The expert will organize and arrange all the necessary documents needed so the Sales Tax Audit will be done swiftly and effectively. An expert will also provide knowledgeable guidance about any pending or existing problem regarding the business audit.

Atlanta, GA -- (SBWIRE) -- 04/07/2015 -- In all businesses, being under the scrutiny of the Department of Revenue is not good news. It may even be a burden some experience for some. All business owners should be prepared with assistance in facing state sales tax audit.

State Sales Tax Audit are time consuming and troublesome. The biggest possible challenge that a business may face is the sales and use tax audit. If the Department of Revenue decided to do a routine check on a business, it will mean that the business owner has to prove that the correct amount of sales tax was remitted to the Department of Revenue. It is best to be prepared at these difficult times by following three basic tips from the experts.

1 – Organize Records: Sales transactions will be evaluated by the Department of Revenue. It is best to keep efficient and complete documentation as a support to the individual transactions made by the company. It is also best to have these records readily accessible to the auditor. The Department of Revenue and the auditor will check and evaluate if the amount spent for taxes are valid and accurate. The auditor will also require the business to show sales tax returns, excise tax returns, documentation for use tax, retail sales tax, business and occupational tax and all critical records related to the business. Thus, keeping clean and organize records is a must for all businesses.

2 –Keep the Audit Process Within Grasp: State Sales Tax Audit is troublesome and requires a lot of time. The Department of Revenue and auditor will make a thorough and detailed examination and validation of the sales records. When all transactions are documented properly, fast and better audit is guaranteed. It is also best to have cash registers ready as well as tax exemption certificates for the audit.

3 – Consult a Professional: It is always best to seek the advice of a sales tax audit expert with all the knowledge in computing sales tax rates and organizing documentations and paper works for tax audits. The expert will organize and arrange all the necessary documents needed so the Sales Tax Audit will be done swiftly and effectively. An expert will also provide knowledgeable guidance about any pending or existing problem regarding the business audit.

The Department of Revenue has a system for selecting taxpayers for auditing. They use a variety of selection methods. A few taxpayers were chosen because of their size, sales volume or the company's tax return. Others are being chosen because of their location, bankruptcy or any other specific events. The tips mentioned above can help a business in any scenario they might be experiencing at the moment.

About Interstate Tax Strategies, P.C
When it comes to Atlanta tax services, Interstate Tax Strategies, P.C. is unique in its exclusive focus on interstate sales and use tax. Ned Lenhart, CPA, is President of Interstate Tax Strategies and has been perfecting his tax consulting skills for over 27 years. He started Interstate Tax Strategies, P.C. in 2003 after serving as a Firm Director for Deloitte in its Atlanta office. Prior to joining Deloitte in 1994, Ned was a Sr. Manager with Arthur Andersen in Kansas City, Missouri. Ned also worked for the Missouri Department of Revenue where he was the Director of the Compliance Division and led the state's civil and criminal tax enforcement efforts. He also served as Deputy Director of the Division of Taxation and Bureau Manager for the Compliance Division.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

In a nutshell, tax filers should be aware of the sales tax audit procedures in their states to avoid any complication if their firm is picked by the Internal Revenue Services for an audit.

Atlanta, GA -- (SBWIRE) -- 02/27/2015 -- Sales tax audit is one of the hurdles every capitalist has to surpass annually because only few manage to get through every sales tax auditing season without any violations. And it became an imperative task to handle since out of 145 million annual tax returns that are being filed to the Internal Revenue Services, some 47 million of those are self-prepared while others unintentionally face trouble.

The number one solution to prevent costly consequences of filing mistakes and much worry on the audit day is to strictly follow the sales tax audit procedures set in varying states. It guarantees capitalist that they will manage to avoid certain pitfalls of randomized sales tax auditing selection, that one single error could cost thousands of bucks, and worst, face jail time. And since a lot of entrepreneurs nowadays self-prepare their documents for a sales tax audit, the Interstate Tax Strategies, P.C. shares major sales tax errors that could trigger an audit. These are contributions to charity organizations and inaccurate records.

It's not bad to make 1% charitable contributions to any organization of choice especially if this was given a check and a receipt is received from the organization as a proof of the generous contribution. But if, for instance, a capitalist have reported the following year with an increased on the generous contribution bigger than the previous year, it's a red flag. According to the Internal Revenue Services, the charitable contributions' national average is 3% of the Annual Gross Income and inflating it by taxpayers has the possibility for an audit.

Maintaining accurate records of time could also save every capitalist from the troubles that a sales tax audit could create. Whether the Internal Revenue Services has sent a notice for a sales tax audit to the firm or not, maintaining at least the three years worth of the tax returns and records, keeping the checkbook stubs, retaining and organizing the receipts for all the purchases made throughout the year, monitoring cost basis of property and taxable assets, filing all bills in systematized folder and journaling any deductible items in a manner of their occurrence could save the firm and remain be unscathed.

In a nutshell, tax filers should be aware of the sales tax audit procedures in their states to avoid any complication if their firm is picked by the Internal Revenue Services for an audit. Though firms have nothing to hide from their finances, it is inevitable to be worried upon receiving the notification from the random selection. But if capitalist managed to prepare every document needed for a sales tax audit, surely, there's nothing to be afraid of.

About Interstate Tax Strategies, P.C
When it comes to Atlanta tax services, Interstate Tax Strategies, P.C. is unique in its exclusive focus on interstate sales and use tax. Ned Lenhart, CPA, is President of Interstate Tax Strategies and has been perfecting his tax consulting skills for over 27 years. He started Interstate Tax Strategies, P.C. in 2003 after serving as a Firm Director for Deloitte in its Atlanta office. Prior to joining Deloitte in 1994, Ned was a Sr. Manager with Arthur Andersen in Kansas City, Missouri. Ned also worked for the Missouri Department of Revenue where he was the Director of the Compliance Division and led the state's civil and criminal tax enforcement efforts. He also served as Deputy Director of the Division of Taxation and Bureau Manager for the Compliance Division.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Either way, if the bill that aims to collect sales taxes for online purchases will be pushed through, reconsidering a new process of sales tax audit and method of collection that is agreeable to every state must be developed and implemented.

