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Questions You May Have
| Question: |
What amount of my time and my employee’s time does this require? |
| Answer: |
We will meet with you before and after the refund review. You time commitment is limited to providing us with the records needed and our presentation of the refund/audit reduction review.
We will need to ask certain questions from your employees in order to process the refund/audit reduction. These are generally limited to questions of product usage. |
Below is a series of common objections and our responses to these statements that have been made to us in the past.
| Statement: |
We were just audited and the audit was not a large amount. We are satisfied with the audit. |
| Response: |
An audit amount is only related to the amount that the auditor found that was not reported. It does not affect the amount that was paid in error. On average we usually find at least twice the amount of overpayments as the auditor found in underpayments. Many times the amounts have been a much higher multiple. |
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| Statement: |
We have an accounting firm that handles our taxes. |
| Response: |
That is true for all companies. All companies hire accounting firms to conduct audits and financial reviews. However, we do not as a general rule; find accounting firms that are in the business of conducting extensive refund analysis and recoveries. | |
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| Statement: |
We just attended an extensive seminar that dealt with sales and use tax issues. We are fully aware of all of the exemptions. |
| Response: |
It is good to stay abreast of all of the exemptions as they apply to your company. However, while most seminars are informative they are also general in nature and do not address all of the items specific to your company. |
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| Statement: |
We don’t pay very much sales tax. |
| Response: |
If you are a manufacturer, then sales tax collected and remitted would generally be very small and in most instances you would not collect and remit any sales tax. What we are discussing is the taxes that you pay to your vendors and remit as use tax. Most companies do not have an account that tracks sales tax paid to vendors. |
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