You’re missing out on sales tax exemptions available in your state and overpaying taxes to the Department of Revenue or your suppliers. You’d like to recoup some of that money and stop overpaying on your taxes, but you don’t have the time or expertise to conduct a reverse audit and solve the problem.
Let Cherry Bekaert handle it for you. Our reverse audits take a deep dive into your purchases to identify where sales and use tax errors have occurred. We determine and document how much tax you should be refunded, and we’ll handle all the work to get that money back in your pockets. Most importantly, your employees will receive guidance to better understand the sales and use tax laws and exemptions in your state, preventing costly mistakes going forward.
Reverse Audit Overview
Cherry Bekaert can perform an analysis of past company purchases to determine and recover erroneously paid taxes. A Reverse Sales & Use Tax Audit may include the steps below:
Phase I: Scoping & Analysis
We analyze your business activities, review current purchasing and accounts payable tax reporting systems, review recent sales tax audits, and identify refund opportunities.
Phase II: Report of Findings and Recommendations
We present to you our overpayment analysis, identify suspected underpayment red flags and recommend refund plan of action.
Phase III: Training
We conduct a customized sales and use tax training addressing specific issues discovered during your review and explaining processes to simplify sales and use tax compliance.
Phase IV: Refund Processing
We deliver refund claims to DOR and/or vendors, help to process claims and provide you monthly status reports.