Sales tax legislation has expanded significantly over the past several years, forcing companies to alter how they calculate, collect and remit sales tax. While many companies have invested in resources to avoid underpaying, most are unaware of the increased frequency of overpaying sales and use taxes on purchases.
One of the best strategies to ensure accuracy and prevent monetary loss is by conducting a Reverse Sales and Use Tax Audit. Plus, with the right tools and expertise, you can restore overpaid taxes back to the bottom line.
This guide will outline why overpayments occur, how to conduct a reverse sales and use tax audit, building the business case for internal stakeholders, and practical steps you can take today to recover overpaid taxes from states and vendors while mitigating future liabilities.