discovers a tax compliance glitch, we provide audit defense representation to ensure accuracy and minimize an assessment based on proper application of tax law.
Our firm can assist you as soon as an audit notice is received to ensure an appropriate scope of audit, or after an audit assessment is issued to mitigate its impact. We can also help to develop a proactive approach to get a handle on your transactional tax system if you sense that you are paying too much tax. Also – If your business is considering buying or merging with another company – you must include SALT matter inquiries in your due diligence review – otherwise, when not identified prior to an acquisition – Purchasers may face liability for tax owed by a Seller.
For companies paying large amounts in Registration and Licensing Fees across numerous jurisdictions, reviews of the various laws and internal control practices has led to tens of thousands, even hundreds of thousands of dollars per year in savings for clients.
In appreciation of the talent and practice style UGBB employs, many out-of-state attorneys rely on UGBB’s local representation of their clients.
How Our Firm Can Help With Transactional Taxes
SALT Consultation/Compliance (Reverse) Audits
- Identify inherent weaknesses in a company’s transactional tax compliance processes and advise how to develop efficient systems to accurately track and pay taxes through reverse audits.
- Identify opportunities offered by statute to use alternate methods of calculating taxes due, and recover tax overpayments from tax authorities and/or vendors.
- Identify prospective savings opportunities related to innocuous tax types including Registration and Licensing Fees.
- Research unique client product, service offerings or purchases to determine the correct tax treatment.
- Research client activities in non-filing states to determine if a filing requirement exists and assist in quantifying and limiting exposure.
- Discover and advocate clients’ positions on transactional tax audit assessments and negotiate the proper resolution.
- Generate tax ruling letters, and negotiate with tax authorities on an anonymous basis where prior period transactional tax exposure exists.
- Resolve prior period transactional tax exposure and cooperate with authorities with implementation of Voluntary Disclosure and Amnesty Agreements, Offers in Compromise or Payment Plans.
- Identify and obtain unclaimed transactional tax refunds.
Our lead tax practice attorney, David K. Adam, has an accounting background to supplement his law license, and served as a CFO, business developer and tax consultant for over twenty-five years. He has worked with companies ranging in size from small firms to multi-nationals. He cooperates with the UGBB team to provide services ranging from investigations, to interpretation of tax codes, to aggressive advocacy and representation at hearings. UGBB can be retained on an hourly or contingency basis. Contact David K. Adam to schedule a Tax Appeal or SALT consultation.