Atlanta, GA -- (SBWIRE) -- 01/30/2015 -- Easy sales tax collection from internet purchases used to be one of the agendas that many lawmakers are pursuing this year to help states recover billions of dollars lost in annual revenue. For the previous years, the US states have asked the Congress for a federal legislation to ease up collection of sales tax. Yet, when the House Judiciary Committee Chairman Robert W. Goodlatte drafted the Online Sales Simplification Act of 2015, which were distributed to lobbyist and congressional offices this month, the state lawmakers slam the attempt to pass the bill.

The 'Online Sales Simplification Act of 2015' managed to pass the Democratic-led Senate in 2013. This bill allows states to oblige out-of-state online retailers to 'collect sales tax at a rate based on the address of the buyer'. Meaning to say, the bill will not only impose a new tax that consumers will shoulder in non-sales tax states, but the taxes on consumers who had purchased products from much higher sales tax states will be raised.

However, a letter from National Conference of State Legislatures was released criticizing the online sales tax bill as an 'unconstitutional attack on states' right'. The lawmakers believe that the bill tramples the 10th Amendment since it prevent state ruling to charge taxes to its own residents, institute a new sub-national unit that will govern the remote sales tax collection and organize a taxation that has no representation.

On the other hand, the bill drafted and shared by Goodlatte with House members in early January aims to base the tax charges on the seller's location with 'origin sourcing' wherein outpost of sellers in various states will only collect taxes for the state where they are largely present. For NCSL, this will only force consumers to pay sales taxes dictated by lawmakers in neighboring states which will lead citizens in an unfavorable position.

And with the 1992 Supreme Court decision where most states are not allowed to collect sales taxes for online product purchases, some state governments were able to overcome crucial revenue. Yet, local retailers will be in disadvantage if they impose sales taxes on customers which might generate greater dilemmas once annual sales tax audit commences. And in case local retailers encounter problems with their sales tax due to differential tax rates in every state, a sales tax audit defense will be needed to straighten things out.

Either way, if the bill that aims to collect sales taxes for online purchases will be pushed through, reconsidering a new process of sales tax audit and method of collection that is agreeable to every state must be developed and implemented. So that confusion and violations of states' rights in regards to sales tax collection in multiple states will be prevented.

About Interstate Tax Strategies, P.C
When it comes to Atlanta tax services, Interstate Tax Strategies, P.C. is unique in its exclusive focus on interstate sales and use tax. Ned Lenhart, CPA, is President of Interstate Tax Strategies and has been perfecting his tax consulting skills for over 27 years. He started Interstate Tax Strategies, P.C. in 2003 after serving as a Firm Director for Deloitte in its Atlanta office. Prior to joining Deloitte in 1994, Ned was a Sr. Manager with Arthur Andersen in Kansas City, Missouri. Ned also worked for the Missouri Department of Revenue where he was the Director of the Compliance Division and led the state's civil and criminal tax enforcement efforts. He also served as Deputy Director of the Division of Taxation and Bureau Manager for the Compliance Division.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

To be able for interested taxpayer to join the disclosure program, they are required to rebuild and gather necessary documents including the detailed history of the taxpayer’s account and assets, source of the income, and the disposal income obtained or used each year. Applicable tax rate and other aberrant amount of taxes, interest rates and reduced penalties will be determined by the tax authority based on the documentations that were submitted.

Atlanta, GA -- (SBWIRE) -- 01/12/2015 -- The strong campaign to fight tax evasion that is becoming rampant worldwide appears to be the typical yet an essential agenda that many governments and tax authorities are hardly working on to push through. And introducing a voluntary disclosure program in the tax field to force non-compliant taxpayers to step forward and 'come clean' is expected to lessen the cases of tax evasion that limps the economy with many revenue losses it generate each year.

Because of low tolerance towards hidden undeclared funds and undisclosed assets or accounts located abroad, heavy losses in the annual revenue were experienced by the government. And having a disclosure program to aid these losses is one of the resolutions that tax authority were eyeing to confront tax evasion effectively. Though tax evasion has become an unavoidable issue that every nation has to deal with, this program is anticipated to lift the burden that every taxpayer has to shoulder from paying a hefty sum of tax penalties and interest fees yearly.

What makes voluntary disclosure a must to be widely imposed and utilized is that complete and accepted disclosure program of such will allow reasonable reduction on the amount of penalty fees that the taxpayer has to pay. Furthermore, it guarantees taxpayer in this program that they will not be criminally prosecuted due to their failure of filing their income tax returns and declaring existing foreign assets.

Still, taxpayers that had formal knowledge as the activities of access, inspection, verification or any activity in relation to tax audit or criminal investigation against the taxpayer commences; the request to join the voluntary disclosure program may not be submitted nor accepted due to the violations that the taxpayer had committed and had fallen within the request.

To be able for interested taxpayer to join the disclosure program, they are required to rebuild and gather necessary documents including the detailed history of the taxpayer's account and assets, source of the income, and the disposal income obtained or used each year. Applicable tax rate and other aberrant amount of taxes, interest rates and reduced penalties will be determined by the tax authority based on the documentations that were submitted.

Taxpayers can also opt to elect calculation towards returns from their undisclosed accounts and assets; may it be analytic or forfeit methodical. The latter method allows application of 5% fixed amount in the account's total value at the end of each year, while a tax rate of 27% will be taxed for the subjected disclosure due year after year. Undisclosed activities abroad that had exceeded the average amount of 2 million in each fiscal year make the flat rate impossible in the voluntary disclosure program.

Yet, analytic method tends to be arduous and time consuming because it requires extensive analysis of the documents and information in hand by the taxpayer and their adviser before submitting it to the tax authority in order to determine the tax obligation susceptible to be accepted to the program.

Consequently, to make the voluntary disclosure program within the reach of the taxpayer, early determination to collect essential documents, effective time management and clarified negotiations with the tax authority about the issues at hand, is what will truly save taxpayers from being penalized.

