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Preparing for Taxageddon: Interstate Tax Strategies is Helping Atlanta Disarm Tax Time Bombs | Business

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Preparing for Taxageddon: Interstate Tax Strategies is Helping Atlanta Disarm Tax Time Bombs
Business
Preparing for Taxageddon: Interstate Tax Strategies is Helping Atlanta Disarm Tax Time Bombs

 

With the United States’ growing unemployment rate and rising deficit, state governments have become very aggressive at finding additional tax revenue. They are actively looking for companies that they can audit and assess for back taxes. According to Internet Retailer, e-commerce rose 14.8% in 2010, creating a golden opportunity to help states, including Georgia, supplement their income. More and more local businesses are hearing the word “nexus” brought into play, leaving a thin line in sales tax obligations. Regardless of the industry, companies with customers in multiple states should carefully evaluate the tax filing requirements and the tax rules where their customers are located. 

Interstate Tax Strategies P.C. is working to correct sales tax problems for multistate businesses—before the auditor arrives!

“Depending on the size and kind of business, the number of states in which it operates, and the method of invoicing a customer, the sales tax issues facing a business can be significant and create possible liabilities for companies ranging from the tens of thousands to multi-million dollars,” says Ned Lenhart, President of Atlanta-based Interstate Tax Strategies P.C. 

Since his company’s inception in 2003, Lenhart has identified sales tax ‘time bombs’ and found solutions to ‘defuse’ them in most of the 45 states with sales tax. Common multistate problems for his clients range anywhere from unidentified historical obligations to register and collect tax, to failure to have proper documentation to support nontaxable sales made to clients in other states. He works with states to limit sales tax liability, minimize future obligations, and review products and services offered by a business to develop accurate tax rules and invoices, as well as pre-audit risk assessment to avoid issues all together.

Prior to starting ITS, Lenhart served as Director of Multistate Tax Services for Deloitte’s Atlanta office. He also worked for the Missouri Department of Revenue as the Director of the Compliance Division that led Missouri’s civil and criminal tax enforcement efforts; and served as Deputy Director of the Missouri Division of Taxation. He is a licensed CPA in multiple states and an active member in AICPA and GSCPA.

For more information please visit www.salestaxstrategies.com

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