KINGWOOD, Texas, Jan. 4, 2013 /PRNewswire-iReach/ -- State Tax Advisors announces the need for businesses to minimize risk and be prepared for a sales tax audit at a time when more states are exercising economic nexus. Outsourcing sales tax services to the experienced professionals at State Tax Advisors ensures the best defense against regulations that are always in flux and against being flagged for a sales tax audit. The sales tax services at State Tax Advisors have assisted numerous businesses in most states with implementing successful strategies to save money and avoid a sales tax audit.
"We give [clients] a detailed report of findings that identifies everything they're doing right, what needs improvement, and recommendations. We flowchart the processes," says Riley Epps, president of State Tax Advisors. Concerning economic nexus, Epps says, "States are obviously hurting for money. They try to make money as fast as they can by sending questionnaires around the country, increasing audits, increasing our business."
Nexus is the term that describes the legal presence a business has in a particular state. The economic nexus principle, which is being adopted in many states, stipulates that businesses do not have to have a physical location in a state in order to be subjected to the taxes of that state. Instead, business income has to meet certain requirements for taxation. States have thresholds that establish this tax liability. Washington State, for example, collects tax revenue from any service-related business with physical nexus or if 25 percent of their payroll, property or royalties are collected in the state.
While economic nexus is proving a useful tool for states to increase revenue, the larger tax burden is costly to businesses. According to the American Association of Advertising Agencies, a national trade organization, tax consultants are predicting the expansion of economic nexus to nearly all states in five years' time.
Sales Tax Audit and Amnesty Assistance
The sales tax audit assistance provided by State Tax Advisors is from experts who have a complete understanding of sales and use tax laws and regulations. State Tax Advisors' consultants customize service to meet the needs of large and small businesses and ensure compliance to the many tax codes that differ between states.
In addition to sales tax consulting and compliance, State Tax Advisors specialize in sales tax amnesty to take advantage of the guidelines states have put in place to clear sales and use tax liability. State Tax Advisors have helped businesses across several industries including manufacturing, oil and gas, transportation, wholesale and distribution, and retail.
States are aggressively applying economic nexus to raise revenues. For more information on the best line of defense for sales tax audits visit www.statetaxadvisors.com.
State Tax Advisors is a tax consulting firm that was established in 2002 by Riley Epps. Based in Texas, State Tax Advisors strives to be the leader in multi-state, sales tax exemptions for businesses. Contact Sales Tax Advisors at 1308 Kingwood Drive, Kingwood, TX 77339, or by calling 281-358-1060.Media Contact:
Russ Cady State Tax Advisors, 281-358-1060, email@example.com
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SOURCE State Tax Advisors