About Interstate Tax Strategies, P.C
When it comes to Atlanta tax services, Interstate Tax Strategies, P.C. is unique in its exclusive focus on interstate sales and use tax. Ned Lenhart, CPA, is President of Interstate Tax Strategies and has been perfecting his tax consulting skills for over 27 years. He started Interstate Tax Strategies, P.C. in 2003 after serving as a Firm Director for Deloitte in its Atlanta office. Prior to joining Deloitte in 1994, Ned was a Sr. Manager with Arthur Andersen in Kansas City, Missouri. Ned also worked for the Missouri Department of Revenue where he was the Director of the Compliance Division and led the state's civil and criminal tax enforcement efforts. He also served as Deputy Director of the Division of Taxation and Bureau Manager for the Compliance Division.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

The great news concerning the distributions of the retirement contributions would surely welcome various opportunities for many to start building their own businesses using the retirement benefits they will be receiving.

Atlanta, GA -- (SBWIRE) -- 11/27/2014 -- The many years of laborious work of millions of low and moderate income workers would be well paid off after the Internal Revenue Service announced that the full benefits of Saver's credit, including the retirement contributions and special tax credit will be given on their 2014 tax returns and in further years.

Through saver's credit, also known as the retirement savings contributions credit, eligible workers who were able to set up a new individual retirement arrangement or add money to an existing Individual Retirement Account (IRA) for 2014 are qualified to get the said full benefits. Employees with elective contributions under the 403(b) plan, 457 plan or the Thrift Savings Plan must make their plans to 401k plan or a similar workplace program by the end of the year. What's more, employees who were unable to save for this year can schedule their 2015 contributions as soon as their employers begin keeping them by January.

Married couples who filed joint accounts with wages amounting up to $60,000 in 2014 or $61,000 in 2015; married individuals and singles who have filed separately with incomes up to $30,000 in 2014 or $30,500 in 2015; and the heads of the household with incomes up to $45,000 in 2014 or $45,750 in 2015 are entitled to claim their saver's credit.

Saver's credit, also known as tax credit, reduces the federal income tax that people pays dollar by dollar. It is based upon the contributions and the credit rate as low as 10% or as high as 50%. It depends on the adjusted gross income, filing status, tax liability and amount that are contributed to the qualifying retirement plans. Thus, the lower the income, the higher the credit rate would be.

The great news concerning the distributions of the retirement contributions would surely welcome various opportunities for many to start building their own businesses using the retirement benefits they will be receiving. Mostly 401(k) planners used their retirement funds in their new company, thinking that it is "based on long-standing provisions of the Internal Revenue Code".

Interstate Tax Strategies, P.C., an organization that specializes in interstate sales, use of tax, and other Atlanta tax services, strongly believes that this event would create several dilemmas on people who are not fully aware if they are in the right path with their sales tax processes and procedures, especially if the business operates in more than one state. Certain queries that concerns with nexus for sales tax purposes, tax exemptions, internet sales tax, sales tax software, and sales tax audits are some that are being addressed by Interstate Tax Strategies.

With the retirement benefits that many low and moderate income workers would receive in the coming years, no doubt that a lot of new businesses and its franchises would appear in various locations. But to relay those funds that will be received fully in one industry could be risky, especially if it is not carefully planned or even consulted with numerous experts in the industry.

About Interstate Tax Strategies, P.C
When it comes to Atlanta tax services, Interstate Tax Strategies, P.C. is unique in its exclusive focus on interstate sales and use tax. Ned Lenhart, CPA, is President of Interstate Tax Strategies and has been perfecting his tax consulting skills for over 27 years. He started Interstate Tax Strategies, P.C. in 2003 after serving as a Firm Director for Deloitte in its Atlanta office. Prior to joining Deloitte in 1994, Ned was a Sr. Manager with Arthur Andersen in Kansas City, Missouri. Ned also worked for the Missouri Department of Revenue where he was the Director of the Compliance Division and led the state's civil and criminal tax enforcement efforts. He also served as Deputy Director of the Division of Taxation and Bureau Manager for the Compliance Division.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Companies must always remember that sometimes, auditors view businesses only as a source of additional state revenue. Companies need someone representing their interests during the entire sales tax audit.

Atlanta, GA -- (SBWIRE) -- 11/03/2014 -- Inflated sales tax assessments can be a result of lost or flawed exemption certificates. Improving state sales tax audit process and reducing audit exposure are some of the apprehensions of most companies. An assistance of an expert in the field like Interstate Tax Strategies P.C is a great help.

It is inevitable that states continually modify their own approach to tax exemption. That's why it is important to go back to the basics and identify from there how to go about ensuring that tax exemption certification won't be an issue when it comes to sales tax audit.

Where Do We Get Tax Exemption For

Tangible properties are taxable by default. Being exempted from paying tax for these tangible properties require a number of documentation. The most common types of these certificates are the Resale, Pollution Control / Green Construction, Manufacturing, Agricultural, Research and Development, Government / Not for Profit.

Tax Free without a Need for a Certificate

There are two ways by which an item bought can be subjected to tax exempt. One is by statute and the other one is by use of entity. Those that do not require certificates are those that are being purchased by statute. These are not taxable to anyone. The other type is the purchase that would generally require a certificate for it to become tax exempt. This is what we call exempt by use or entity wherein the items may be taxable in situations outside of the designated use or entity and the seller must inform the buyer of the intended use via the provision of a certificate.

A Change in Paradigm

The biggest mistake some companies make when it comes to this tax exemption rulings is that they fail to identify the changing models in tax exemption. Previously, if an auditor could evidently see a company's transaction was exempt, for whatever reason, they gave you a whole lot of leeway when it came to documenting it. Majority of the auditors looked at it as a matter of essence over form. In fact, some companies that were mainly wholesalers or had few sales that were tagged as not eligible for exemptions were sometimes passed over by states looking for companies to audit.

With the advent of recession, states who barely recovered were forced to devise ways on how they can make up for lost revenues. The culture of the auditors of looking at the process as a matter of essence over form has completely changed as the current time certificates are far more important over substance. This is the main reason why some companies experience having vendors who are suddenly asking for certificates.

