A sales tax is typically a fee added to the price of goods, mostly luxurious or tangible assets. The way it’s collected at sales outlets or business varies but it’s often included in the sales receipts. As a business owner selling taxable products, the sales tax amount collected from the buyers must be remitted to the state. Business owners however find it tasking to stay compliant to the remittance of sales tax. In fact it can be a significant burden for businesses of all sizes. The rules are stringent and they vary based on your location and the nature of your products or services. Providence Financial Services CPAs understand the sales tax rules and we specialise in simplifying sales tax management for businesses, helping you remain compliant.
Our process begins with a comprehensive assessment of your sales tax obligations. The evaluation helps us determine your exact sales tax requirements and spot any potential underpayment or overpayment issues. Thereafter, we assist you in setting up efficient systems to collect, track, and remit sales taxes accurately.Â
To set up a working system, we integrate sales tax computations into your e-commerce platforms or point-of-sale systems. That way, your sales tax is computed accurately at the time of sale. We also help online businesses understand the nuances of tax rules, which establish the locations where sales tax must be collected depending on their operation and offer substantial assistance with sales tax return filing. These returns are prepared and submitted by our team, who also makes sure they are timely and accurately completed. By being proactive, you can avoid paying fines and interest for incomplete or late files.
In addition, we provide continuing oversight and assistance to keep you informed of the changes in sales tax regulations and rates. Our team monitors these modifications and modifies your sales tax plan as necessary to maintain ongoing compliance. In addition, we offer audit support—that is, we will represent you in any sales tax audit and handle the proceedings to cause the least amount of disturbance possible.
