Sales and Use Tax Consulting for growth oriented multi-state businesses is about identifying their state tax filing footprint, and to gain an understanding of the states in which the business is considered a taxpayer, and clarity on the tax status of its products and services.
If a business falls within one or more of these buckets (as most growth–minded businesses do), then the time for SALT Consulting has arrived.
The first step of determining a business’s state tax filing footprint is uncovering its Nexus status in each relevant location.
“Nexus” refers to the establishment of a sufficient connection to a jurisdiction to become a taxpayer in that state. This determination can be complex, as each state and tax type can hold its own ‘nexus’ definition or threshold.
Our nexus study provides a comprehensive overview of a business’s nexus status and filing footprint.
Upon discovering your Nexus status in all relevant states, the next step is to understand where your business offering fits into the SALT picture. Which is what a taxability determination aims to achieve.
By determining the taxability of your products or services in the relevant locations, you will be equipped with the insight needed to execute on the nexus determination process, putting you in a position of strength when it comes to SALT.
Our taxability matrices demystify the relationship your products and services have with SALT and provide a clear pathway for future reference.
One of the outcomes of a nexus or taxability study can end up being that you have uncovered oversights and gaps in your filing history.
Even the most organized businesses can occasionally miss existing or historical tax liabilities. When these overlooked obligations emerge, it can impact the business’s financial performance, value, and other crucial factors and metrics.
A Voluntary Disclosure Agreement, or VDA, is an arrangement with the government to abate or lessen penalties and reduce the look-back period for any type of tax that you might owe. Drawing a line in the sand and allowing the business to move forward.
Our VDA services involve the liaison and negotiation with the tax authority on the company’s behalf to limit penalties and back taxes owed, significantly minimizing the impact of these oversights.
Whether your company is just beginning to understand how sales and use taxes can impact your company, or your large corporation is looking for assistance with a complicated sales tax audit, Source Advisors is ready to help. If you’re not certain about your current processes, Source Advisors can offer a no-cost assessment and provide your firm with valuable feedback.