Certificates and the Root Cause of the Problem

There can only be two reasons why certificates can become a problem in sales tax audit procedures. It can either be the certificate is missing or it is deemed invalid. Invalid certificates are those that are seen as incorrect forms, missing seller name, not signed, incorrect seller name, not dated, missing buyer name, expired certificate, incorrect buyer name, missing reason for purchase, missing description of business, and incorrect number of digits in permit.

The Resolution

In ensuring that companies won't go through all the hassle of penalties, it is crucial that the managers and owners are equipped with enough knowledge and understanding about the processes. It is also important to have someone in the company dedicated to validate the certificates. Each form must be evaluated and all the information on the certificates are correct. There are a number of software solutions available to make these forms electronically accessible. And most importantly, each company should seek the assistance of an expert in the field of state sales tax audit like Interstate Tax Strategies P.C. Companies must always remember that sometimes, auditors view businesses only as a source of additional state revenue. Companies need someone representing their interests during the entire sales tax audit. Don't become the next victim of an overly zealous sales tax auditor. Let Interstate Tax Strategies' 26 years of experience be used to level the playing field.

About Interstate Tax Strategies, P.C
When it comes to Atlanta tax services, Interstate Tax Strategies, P.C. is unique in its exclusive focus on interstate sales and use tax. Ned Lenhart, CPA, is President of Interstate Tax Strategies and has been perfecting his tax consulting skills for over 27 years. He started Interstate Tax Strategies, P.C. in 2003 after serving as a Firm Director for Deloitte in its Atlanta office. Prior to joining Deloitte in 1994, Ned was a Sr. Manager with Arthur Andersen in Kansas City, Missouri. Ned also worked for the Missouri Department of Revenue where he was the Director of the Compliance Division and led the state's civil and criminal tax enforcement efforts. He also served as Deputy Director of the Division of Taxation and Bureau Manager for the Compliance Division.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

In a press release published by IRS, they are already pushing to deal with the problem via pursuing the recommendations of the recent sales tax audit which recommends an amendment on the tax forms avert potential discrepancies moving forward.

Atlanta, GA -- (SBWIRE) -- 09/19/2014 -- Based on the audits performed by the government on the medical devices from Obamacare, a number, in fact thousands, of companies fail to pay for the taxes on these medical devices, causing a decline on its revenue target. This irregularity could brave more efforts to rescind tax. Something that the Republicans and a number of Democrats would definitely counter.

The current sales tax audit procedures however is incapable of determining those companies who fail to comply. Thus the need for IRS to enhance its enforcement of the tax rules.

According to J. Russell George, Inspector General of the Treasury identifies the pain area in enforcing the tax policy on the use of these medical supplies. According to him, the agency does not have a sophisticated system to spot those manufacturers who are obliged to pay the excise tax on medical devices, along with identifying the reporting schemes and payment requirements.

As can be remembered, the Obamacare health law has added a 2.3% tax on medical devices sales and this was enacted by the Congress. These medical devices are classified based on its use. Those being used by doctors and medical institutions, including CT scan machines and pacemakers are subject to excise tax. There are exemptions though in the policy wherein some consumer items like contact lenses, hearing aids, and eyeglasses are not included in the tax law. This law was enacted in January 2013.

Based on IRS' projection, Obamacare tax law would generate $1.2 billion. However, as of date, collections only summed up to $914 million which is 24% less than IRS' projection. Based on the agency's estimation, over the next few decades, collection from taxes on medical devices should reach $219 billion. What does this mean? Clearly, the numbers show that in order to sustain the goal of the said tax policy law, the 24% deficit is indeed significant.

Obacamare tax law requires companies obliged to pay the tax to file quarterly tax forms. This is something that is either unknown by these companies or are merely evading their tax obligations.

What Could Be Done

In a press release published by IRS, they are already pushing to deal with the problem via pursuing the recommendations of the recent sales tax audit which recommends an amendment on the tax forms avert potential discrepancies moving forward. Properly education companies manufacturing medical devices would be a big leap, along with streamlining proper procedures on how to identify companies who are not complying to the tax law.

The Reason Behind the Movement to Repeal Medical Device Tax Law

The Senate and the House filed separate legislation pieces clamoring for the tax law to be revoked. A non-binding resolution, however, has been voted in the Congress. According the movement, the said tax law impairs job creation, trims down assets in medical advancement efforts, and amplifies the costs of health care. Democrats from New York, California, and Minnesota are supporting this, primarily because these are the states where medical equipment makers are abundant.

The Current Status

Despite the support the medical device industry has been receiving from the majority of the Congress, there is still no final agreement on how to regain losses in revenue without augmenting budget deficit.

Interstate Tax Strategies, an Atlanta tax services company, carefully studies how this excise tax on medical devices could impact their clients as they have been providing services to some of the medical supply and manufacturer companies in Atlanta, Georgia, who are impacted with this Obamacare tax regulations.

About Interstate Tax Strategies, P.C
When it comes to Atlanta tax services, Interstate Tax Strategies, P.C. is unique in its exclusive focus on interstate sales and use tax. Ned Lenhart, CPA, is President of Interstate Tax Strategies and has been perfecting his tax consulting skills for over 27 years. He started Interstate Tax Strategies, P.C. in 2003 after serving as a Firm Director for Deloitte in its Atlanta office. Prior to joining Deloitte in 1994, Ned was a Sr. Manager with Arthur Andersen in Kansas City, Missouri. Ned also worked for the Missouri Department of Revenue where he was the Director of the Compliance Division and led the state's civil and criminal tax enforcement efforts. He also served as Deputy Director of the Division of Taxation and Bureau Manager for the Compliance Division.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

The sales and use tax audit could possibly be one of the biggest challenges that a business will face. If a business has been chosen for an audit, the owner is tasked to prove that he submitted the correct amount of sales tax to his state Department of Revenue (DOR) agency.

Atlanta, GA -- (SBWIRE) -- 08/19/2014 -- Business owners can feel secured and confident about his awaiting sales tax audit if he's equipped with the right documents that are properly organized. An Established Atlanta Accounting Firm releases the following tips to help business owners prepare for the dreaded sales tax audit.

