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December 09 2014

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Duties and Services Offered by Tax Consultants

 Business owners have tasks to be done and rules to follow. They don’t just invest for a business and earn, since they are also entitled to pay certain fees such as taxes. Every taxpayer, including business owners, has to pay financial charges. Failure to pay and to comply with the taxation would result to punishment from the law. If you are not familiar with the tax and the law, a specialist will make you get familiarized with the ‘ins’ and ‘outs’ in finance and taxation.

 A tax consultant, also called tax adviser, help people solve things concerning complicated tax laws. They use their expertise in helping clients understand a bit of the law and the tax. They meet with the client in-person or via phone depending on the availability of the client.

The duty of a tax consultant includes:

• Helping clients whether it is a single or corporate proprietorship, to reduce the amount of taxes they have to pay each year
• Prepare tax returns, which are used to file income taxes with the Internal Revenue Service, and it should be filed every year.
• Researching New Tax Laws- they also find out whether there is a new law that is needed to be followed
• Explains Tax issues- they are obligated to discuss and make you understand about complicated things concerning your tax issues
 • Remind clients with their obligation- another duty of a tax consultant is making sure that his client is meeting his obligation in time
• Other services- tax consultant also handle sales tax audit defense, that helps client set-up trusts, estates and inheritance planning for his clients who needs it People that have problems with their financing are not the only one who needs to seek the help of a Tax consultant.

They are a big help for starters in the business industry. Hiring tax consultants depends on the situation an individual or business are into. Audit assessment, settlement negotiations, addressing to issues such as uncollected sales tax on taxable sales and unpaid tax on taxable purchases are some that are frequently inquire by many people who have troubles with their business.

The look back period in auditing the businesses that are currently registered for sales tax and routinely file sales tax returns is normally 3 or 4 years depending on state law. That is why having a tax consultants to monitor your payments would greatly ease the burden and the problems it would inflict to the business will be prevented.

November 14 2014


Voluntary Disclosure: A Second Chance For You and Me

Do you know what tax is? Tax is a financial charge or the functional equivalent of a state such that failure to pay is punishable by law. Every state in the world has their own policies and law about taxation, because taxation functions as the enforcement of law and public order, protection of property, economic infrastructure like roads, for social, engineering, and other government operations.

A government uses different kinds of taxes and varies the tax rates. For them, to distribute the tax burden among individuals and by this is to reflex the values of those in power and the type of community the public wants to create. Some of their options include who will pay the taxes, how much tax should be charged, and most importantly, how these tax payments must be spent. This type of taxation is mostly used by democratic countries that also gives freedom to vote or elect for their leaders.

I mentioned a while ago that negligence on your part as a tax payer is punishable by law. And it is true. All states that have their own taxation rules also have their own sanctions for those who will fail to comply. But But people who have unsettled tax affairs should not be afraid as there is the so-called VOLUNTARY DISCLOSURE. It is a formal contractual agreement between the state and the taxpayer. In short, it is a second chance given to the public for the settlement of their tax issues. This type of taxation option is especially carried out by many companies although the types they use may differ in their geographic region, industry, and company size.

What do you think are the basis for a valid disclosure?

• It should be voluntary.
• A penalty applies to it.
• Information should be at least one year overdue.
• Tax declaration should complete information.

You may find it a little confusing, yet every government provides this. They may differ in some basis but all of their basis still work the same way. Frankly, you would not encounter these kinds of burden if you just settle your tax account. Tax will always be a big issue for governments worldwide.

 It is your country’s gasoline to keep on providing for their people. Government would not be able to do projects concerning their countries’ development without the help of the taxpayers. And that’s you, me and everybody.

October 23 2014


How to Be Sales Tax Audit-Prepared

The ever-changing laws on taxation have brought about certain changes in a number of existing businesses. The rules of taxation, not to mention the dynamic modifications in interstate sales tax landscape, have become complicated and the need to hire a professional sales tax experts, like those from Interstate Tax Strategies has been on an increasing trend nowadays.

Any business that has been selected for sales tax audit is sure to face a lot of challenges, especially when this company has not prepared all the documents needed to properly prove that proper remittance of their taxes has been made.

