(Resisting the urge to make this the world’s shortest blog post……okay, I’ll share my thoughts.)
Sales taxes are often an afterthought for companies. The old adage, “if it ain’t broke, don’t fix it” can describe how many companies view their compliance with the sales tax laws across the U.S.
If you had three blocked arteries in your heart, would you rather first discover that news through a routine checkup or in the hospital after suffering a heart attack? A condition like that can go unnoticed for quite some time before having an unexpected cardiac event.
The same can be said about sales taxes. You may not realize the severity of your exposure until it’s too late.
My friend Emily shared an article with me (click here) that illustrates a recent example of company that suffered a fatal sales tax “heart attack.” As you see in the article, a $2 million assessment bankrupted a chain of mattress stores – all because of sales taxes.
Something as simple as water can destroy your home. That’s why the water damage restoration is a multi-billion dollar business in the U.S.
Similarly, something as simple as sales taxes can destroy your company.
If your company is suffering from sales tax damage, we’ve got the tools needed to clean it up:
1) Nexus Studies;
2) Tax Determination Studies;
3) Voluntary Disclosures;
4) Refund Recoveries;
5) Mergers and Acquisitions Due Diligence;
6) Accounts Payable Reviews;
7) ERP System Mapping; and
8) Reserve Studies.
Let’s take care of any blocked arties you have before it’s too late!