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Yes, refunds can be used to offset audit assessments. In addition to reducing the liability imposed, the offset can lower the amount of penalty and interest, resulting in a significantly lower assessment. In some cases, the refund amount can be larger than the audit liability resulting in a net refund for the company.

Most firms conduct a targeted review based on the industry, but this is not how we operate. KeyTax consultants will look at every single purchase in their review, not just the low-hanging fruit. If there is refund opportunity, we will find it regardless of the invoice amount.

A reverse sales and use tax audit is the process of reviewing previous years of purchase data in an effort to find erroneous sales or use tax charges or accruals. Generally, these errors are due to a misapplication of tax laws by the seller or oversight of an exemption provided by the state.

We become your free Tax Help Line! You gain indefinite access to our experience and expertise. You can contact us at any time for answers to any of your sales and use tax questions, and we stand by your side during any audit or inquiry.

There are 3 stages in the refund appeal process (Board of Appeals, Board of Finance and Revenue and Commonwealth Court). The timeline for receiving refunds can vary, ranging from 6 to 18 months, depending on the level of appeal.

For our initial analysis, we only require a few pieces of information: access to the accounts-payable reports that detail all the purchases made by the company for the period in review, and access to the company’s ERP / invoicing system. Once we perform our initial review, we can give you a detailed overview of our results and the refund opportunity that exists.

Yes, we can help you ensure compliance with all applicable tax laws and regulations. Our tax experts stay up to date with the latest tax codes and regulations, to ensure you’re not exposing yourself to audit liability.

The statute of limitations varies from state to state. Some states, like Pennsylvania, carry a three-year lookback while others, like New Jersey, have a four-year lookback period. If a company has an on-going audit, any period that the taxing authority has open under audit is also open for a Reverse Sales & Use Tax Audit.

Minimal effort is needed from your team. Simply provide us with access to accounts payable reports and invoicing systems, and we'll take care of the rest. We can perform remote or on-site reviews, whichever is more convenient for you and your team.