Organize the records properly:

Business owners might have remitted more to one's state DOR agency and the auditor will evaluate the validity and accuracy of the amount. The auditor will require one to show his sales tax returns, excise tax returns, documentation for use tax, retail sales tax, business and occupational tax and all critical records related to the business. The sales transactions will also be evaluated, so keep efficient documentation to support the individual transactions and be sure they are readily accessible to the auditor. A sales tax software solution will be helpful if a business doesn't have an efficient way to restore and retrieve records, the software will automate the task.

Patience is a Virtue, Don't Rush the Process

Sales tax audits can be tiresome and time-consuming for the auditor will do a comprehensive audit and detailed examination of the business' sales records. It's a must to have the transactions properly documented this will save both party's time. If applicable, don't forget to have the cash register tapes ready and/or the exemption certificates for the audit. DOR authorities are aware of the untapped sales tax revenue available and they are closely inspecting businesses that have not been managing their customers' and/or vendors' sales tax exemption certificates.

Seek the Help of a Professional for Sales Tax Audit Defense

It is difficult to envision a more tedious, costly and non-productive process than the sales and use tax audit. And depending on the business owner's confidence level and knowledge on the audit process and the records he keeps, he may opt to seek the counsel and services of a sales tax audit defense expert who's well versed in computing sales tax rates and organizing paperwork for tax audits. The counselor would organize all needed files for sales tax audit to be easy and have it done quickly and efficiently. They will also give pieces of advice and guidance about any pending problems concerning the audit.

Latest changes in sales tax have put certain businesses at a higher risk of sales tax audits.

Aside from to the tips below that an Established Atlanta Accounting Firm has release, businesses should pay special attention to where they have nexus, or the obligation to collect and remit sales tax. If one's business has nexus in a state, and fail to pay tax there, auditors from that state can charge penalties and interests against the business owner for the delinquent taxes.

About Interstate Tax Strategies, P.C
When it comes to Atlanta tax services, Interstate Tax Strategies, P.C. is unique in its exclusive focus on interstate sales and use tax. Ned Lenhart, CPA, is President of Interstate Tax Strategies and has been perfecting his tax consulting skills for over 27 years. He started Interstate Tax Strategies, P.C. in 2003 after serving as a Firm Director for Deloitte in its Atlanta office. Prior to joining Deloitte in 1994, Ned was a Sr. Manager with Arthur Andersen in Kansas City, Missouri. Ned also worked for the Missouri Department of Revenue where he was the Director of the Compliance Division and led the state's civil and criminal tax enforcement efforts. He also served as Deputy Director of the Division of Taxation and Bureau Manager for the Compliance Division.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

OEC’s report shows that they, along with the G-20 countries collaborated and arrived at an approach to enhance an action plan that would better address base erosion and profit shifting behaviors of multinational companies. This was discussed in the conference held with the goal of better enhancing the voluntary disclosure programs that would aid companies whose compliance failures are not willful.

Atlanta, GA -- (SBWIRE) -- 07/21/2014 -- OECD (Organization for Economic Co-Operation and Development ), an international organization providing forum where governments collaborate to share experiences and identify solutions to common problems, with its 34 member countries, has just finalized the 2014 International Tax Conference. In the said conference, John Koskinen, IRS Commissioner, talked about the vital role that international tax compliance and efforts that both IRS and the US government do to fight offshore tax evasion. He proposed a good approach in the modifications that IRS is taking into account to better implement the so-called "voluntary disclosure program" that would aid companies who are not fully aware of the policies that they need to comply yet were forced to close their businesses due to non-compliance.

Base erosion and profit shifting (BEPS), a "tax planning strategies that exploit loopholes in tax rules to make profits disappear for tax purposes or to shift profits to locations where there is little or no real activity but where they are lightly taxed, resulting in little or no overall corporate tax being paid", is an issue that OECD is focusing on. Their goal is to identify why the existing laws for the distribution of taxable profits to branches different from those where real business activities are taking place. OEC's report shows that they, along with the G-20 countries collaborated and arrived at an approach to enhance an action plan that would better address base erosion and profit shifting behaviors of multinational companies. To note, most of the strategies being implemented by BEPS are legal.

The topics being discussed during the conference were: transfer pricing and intangibles, country-by-country reporting, digital economy, treaty abuse, hybrids which are arrangements used to achieve unintended double-non-taxation or long term tax deferral, FATCA, and the common standard for automatic exchange of information.

The business community gave their inputs as well on the said issues about BEPS. Business Roundtable, in their letter to Jacob Lew (Treasury Secretary), asserted their view on BEPS project as "ostensibly initiated to address potential gaps in the taxation of cross-border income and improve tax coordination among jurisdictions to prevent the creation of "nowhere income."" They believe that the BEPS project is being used by some governments to merely oblige extraterritorial taxes on US business income. Although, they did not fail to acknowledge the fact that they respect this right of the government to impose taxes appropriately on earnings gained within given jurisdictions. They pointed out that there is but a big risk of incurring double taxation, direct revenue deficit to the US government, and more drawbacks to US enterprises relative to its foreign competitors. It is important of the US worldwide tax system.

In the said conference, both the US Council for International Business (USCIB) and the Business and Industry Advisory Committee (BIAC), in cooperation with different tax groups, discussed in a series of panels, the possible ways to better improve the OECD tax projects. Different speakers from the business community were featured in the conference.

About Interstate Tax Strategies, P.C
When it comes to Atlanta tax services, Interstate Tax Strategies, P.C. is unique in its exclusive focus on interstate sales and use tax. Ned Lenhart, CPA, is President of Interstate Tax Strategies and has been perfecting his tax consulting skills for over 27 years. Well-versed in sales tax audit procedures, he started Interstate Tax Strategies, P.C. in 2003 after serving as a Firm Director for Deloitte in its Atlanta office. Prior to joining Deloitte in 1994, Ned was a Sr. Manager with Arthur Andersen in Kansas City, Missouri. Ned also worked for the Missouri Department of Revenue where he was the Director of the Compliance Division and led the state's civil and criminal tax enforcement efforts. He also served as Deputy Director of the Division of Taxation and Bureau Manager for the Compliance Division.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

What’s the price one has to pay for filing false federal tax returns equivalent to $1 million? It should be a lesson for Frederick Jenkins and Willie Jenkins – the brothers who connived in fraudulently inflating tax refunds.

