Reverse Income Tax Audit

Significance of Reverse Income Tax Audit

A Reverse Income Tax Audit is sometimes commonly known simply as, ‘Reverse Audit’. It can help you immensely in maximizing tax exemptions, as well as incentives. A Reverse Audit is quite similar to a Taxing Jurisdiction’s Audit. However, its main purpose is identification and recovery of tax overpayments. These payments could have been remitted to the suppliers, or they could have been paid directly to a Taxing Authority.

A Reverse Income Tax Audit is specifically designed to identify and assess for tax underpayments.

The Internal Audits do not always catch such costly Tax Mistakes. Mostly because, this type of audit is designed to focus on corporate policies, procedures and budget of a company. A Reverse Audit combs through thousands to millions of transactions of a company to catch some tax mistakes. It is extremely detailed and gives you a very clear picture of the financial position of your company.

Note: Get Access to the Best Reverse Income Tax Audit Services Near Me.

Majority of small to mid-sized companies do not have the resources to establish an in-house tax department. Therefore, they cannot examine all transactions. If there is a turnover is accounts payable, or a change of vendors, it can create problems. It is highly recommended for such companies to outsource their tax services to Professional Tax Specialists.

Reinforce Your Tax Position & Recover Your Overpaid State Income Taxes

Every company carries their client’s best interests at heart. However, it can become very difficult for some companies to ensure proper tax compliance across multiple States and Jurisdictions. Process errors left uncorrected can build up over months, or even years. They can affect cash flow and financial statements. Common exemplification of these errors comprises of;

  • Failure to take available credits or deductions.
  • Invalid tax rate or apportionment factor calculation based on special industry requirements.
  • Tax returns filed without a nexus needs and/or imprecise net operating loss treatment.

There have been cases when these errors can expose opportunities for business tax recovery. Whereas, other times, they may reveal your business to audits and penalties. In all cases, an inverse income tax audit can shine light on the process improvements. It may improve the all-inclusive precision of your state income tax compliance function. It may also make cash tax and effective tax rate savings.

The Best Reverse Income Tax Audit Services in Texas

SG INC CPA is one the most competent and popular tax and accounting firms. We can offer you the Best Reverse Income Tax Audit Services in Texas. We can assist in minimizing your tax deficit and give your income a boost.

In our expertise, audits that emphasis on state income tax recovery are very beneficial to specific companies. Especially the companies with any of the following;

  • Large state income or franchise tax liabilities
  • Recent participation in a disposition, merger or other transaction
  • Recent changes in business model or locations
  • Frequent changes in tax personnel or leadership turnover
  • Current or recent state income tax audit

Remember

The state is only tasked with identifying underpayments during an audit. It is not required to notify you for overpayment. By conducting a Reverse Income Tax Audit, companies may be able to reclaim overpaid tax. The resulting refunds might even be able to help offset any liabilities assessed by the state. Our Reverse Income Tax Audit Services are economical, efficient and orderly, requiring minimal time. Access these wonderful services to increase the efficient and profit pool of your company.

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Reverse Income Tax Audit

We can provide excellent Audit Defense and Support Services. We aim to reduce your organization’s liabilities and show it in the best light possible.

WHAT OUR CLIENTS SAY

Russell

I would rate the organization very high on audit and tax knowledge. They performed Reverse Income Tax Audit services for me. I feel comfortable working with them and sharing sensitive information. I can recommend SG INC CPA without reservations to anyone who asks. Their prices and services are completely satisfactory.

Emma

I am a woman who appreciates customer service. I tend to leave reviews only for those who truly deserve them. I have been going to SG INC CPA for 7 years because their team is amazing. They always take care of me as if I was a part of their family. Asim ensured that I am getting most money possible since I always qualified for few exemptions, I was unaware of, during my Reverse Income Tax Audit.

Adarsh

SG INC CPA has outstanding service and very reasonable charges. It was an amazing experience working with them during my Reverse Income Tax Audit. Their experienced personnel are always available to lend a helping hand. They guide their clients very well. This company is one of the best I have ever worked with. I have no complaints at all.

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