Henderson Harbor Group reposted this
Founder and Managing Partner, CM Tax Recovery, Sales and Use Tax Experts
#CMTaxRecovery has been helping our clients proactively identify and recover, OVERPAID sales taxes to their vendors on certain strategic purchases across various industries. We were recently engaged by one of the world's largest (top 40) over $20B global manufacturing organizations where we are leveraging a repository of successful available overpayment opportunities. Every day, I have the opportunity to speak with several CFO's, tax directors, controllers & many others. What I find most interesting is that when asked, more than 99% of them don't know exactly how much sales taxes are being paid by the company on vendor business purchases. This makes it extremely difficult to manage and understand what potentially is being left on the table as statutes continue to expire. I am also currently working with several very large global law firms, HQ in NY with locations globally and throughout the US helping them identify and recover overpaid sales taxes on software and information type purchases. These refunds are material & significant. They are available in various taxing jurisdictions across the US. I often get the question about owing use tax in other jurisdictions once you receive refunds from one jurisdiction. Reciprocity can be applied but only if the tax was legally imposed and due in a jurisdiction. Therefore, the company needs to ensure it secures any available refunds from the jurisdictions it erroneously paid so it isn't whipsawed, then perform a separate analysis to determine, where, if anywhere, the use tax is due in other jurisdictions. By performing a proactive Sales/Use Tax Refund Review, #CMTaxRecovery can help identify, secure & correct in many instances these overpayments from reoccurring in the future!!!