Below are the basic steps in ensuring proper compliance to sales tax audit:


1.      Organization is the key. During the sales tax audit, the business will be required to present sales tax returns, excise tax returns, documentation for use tax, retail sales tax, business, and occupational tax, and all other critical records related to the business. All sales transactions will be checked as well. It is always best to keep all documentations to support individual transactions. Sales tax software solutions are recommended for organizing tax records.


2.      Take Time for the Audit Process. The sales tax audit procedures is a very  tedious process,  so to make things less complicated on the part of the auditor, and on the part of the businesses, it is a must for these businesses to have cash register tapes ready. Exemption certificates must also be prepared prior to the audit.


3.      Seek the Expertise of a Professional in the Field of Sales Tax Audits. It pays to hire a sales tax audit expert who has thorough knowledge and experience in computing sales tax rates and managing all documents needed for tax audits. Businesses who hire the services of a professional in the field have enough confidence when being subjected to sales tax audit procedures.


Check with Interstate Tax Strategies now on how to be sales tax audit-prepared!

August 27 2014


Surviving the IRS Audit: Guides and Tips

Internal Revenue Service audits tax returns to verify that the tax reported was correct. Selecting a return for examination does not necessarily mean that the taxpayer has made mistake or had been dishonest. Also the selection process is made randomly. Therefore anyone can be subject to auditing. Below are guides and tips that can help you prepare for a tax audit.
• It is important that you maintain records to prove your deductions in the event of an audit. Collecting and organizing your records throughout the year will make it easier to prepare your return and reduce the likelihood of error.
• Certain factors may contribute the likelihood that you will get audited. Factors like your income, your profession, the type of return file, type of transactions reported and where you live.
• To prepare for a tax audit, you should review at the details of your return to refresh your memory. Then organized your records to support the items questioned by the IRS.
• Establish a range of settlements that you are comfortable accepting. By doing this, you will be prepared for possible settlement terms that might be discussed later by the examiner.
Ground Rules You Can Set For an Audit
• You have the right to conduct the audit at a time and place that is convenient to you. You have to assert your right for you to be able to prepare and avoid being caught off guard.
• You have the right to record an audit as long as you give the IRS the same right. Using this rule prevents the IRS from changing the rules midway through the audit.
• You have the right to limit the scope of the audit to avoid time and trouble discussing issues not relevant to your tax liability.
• The right to professional and courteous treatment by the IRS employees.
• The right to privacy and confidentiality to tax matters.
• You have the right to representation by oneself or an authorized representative.
• You have the right to know why the IRS is asking for information, how the IRS will use it and what will happen if the requested information is not provided.
• You have the right to appeal disagreements, both with the Internal Revenue Service and before the courts.
Getting a notice that you are being audited by the IRS can strike fear in the hearts of the bravest of taxpayers. However, educating yourself about sales tax audit procedures can make the process less painful. http://salestaxstrategies.com/voluntary-disclosure-services.html

August 04 2014

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Paying tax is one of the most important obligations of each and everyone. Tax is a compulsory contribution to state revenue, levied by the government on workers income and business profits added to the cost of some goods, services and transactions. It can be considered as a heavy demand for workers and business owners. The amount of tax you need to pay depends on your monthly salary as well as how much does your business earn every month. But the tax may decrease if you are the breadwinner and numbers of your dependants. Most of the time, some of the business owners always encounter problems with paying tax that’s why they looking for tax services.
Atlanta tax services are one of the best places where you can find tax services for individuals and business owners. By consulting your tax problem, they will be the one who will teach you on how to handle your tax in the best way. Every business transaction has a tax implication. It could mean the difference between the success and failure. This is why most of the businesses are looking for tax services to them to make the right choices and to see the big picture of them.
In a globally connected economy, increasingly complex tax implications constantly arise for multinational companies. Providing the clients with innovative ideas and seamless service delivery, and is underpinned to invest in and develop leading tax technologies. Each of the tax services companies offers different services in different range of areas. They are responsible to help and guide firms who have problems with their tax. Some of the tax services include:
• Helping businesses create new tax best practice standards, without just looking at tax in isolation
• Help clients navigate the complex and frequently changing raft of federal and state indirect taxes to find innovative, cost-effective solutions that meet their business needs.
• Ensure clients’ most demanding cross-jurisdiction tax issues are holistically addressed including help with government incentives.
• Create value by helping clients deal with the complex and dynamic issues they face around inbound and outbound tax issues, including overseas investment and business restructuring.
Importantly, you won't be alone. You'll meet a large group of like-minded people, learn from each other’s experiences and make long-standing friends. You'll be part of a collegial, dynamic and interactive team that pulls together to solve complex issues. Like the Arizona tax services, they work professionally and focus on quality as well where success is guaranteed.http://salestaxstrategies.com/sales-tax-audit-defense.html

