The benefits of a Broniec Recovery Audit goes far beyond duplicate payments. There are additional areas often not thought about, that can produce additional financial recovery opportunities and well as insight to your organization.
Sales and Use Tax Recovery
We analyze transactions to ensure you are not paying sales and use tax erroneously or incorrectly. Sales and Use Tax regulations change constantly and vary with each state. Certain industries often have special tax exemptions that are sometimes hard to understand and interpret. In addition, vendors are not always aware of your sales tax liabilities and are charging your tax incorrectly. Could you be overpaying tax?
We contact state revenue departments to inquire about possible overpayments that include the areas of income tax, withholding tax, sales tax and workmen’s compensation. We verify with each state whether the old open credits are related to anything current before we bring these amounts to you.
Escheatment Prevention/Abandoned Property Recovery
Unclaimed property has become a revenue source for states because if the state can’t find the rightful owner of the property, it keeps the property. As part of our audit, we perform the due diligence of your abandoned/ unclaimed payments to determine if the outstanding payment should be voided, preventing erroneous Escheatment. Our work reduces your Escheatment liability in accordance with state regulations.
We also review prior escheated funds and perform the necessary steps within each states regulations, to recover the funds erroneously or incorrectly escheated, bringing the money back to your organization.
Most companies are operating a global level, either doing business with multiple countries and/or have operations in multiple countries. Many companies have the same concerns with foreign taxation as they do with U.S. sales/use tax, as they can be complex. As part of our audit, we review all documentation to verify that correct and valid GST/PST/HST/QST has been charged by the vendors. We also review your ability to claim all valid credits and refunds (ITC/ITR) available to you.