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At Weaver, we care about success. But it’s not just the success of our firm or clients that matters to us; it’s the success of our people who make the day-to-day of this business possible. That’s why we’re passionate about bringing together talented individuals and giving them the tools they need to succeed. We lean on each other as members of the Weaver family, understanding that our culture is driven by our collective values, character and efforts. Our goal is to balance both high development with high performance in order to meet the long-term goals of each individual, team and our firm, and every person plays a part.

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Credit for Sales Tax: Back, Back, Back it Up

November 6, 2023
credit for sales tax
overpayments
Sales Tax
use tax
+more
MarketScale

In this riveting edition of Weaver: Beyond the Numbers, host Brandon Hayes sits with Weaver’s Tony Burgess and Steven Scarborough to discuss sales and use tax. Uncovering the multiple avenues available for businesses that might have overpaid on their taxes, this episode provides insights and actionable advice for companies navigating this complex landscape.

Key Points:

  • Companies often overpay taxes and need methods to rectify these errors
  • Four approaches to reclaim overpayment are: direct state refunds, vendor refunds, tax return adjustments, and using credits during audits
  • Some states mandate vendor-first refunds. However, issues like poor vendor relationships can necessitate alternatives like “Assignment of Refund”

 

While many are familiar with the negative consequences companies face when underpaying sales and use taxes, only some are aware of the frequent overpayment situations that businesses encounter. Scarborough outlines four ways companies can address these overpayments, from direct refund claims with the state to leveraging ongoing audits to offset balances.

Burgess dives into the intricacies of each method, highlighting the potential challenges and advantages businesses might face. Especially significant is understanding how aggressive a company might want to be when pursuing these overpayments and the various implications of each approach.

Scarborough adds, “In most cases, they don’t want you just to put it as a credit on your return and let it wash into the current tax. Some states specifically need you to line it out on a section of the return. Some states will have you actually amend the prior period return.”

The world of sales and use tax is intricate and layered with complexities. Yet, by being proactive and informed, businesses can confidently navigate this realm. For deeper insights into the financial world and expert takes on pressing topics, subscribe and listen to future episodes of Weaver: Beyond the Numbers on Apple Podcasts or Spotify.

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