June 25 2014


Purpose of Sales Tax Audit

The purpose of a sales tax audit is to examine the business records in order to determine if the appropriate amounts of sales tax have been collected and remitted to the state. The audit is used as an enforcement tool to ensure compliance, and as a means of increasing State revenue. As part of normal business, most companies eventually will undergo a sales and use tax audit. Most auditors are professional and even friendly but you should not mistake that professionalism for being your friend. While few auditors will admit it, their primary goal is to issue a substantial sales and use tax assessment. We provide you with the sales tax audit defense expertise that you need to minimize and control any damage to your business. 

Sales tax auditors frequently come with the preconception that businesses cheat or at least intentionally try to circumvent the sales tax law. They begin most audits with the attitude of trying to determine how much the business owes, not whether or not the business owes anything. Should the auditor find a transaction that the company erroneously paid tax on, it is unlikely that they will mention it. We provide you with the sales tax representation that you need to make sure you get all the credits you deserve.
Penalties for Sales Tax Evasion

In general, tax evasion is a misdemeanor unless the amount of unpaid taxes exceeds a specified amount. Most states increase the penalty from misdemeanor to felony where the unpaid amount is over $10,000. A misdemeanor charge of sales tax evasion usually carries a penalty of a fine; where the charge is increased to a felony, the penalty also increases in the form of a larger fine and possible jail time.

Consult A Lawyer
If you or your business have been audited or are under investigation for sales tax evasion or any other crime, a criminal defense lawyer with experience in the laws of your state is an invaluable resource. Consulting an attorney early in the process may enable you to negotiate a settlement that avoids jail time and/or increased fines, and may limit the harm to your business and finances. http://salestaxstrategies.com/sales-tax-audit-defense.html

May 29 2014



The purpose of a sales tax audit is to determine if the taxpayer is paying the correct amount of sales tax to the State. The audit is used to promote compliance with tax laws, and as a means of increasing State revenue. As part of the ordinary course of business, most companies eventually will undergo sales and use tax audit. Most auditors are professional and even friendly but please don't mistake that professionalism for being your friend. While few auditors will admit it, their primary goal is to issue substantial sales and use tax assessment.

A sales tax audit is the examination of a company’s financial documents by a government's tax agency to verify if the proper amount of sales tax has been remitted to the proper authority. Sales tax auditors frequently think that businesses cheat or at least intentionally try to skirt the sales tax law. They begin most audits with the attitude of trying to determine how much the business owes, not whether or not the business owes anything. Should the auditor find a transaction that the Company erroneously paid tax on, it is doubtful they will let you know about the over payment. It is the mission of sales tax auditors to see that your business is treated fairly on a sales tax audit.

Most of the auditors that will be assigned to your business account will be professional and extremely friendly. However, it is important that you never misinterpret their professionalism and friendly demeanor as being on your side. Their goal is to issue that a sales and use tax assessment that is large. Most of the sales tax auditors are trained to believe that most business owners have in one or another, whether intentionally or not, have avoided paying all of their sales taxes. They will approach you audit with the thinking you owe the government money, and they must find it. They do not come into the audit believing that you have paid everything accurately, and they will not proceed with the audit in that manner. If the auditor finds a transaction where the business overpaid the sales tax, they will generally not inform you of this. Their responsibility is to collect money from a business owner, not repay them for something they have overpaid.

For more information about sales tax audit defense please visit this site http://salestaxstrategies.com/sales-tax-audit-defense.html

April 28 2014

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The web defines voluntary disclosure as the provision of information by a company’s management beyond requirements generally accepted accounting principles and Securities and Exchange Commission rules, where the information is believed to be relevant to the decision-making of users of the company’s reports. In short, voluntary disclosure is just a company’s way to voluntarily declare its assets and liabilities. The state government thereof makes the following necessary actions for the benefit of the state and of the business company.

