Sales & Use Tax Exemption Certificates Management: How It Can Save Your Business Time and Money
Are you aware that exemption certificate management is the top audit risk? Missing, invalid or expired sales tax exemption and resale certificates are the leading causes of increased tax liability, resulting in high assessments. Properly documenting exemption and resale certificates for multiple states and jurisdictions can become incredibly complex, especially for businesses that still rely on paper-based filing systems.
In order to reduce audit risk and save time, it is essential to have an effective exemption certificate management system in place. Our tax audit professionals can help manage your exemption certificates, putting a supporting system in place that perfects the exempt sales documentation process and reduces your tax liability.
We understand that managing exemption certificates can be a tedious and time-consuming task, which is why we offer a comprehensive solution that ensures thorough and accurate exemption certificate management. Here are some of the ways we can help your business:
- Automated tracking and reporting
Our team will create an automated tracking and reporting system that ensures your exemption certificates are always up to date and in compliance with state and local regulations. We use advanced technology to manage your certificates and alert you when they are about to expire or require renewal.
- Centralized database
We maintain a centralized database of all your exemption certificates, which allows us to quickly access and manage your certificates. This eliminates the need for paper-based filing systems, which can be difficult to organize and manage.
- Audit support
Our team will provide you with audit support, ensuring that you have all the necessary documentation to support your exemption certificates. This reduces the risk of audit findings and potential assessments.
- Reduced liability
By ensuring that your exemption certificates are accurate and up to date, we can help reduce your tax liability. This means that you can focus on growing your business and not worry about potential tax issues.
- Compliance with state and local regulations
Our team stays up to date on state and local regulations, ensuring that your exemption certificates are always in compliance. This helps to reduce the risk of penalties and fines for non-compliance.
In conclusion, proper management of sales and use tax exemption certificates is critical to reducing audit risk and saving your business time and money. Our tax audit professionals can help you create a centralized and automated system that ensures compliance with state and local regulations, reduces liability and provides audit support. Contact us today to learn more about our exemption certificate management services.