Businesses with many suppliers and vendors will often be charged sales tax on the goods and services they purchase. Often, the sales tax has been incorrectly charged, and the business can seek to recover those overpaid taxes.Â
A Refund Review is the process of looking through purchase data to find incorrect sales or use tax charges or accruals. Once the data has been reviewed and overpayments identified, a refund application is prepared and submitted to the vendor, or directly to the state, and the funds are returned directly to the business.Â
Refund reviews are also useful if a business is undergoing a sales tax audit, as states will often allow for overpayments to be used as an offset against liabilities identified.Â
Location agnostic, but these states have particularly underutilized and less known exemptions across the key industries outlined above:Â
Source Advisors provides an end-to-end solution for the sales tax recovery process. Our experts leverage our proprietary software to accurately identify all overpayments, and subsequently manage the refund process on the client’s behalf.Â
As part of the refund review process, our experts will also deploy strategies to ensure that these overpayments no longer occur going forward.Â
Embrace the power of tax credit savings with Source Advisors and propel your business towards growth and success. Partner with us today to unlock your company’s full potential.