Atlanta, GA -- (SBWIRE) -- 06/17/2014 -- Global Tax Service LLC., an Atlanta tax service preparation company with several offices in Atlanta area and in other US states, has been prosecuted on federal charges for conspiring on preparing and filing forged federal tax returns that summed up to more than $1 million tax refunds. Frederick Jenkins and Willie Jenkins, the brothers who own the said company were arraigned on June 9 by Magistrate Judge Linda T. Walker of the US Department of Justice. Charges were made on May 20 by federal grand judges.

The Jenkins brothers were charged of creating fabricated business income and losses to drive up tax refunds for their clients for tax years 2008 to 2011. US Attorney Sally Quillian Yates emphasized in her press release that tax preparers that are expected to uphold the veracity of the tax system. Accurate preparation of business returns must be prepared by every tax preparer. Anyone who will abuse the system for their own gain will be put under scrutiny by the Internal Revenue Service (IRS) and should be criminally prosecuted.

IRS has special agents who work discreetly to investigate and punish deceitful tax return preparers. Special Agent in Charge of IRS Criminal Investigation Veronica F. Hyman-Pillot said, "It is also important to note that even if someone else prepares someone's return, the taxpayer is ultimately responsible for all the information on the tax return. Therefore, choose your tax preparer carefully."

For this year, there had been a number of dishonest tax preparers who have been punished already. Amberula Levitt, owner of Tax Time Tax Service, also in Atlanta, was sentenced to one year and nine months imprisonment for committing tax scam. In this case, Levitt under-reported her earnings for her personal tax returns. Levitt was pleaded guilty on October 29, 2013 for two counts of filing false tax returns for tax years 2004 and 2005.

John Barrick, Brigham Young University Associate Professor of Accounting and a CPA and Tax Preparer, stated a meaningful lesson about tax preparation, "The tax law is large and complex. For these reasons, the majority of taxpayers seek the help of return providers. Regulation will not deter the most unscrupulous and unethical return providers. They are ghost preparers that attempt to defraud the income tax system. Nor will regulation increase return preparers' ethics without enforcement. Regulation clearly creates winners and losers. Don't allow states to regulate out-of-state tax return preparers. There are enough taxpayers that are required to file in multiple jurisdictions that it makes it difficult, if not impossible, for return preparers to provide the help they require. Rather than regulate, please take steps to protect taxpayers from unscrupulous and unethical taxpayers: encourage voluntary disclosure, eliminate refundable credits, enforce existing return preparer laws, and educate taxpayers. However, if you must regulate, exclude those who are already regulated, including attorneys, CPAs and enrolled agents. If you must regulate, in addition to knowledge you must make sure that ethics are in place. In training future CPAs, we always start with a foundation of ethics."

About Interstate Tax Strategies, P.C
When it comes to Atlanta tax services, Interstate Tax Strategies, P.C. is unique in its exclusive focus on interstate sales and use tax. Ned Lenhart, CPA, is President of Interstate Tax Strategies and has been perfecting his tax consulting skills for over 27 years. Well-versed in sales tax audit procedures, he started Interstate Tax Strategies, P.C. in 2003 after serving as a Firm Director for Deloitte in its Atlanta office. Prior to joining Deloitte in 1994, Ned was a Sr. Manager with Arthur Andersen in Kansas City, Missouri. Ned also worked for the Missouri Department of Revenue where he was the Director of the Compliance Division and led the state's civil and criminal tax enforcement efforts. He also served as Deputy Director of the Division of Taxation and Bureau Manager for the Compliance Division.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Tax planning is crucial if one wants to have a more ritualized savings strategy. Receiving a tax refund does not necessarily mean good news for everybody.

Atlanta, GA -- (SBWIRE) -- 05/29/2014 -- A lot of people await the month of April for one big reason: the big tax refund thing. But is this "big payday" really exciting?

Based on a survey conducted by the National Foundation for Credit Counseling, 56% of the respondents are anticipating to get a big tax refund each year while only 28% carefully planned out not to receive any. One question that might raise eyebrows is, what's the fuss with this 28%?

NFCC Spokesperson Gail Cunningham explained that these people who seem to enjoy the much awaited tax refund each year are those who would eventually need to have "extra money" each month. She carefully explained by giving out an example: "A refund of $3,000 adds up to about $250 in extra taxes each month – cash that may make the difference between missing a car payment or bouncing a rent check for many lower-income Americans." People who are actually not living on a monthly salary are still obliged to pay the Internal Revenue Service what amounts to an interest-free loan instead of putting this money to investments or for other daily expenses.

Despite the fact that tax refunds are considered as enforced savings, if one would carefully assess it, the costs of getting a big tax refund yearly far outweigh the benefits. Instead of having an available money to pay for one's monthly mortgage, or to have an easy cash in case of emergencies, why would someone choose to overpay the government and then wait for it to return the excess by April? The government would certainly not pay any citizen the amount of the excess in his tax payments whenever someone needed it for emergency purposes.

Checking IRS' withholding calculator and checking from there the exact amount that should be paid for taxes using the accurate details about one's self such as the income and current status and dependent information would help a lot to ensure that there would be no overpayment in the taxes for the current year. Of course, form W-4 must always be updated with the current tax information.

And of course, the best way still to ensure that the Federal Income Tax payments will match the actual tax liability is to consult a qualified tax advisor such as those of Interstate Tax Strategies, P.C. who can further discuss specific tax issues accurately.