The need to make voluntary disclosures can arise in tax audits, criminal investigations, political campaigns, internal investigations at work and other situation. The disclosure might be uncomfortable because it involves the revelation of private information. If criminal wrongdoing has occurred, revealing the evidence might give rise to legal responsibility. Each condition needs to be individually examined to assess the possible risks and benefits.

The primary benefit of a voluntary disclosure is that it limits the look-back period to 3-5 years. In some cases, prospective agreements can be reached in which the taxpayer is forgiven of all past liabilities in agreement for future compliance.

It also serves a lower average cost of capital, enhanced credibility, access to more liquid markets, better investment decisions and less danger of litigation because of compelled disclosure. An important expected implication of this is a lower cost of equity capital.

Also, most states will waive penalties on any prior period taxes that are remitted in connection with a voluntary disclosure agreement.
A limited number of states will decrease interest to full. Many states apply a reduced interest rate to prior period taxes remitted in connection with a voluntary disclosure agreement.

Aside from the fact that it saves time for tax auditors to find faults from your business liabilities, while state taxing authorities typically reserve the right to audit taxpayers who come forward pursuant to a voluntary disclosure agreement, the audit will typically be limited to the reduced look-back period, and it would generally focus more on understanding and confirming the reasonableness of the taxpayer's liability quantification approach, rather than on uncovering additional liabilities.

As for the taxpayers, they will be comfortable knowing that prior period liabilities are closed and will be able to concentrate its fulfillment efforts on current and future periods.
For more questions go to http://www.salestaxstrategies.com/voluntary-disclosure-services.html.

March 28 2014

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Multistate Sales Taxes Interstate Tax Strategies, P.C is the place to go when you need help settling your Multi-state sales tax. The president, Ned Lenhart, opened his company in 2003. With 27 years of experience with taxes, his business offers all of the following consultations; audit management, Pre-Audit risk assessment, Product Taxability Analysis, Sales Tax Nexus Issues, Sales Tax Risk Assessments, Strategic planning, and voluntary Disclosure Negotiations. As the economy changes, so does the way you deal with your taxes. If your business runs in multiple states and counties, you need to know that each state has its own tax laws and different fees for not filing them correctly. Interstate Tax Strategies, P.C, doesn’t want your business to feed the hungry sales tax auditors who desire nothing more than to take a large amount of sales tax away from your company as possible. If a business has unresolved taxes auditors swarm around like vultures, preying on you and your business as they cause catastrophic problems to your business. Don’t become a victim to the sates taxes, rise above them and contact Interstate Tax Strategies, P.C. The company that honestly wants to help you resolve all your tax related issues and help you avoid becoming a victim. The company’s main goal is to help you understand the difficult interstate sales tax landscape. They want to help you avoid audit penalties because you thought you were handling your sales taxes properly. They even have a mailing list where you can receive a free Self-Assessment tool. If you’re a big business who operates in multiple states you may not even know that you might have hidden tax fees for that specific state. States all collect millions of dollars from businesses who think they have been handling their sales tax properly and it turns out that their not. Why is Lenhart the go to man for multi sales tax? Ned Lenhart has a MBA from Minnesota State University-Mankato and a BS from Iowa Wesleyan College. He is a member of the AICPA (American Institute of Certified Public Accountants) and the GSCPA (Georgia Society of Certified Public Accountants). Ned is also a speaker at the national and local tax business conferences. He has been a firm director for Deloitte; a senior manager with Arthur Anderson, Ned has also worked for Missouri Departments of Revenue, where he was the Director of the Compliances Division, leading the state’s civil and criminal tax enforcement. He was also the Bureau Manager for the Compliance division and the Deputy Director of the Division of Taxation. So Ned is not lacking in both credentials and experience to help businesses with their taxes. That’s why when he opened Interstate Tax Strategies, P.C he offers any and all information you and or your business might need to fix all your sales tax problems. He is well qualified and is always keeping up with everything tax related, to ensure that you the customer gets everything and anything you might need in your tax filing services.
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