Depending upon your type of company, its location, the manner in which purchases are made and several other factors, purchases may qualify for various sales tax exemptions. Most states offer a variety of exemptions; however the qualifications to take advantage of them are often as unique as each state’s tax laws. To properly take advantage of these cost saving exemptions, it is important to work with an experienced sales tax consulting firm who is up-to-date with the changing sales tax laws and how they apply to your operations.
State Tax Advisors will work with you to create new procedures that are designed to maximize the advantage of applicable sales tax exemptions. Exemptions are typically thought to only apply to non-profit, charitable, educational, political and religious organizations; however they are also widely available to for-profit companies such as fabricators, manufactures, processors and others. We work with many companies in a variety of fields and have the experience and knowledge that will result in reduced expenses and increase profits. In addition to maximizing exemptions, State Tax Advisors will also review each exemption that is currently being applied. Improper application of tax exemptions will create tax liabilities and possibly penalties and interest, if they are discovered in course of a sales and use tax audit.
On the sales side of a transaction, the receipt of an inaccurate or invalid tax exemption certificate, from a customer, will create liabilities for vendors. Maintaining current and valid exemption certificates, that support non-taxed sales, is extremely important. State Tax Advisors has an extraordinary amount of experience in validating tax exemptions and assisting our clients with procedures to ensure all required certificates are properly maintained.
Sales tax laws are constantly changing and as they change, so changes sales tax exemptions. Staying up-to-date with the constantly changing sales tax laws and exemptions is key to a company’s ability to maintain compliance and fully take advantage of the tax law and exemptions.
State Tax Advisors is a multi-state, full-service, state and local tax firm with expertise in a wide range of areas, which includes sales tax consulting, sales and use tax audit defense and complete to partial sales tax compliance outsourcing solutions. Contact our experts today to get started immediately.