About Interstate Tax Strategies, P.C
When it comes to Atlanta tax services, Interstate Tax Strategies, P.C. is unique in its exclusive focus on interstate sales and use tax. Ned Lenhart, CPA, is President of Interstate Tax Strategies and has been perfecting his tax consulting skills for over 27 years. Well-versed in sales tax audit procedures, he started Interstate Tax Strategies, P.C. in 2003 after serving as a Firm Director for Deloitte in its Atlanta office. Prior to joining Deloitte in 1994, Ned was a Sr. Manager with Arthur Andersen in Kansas City, Missouri. Ned also worked for the Missouri Department of Revenue where he was the Director of the Compliance Division and led the state's civil and criminal tax enforcement efforts. He also served as Deputy Director of the Division of Taxation and Bureau Manager for the Compliance Division.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Every earning individual is obliged to pay taxes. Taxes cut a portion of one’s earnings, that’s a fact. Everyone wants to make the most out of their earnings – here’s where the need for a tax consultant came in. With the help of a tax consultant, one can pay his taxes in the most efficient way and will be able to benefit from any tax advantages and exemptions resulting to the maximization of one’s income.

Atlanta, GA -- (SBWIRE) -- 05/21/2014 -- Tax consultants are financial experts that are knowledgeable in tax law. Being well versed in the field, these individuals provide advisory and consultancy services to their clientele on how to minimize tax liabilities while still complying with the law of the land. These experts are also up to date with the changing tax legislations and explicate the tax law's intricacies and its implications to clients in simple understandable terms.

Why hire a tax consultant? It's a fast paced world. Every working individual may not have spare time to file and compute income tax returns. Prior to hiring a tax consultant, it's best to know the qualities that these experts should possess. These experts will deal with one's financial matters so it is really critical to know that they can get the job done effectively, efficiently and as much as possible, economically.

A tax consultant is a mix of an advisor and a service provider, that being said this person should work harmoniously with clients to be able to successfully perform and get the job done. Listed below are the characteristics that a tax consultant should have.

Analytical and Critical Thinking. Tax consultants are hired to assist businesses and individuals in creating strategies when dealing with tax and help clients prepare for their future. This requires analytical and critical thinking for the consultants have to examine the client's present situation and the market's trend then come up with a solution or strategy to ensure that an individual minimizes his tax liabilities and a businesses or a company is not paying its taxes excessively.

Intuitive and Detail Oriented. It is a must that a tax consultant pays too much attention to details. Tax law isn't constant and may change expectedly. This is something that these experts should monitor and anticipate and then respond promptly with advices applicable to client's needs and issues.

Credible and Competitive. The tax consultant's educational background and experience in the field speaks his competitiveness. As for the consultant's credibility, this can be seen through his portfolio and track record. The number of individuals and companies that a consultant had worked with reflects both his credibility and competiveness. The number show that the consultant had dealt with a lot of tax related problems, and these problems may require different strategies and approach for them to be solved.

Confident. The consultant must present his self confidently and must not show any sign of intimidation or weakness when faced with a difficult situation this makes the client question if he's capable of doing the job. When asked with difficult inquiries, the answers should be accurate and firm. This enables the consultant to earn the client's trust for the client saw and heard that he knows what he's doing.

Remember, these experts will be dealing with tax and financial matters, it's reasonable to be meticulous on choosing the one to hire. If one finds a tax consultant with the above characteristics, that consultant is the one to go with.

About Interstate Tax Strategies, P.C
When it comes to Atlanta tax services, Interstate Tax Strategies, P.C. is unique in its exclusive focus on interstate sales and use tax. Ned Lenhart, CPA, is President of Interstate Tax Strategies and has been perfecting his tax consulting skills for over 27 years. He started Interstate Tax Strategies, P.C. in 2003 after serving as a Firm Director for Deloitte in its Atlanta office. Prior to joining Deloitte in 1994, Ned was a Sr. Manager with Arthur Andersen in Kansas City, Missouri. Ned also worked for the Missouri Department of Revenue where he was the Director of the Compliance Division and led the state's civil and criminal tax enforcement efforts. He also served as Deputy Director of the Division of Taxation and Bureau Manager for the Compliance Division.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

The fact is, majority, if not all of the Internal Revenue Service (IRS) agents are well- versed on tax audit. In contrast, only few tax payers know about their possible defense against so. Taxpayers must acquire as much knowledge as these IRS agents, know their rights, and know what to do in times of tax audit.

Atlanta, GA -- (SBWIRE) -- 05/07/2014 -- Benjamin Franklin famously wrote that in this world, nothing is certain except death and taxes. In real talk, no one could really win over the trouble of tax charges, not unless one is an informed citizen.

In times of tax audit defense, the more rights the taxpayers assert, the better off they will be. They need to put themselves to secure favorable results from sales tax audit and they must adhere with the following actions.

Be on time on filing and paying taxes. This must be the most conventional way and is always practiced accordingly for early prevention. Most likely, a criminal investigation would commend once taxpayers seem to refuse on paying or not paying the tax due, as well.

Check the mail and make an appropriate reply. Once IRS has asked anyone to provide additional information or chosen for examination, it means a suspicion for criminal proceedings. So, it is a must to make an appropriate response. No response at all heightens the level of inquiry.

Be cooperative during an audit. Being defensive, aggressive or withdrawn are indeed not helpful during an audit. More often, these feedback could make a bad situation worse. The more the taxpayer become uncooperative, the more queries will be put into the tax review.

Avoid inconsistency. Being consistent will not raise concerns or red flags. Information, particularly about tax, may be exchanged across the country by other law enforcement agencies or tax authorities which allow the agents to attest inconsistency of the given information.

Never destroy records. Destroying records ruins one's life as so can be considered as a crime. IRS agent conducts interviews of third party, perform surveillance, execute warrants, do the subpoenaing bank records and review financial data, which all aim to create an evident ground. Nevertheless, reliable records will serve as strong evidence and eventually defy the accusation.

Never lie. Anyone can get caught in a lie. Lying to federal investigators advances the IRS to win over criminal investigation. As always, this action just makes things worse.

Stay feet on the ground and hire a lawyer if needed. Choosing not to put on any defense is rarely a good strategy once criminal charges are filed. Do not let, though the government to allow someone else to utter hopelessness. Hire a defense lawyer who has experience in tax crimes. This is because of the referrals from special agent which will likely recommend prosecution to Department of Justice or in any other court.

See the fine print and be proactive. Take the legal suit and stand firm. Be thoughtful enough.

Do not let the fact, concerning uninformed tax payers about their defense into tax audit, stay as an old permanent fact. Take actions to catch the best result.

