Sales Tax
Our Sales Tax group provides two service offerings:
Review Foundation
Our sales tax review combines high levels of tax and accounting expertise with the innovative use of technology. Conducted exclusively by professional accountants, this individually-tailored review is designed to handle millions of transactions. It yields three reports:
- Profit Recovery Report
Within three weeks of the conclusion of our review engagement, we provide a comprehensive, well-documented report, in both hard copy and CD Rom, detailing the results of our on-site analysis. This report provides invoice-by-invoice schedules of findings by type, including full documentation and any necessary steps required to be taken to recover overpayments. Definitive prepares the necessary refund claims for review, approval, and signature. Definitive then provides for their subsequent follow-up with tax authorities. No additional work is required by client staff.
- Process Improvement Report
In order to assist clients in benchmarking their processes, this report outlines the recoveries resulting from our review engagement and provides an analysis and discussion of the types of anomalies identified during the review process. It also provides a roadmap, with detailed recommendations, for correcting the structural issues that lead to those anomalies, in order to minimize them on an on-going basis. The report highlights, in detail, any operational challenges facing our clients in the processing of Canadian sales tax with the net objective of maximizing the profitability of the finance, tax, A/P and purchasing departments. Both this report and our client service staff play key roles in the transfer of sales tax knowledge, and provide an excellent ’executive summary’ of the challenges faced by your organization.
- Liability Identification Report
A major component of our commitment to assist our clients in reaching their goal of Canadian sales tax compliance is our Liability Identification Report. During the engagement, our tax professionals note areas of sales tax underpayment. These exposure areas would typically be accumulated and discussed with appropriate staff on an ongoing basis. At the conclusion of the engagement, these exposure areas are incorporated into a confidential written report and are submitted to our primary contact. The report details each area of sales tax exposure and provides specific government commentary on those issues. This report, along with access to our client service staff, demonstrates a commitment to a collaborative process that assists client staff in identifying and resolving exposure issues where necessary.
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High Value Services
- Process Improvement
Definitive facilitates sales tax process improvement via three support programs:
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- Process Improvement Report
Identifies types of anomalies and provides a roadmap for correcting structural issues leading to anomalies.
- Seminars and Forums
Multipart seminars and consultative forums help optimize understanding of sales tax issues and processes at each level of your organization.
- Publications
Regular email and newsletter publications provide information that can help prevent errors and inconsistencies.
- Exposure Reporting
Our Liability Identification Report is a customized summary of exposures noted during the course of our sales tax review. It includes a discussion of tax rules surrounding identified exposures and provides legislative documentation to support the discussion.
- Research and Consulting
Staffed by recognized sales tax experts, this service creates significant value for clients. It can save tens of thousands of dollars in per diem consulting fees.
- Audit Assistance
Our reviews of proposed audit assessments have proven very successful in reducing the amount of our clients' final assessments.
- Profit Recovery
Our sales tax review is designed to produce the maximum supportable recoveries. These are typically in the six or seven figure range.
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