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Sales & Use Tax
Ohio imposes a state level sales tax, while each Ohio County (88 total) also levies a separate sales tax. Furthermore, 45 states and the District of Columbia impose a sales tax, with approximately 32,000 different rates, across 7,000 different tax jurisdictions (e.g. state, county, city, etc.). Due to these complexities, collection, remittance and overall compliance can be overwhelming.
Ohio also taxes many services, and provides numerous exemptions and exclusions that are not commonly known to many business owners or tax professionals. Because Watson & Associates specializes in sales and use taxes, we can help you manage the compliance burden while minimizing your overall liability. Below is s summary of the services we can provide to assist with your sales and use tax needs (please click each title below to view more details):
Have you overpaid sales tax to your vendors or Departments of Revenue during the past 3 to 4 years? The goal of a refund study is to determine if overpayments exist and recoup taxes that have been paid in error.
Do you have exemption certificates on file for all past and current customers? What procedures do you have in place to ensure proper documentation is obtained from all future customers? We can review your sales tax exemption certificates and processes to verify that all required exemption certificates are on file, complete and up-to-date.
Who is making taxability decisions for your organization and what would happen if they left the company? We can help you develop a guide and documentation for the taxability of purchases or sales, tailored to your company’s specific industry, needs and requirements.
Are you currently under a sales or use tax audit? We can provide assistance from the pre-audit conference through the appeals process to help minimize sales and use tax assessments.
Are you filing sales tax returns in all states where sales representatives live or travel on a regular basis? Do you know what your potential sales tax exposure might be if a state required the business to charge, collect and remit sales tax for the past ten years? Failure to collect and remit sales and use tax can cost companies thousands to millions of dollars upon discovery by state and local taxing authorities. Due to increasing technology and improved communication between the various departments within a state, across different states and the IRS, states have become much more adept at identifying non-filers. A nexus review will assist your company in understanding where it has sales and use tax registration and collection requirements based on current and planned activities. It will also quantify past tax liabilities, which will help you make an informed business decision regarding tax compliance.
Are you aware of historic tax exposure and wish there was a way to “come clean” and pay the tax while minimizing penalty and interest? Many states offer voluntary disclosure agreement programs which will minimize or eliminate past tax obligations and potential penalties. As your representative, Watson & Associates will anonymously contact states on your behalf and negotiate to obtain the most favorable possible agreement terms.
Are you planning a new purchase or changing the terms of a contract? From your everyday transactions – such as equipment acquisitions and leases, software purchases, to business mergers and acquisitions, sales and use tax issues abound with consequences that vary from state-to-state. Transactional planning involves reviewing deals and recommending solutions that minimize sales and use tax on upcoming transactions.
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Telephone: 937.592.6926
Toll Free: 800.837.6926
Fax: 937.592.5195
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