About Interstate Tax Strategies
Interstate Tax Strategies assists their clients by developing technically sound, business specific, and cost effective interstate sales tax consulting solutions. Their mission is to help their business understand and navigate the increasingly complicated interstate sales tax landscape. Don't assume tax sales processes and procedures are the same in different states. Interstate Tax Strategies evaluates the sales tax in each state where their clients conduct businesses.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Wall Street finance expert shares her expertise about tax saving for home-based owners

Atlanta, GA -- (SBWIRE) -- 04/04/2014 -- Filing taxes as a solo business owner can be more complicated. Home-based businesses that hold up until the last minute to prepare taxes could be losing in the long run. Solopreneurs need to be aware and well-equipped with proper tax strategies.

Meisa Bonelli, a Wall Street finance and tax professional, business match-maker, and mentor, pointed out, "many small and home-based business owners, solopreneurs and startup owners are serial 'late filers' and miss out on maximizing tax benefits that are unique to their type of business structure." She said those who are not tactically planning and preparing their taxes well annually could miss some potential savings.

Furthermore, Bonelli offered seven tax-saving tactics which solopreneurs, startups and home-based business owners should be aware of.

1. Pick the right entity for the business.

Business owners should register the business under the entity type which best matches the business goals. According to the Global Entrepreneur Monitor report, 69 percent of American startups are home-based businesses. In addition, 59 percent of established enterprises that are more than three and a half years old still run as home-based businesses. They should also confer with a tax consultant or an attorney to determine which business entity is suitable.

2. Audit proof the enterprise.

This does not only mean saving the receipts of a business. It is important for business owners to keep a file of calendars, mileage and personal use logs, depending on the kind of home-based business they operate. Since home-based businesses are not the same, it is crucial for business owners to discuss these matters with a tax professional to ensure better tax compliance.

3. Consult a home-based business tax professional.

Home-based company owners should seek the help of a tax professional. They have the expertise to assist the owners in the complexities of their particular types of businesses. This could help business owners save money from missed deductions; and time in learning applicable Internal Revenue Service (IRS) regulations on their own. Accounting software usage can be limited and can only as good as the person who uses it.

4. Get a second look.

Business owners should make sure they do not miss a deduction. Almost a quarter of a million individual business returns not claiming the Earned Income Tax Credit were examined by the IRS and assessed additional taxes to pay after review in 2012. This excludes farm returns. Several tax professionals provide complimentary consultations regarding their services. They can also take a look at the business' previous year's returns.

5. Tax planning is year-round.

A seasonal business may require just a simple tax situation. In this matter, it is alright for business proprietors to check taxes once a year if not much has changed in a year. However, if the business is not seasonal, the proprietor will need a year-round tax plan, strategy and procedures. In most cases, the business owner will find it convenient to consult an expert, since the tax indications of a business' decisions are an year-round issue.

6. Start a retirement plan.

The government makes it beneficial for home-based business owners and solopreneurs to put something aside for retirement. Business owners should take full advantage of a retirement plan which suits them and their long-term goals. Those who are just starting out a business may also find it wise to plan for the future – this is considered a one of the best savings strategies.

7. Have integrity.

Tax fines and penalties for not running a home-based business properly are rigid. Solopreneurs and home-based business owners should look for the information which will be valuable in operating a successful business. They should also consistently follow proper business rules and regulations.

About Interstate Tax Strategies
Interstate Tax Strategies is a consulting company based in Atlanta that assists clients by developing technically sound, business specific, and cost effective interstate sales tax consulting solutions.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

More and more States are running after businesses to conduct state tax audit. If left ignored, it can potentially harm businesses, big or small.

Atlanta, GA -- (SBWIRE) -- 02/27/2014 -- Each State is in budget deficit. This causes increase in routine audits to fill the discrepancy with tax revenue. Tremendous hiring of Auditors was also observed across States. Idaho hired 48 auditors in 2012 while California plans to hire 100 auditors in the next three years.

Passing of laws to redefine nexus is likewise endless. A nexus in general means a connection. The term nexus is used in tax law to describe a situation in which a business has a "nexus" or presence in a state and is thus subject to state income taxes and to sales taxes for sales within that state. Nexus describes the amount and degree of business activity that must be present before a state can tax an entity's income. If a taxpayer has nexus in a particular state, the taxpayer must pay and collect or remit taxes in that state. However, jurisdiction regarding Nexus Tax varies per state and often changes over time.

State audits begin with red flags including physical presence, distributor in a State, remote employees, servicing tangible property trusts or partnerships that hold different kinds of assets. Without proper knowledge on these taxable resources, routine tax audit can cause a shattering $34,000 average penalty.

Hire a Tax preparer. This saves the company time and excess work. Tax preparer can be CPA's, attorney or enrolled agents with Preparer Tax Identification Number. To ensure eligibility of the tax preparer to do the job, check the background and professional affiliations.

Report all income. This is a fail-safe method as IRS uses information returns to double check income reporting. If all information matches, no audit will be done.

Provide complete information. Correct information should be supplied on all questions on the forms. This prevents errors that trigger automatic audit.

Pay attention to details. Use electronic filing and data entry instead of manual records. This ensures less or no errors that may lead to audit.

Keep an eye on State tax return. The IRS has information-sharing agreements with the states that gives information of companies that have additional tax payment or needs an audit. Keeping ahead of the audit can buy some time to prepare and seek assistance.

Common Sales Tax Non-compliance:

- Untaxed purchases from out-of-State vendors
- Withdrawal from resale inventory for own use
- Unsupported sales for resale
- Difference between recorded and reported taxable sales
- Reported Sales lower than expected sales based upon a markup on purchases
- Errors in compiling return
- Difference between tax accrued and tax paid
- Inadequate records resulted in unreported sales
- Unsupported sales in Interstate commerce delivered to Instate customer

All business owners are encouraged to educate themselves of sales tax law within their State. Having basic knowledge can safeguard businesses from non-compliance and lessen the risk of a state tax audit.

About Interstate Tax Strategies
Interstate Tax Strategies is a consulting company that assists clients by developing technically sound, business specific, and cost effective interstate sales tax audit defense consulting solutions.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm