John and Priscilla, business owners facing a substantial sales tax audit, initially confronted a liability of $18,000. By partnering with Certus, we successfully reduced their liability to just $2,000.
Here's How We Helped:
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Audit Review & Strategy: We analyzed their financial records, identifying eligible deductions and ensuring compliance.
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Effective Communication with Auditors: By verifying taxable transactions, we worked with the state to supply supporting documents.
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Minimized Liability: We successfully reduced their liability from $18,000 to just $2,000.
The Outcome:
Even though this audit was almost 8 hours of billable work, the clients decided it was worth it. John and Priscilla only paid taxes on items with verifiable liabilities, ensuring a fair and accurate assessment while alleviating financial stress.
How to Prepare for a Sales Tax Audit
A sales tax audit is never fun. But you can be prepared. Here’s How:
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Maintain Accurate Records: Ensure invoices, receipts, and tax documentation are well-organized and stored for easy access.
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Verify your Point of Sale for accurate rates: Confirm that all sales transactions include appropriate tax charges and document exemptions.
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Reconcile Sales Data: Regularly compare sales tax collected with reported figures to identify discrepancies before an audit. Certus can help with this!
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Understand Exemptions and Deductions: Keep clear documentation for any exempt sales to justify deductions during an audit.
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Engage with Experts Early: Work with Certus to proactively review and validate your sales tax compliance.
Final Thoughts:
Sales tax audits can be daunting, but with preparation and expert support, you can minimize financial exposure and ensure compliance. If you're facing an audit or want to strengthen your tax strategy, reach out to us today!
📞 Schedule a Consultation Now to safeguard your business and stay tax-compliant.
(Included for Platinum and Gold package holders. Hourly for all other clients.)
