COMPLIANCE
SERVICE OVERVIEW
It's about data...and technology
While most state and local tax compliance providers and
tax departments are organized around the preparation of
tax returns, sales and use tax compliance is fundamentally
a data management process. The data consolidation, clean-up,
return/payment preparation, remittance and reconciliation
process repeats itself each month. In addition to these
functions, state and local tax compliance requires keeping
the GL reconciled and managing notices and other jurisdiction
correspondence on an ongoing basis. The entire process
puts strains on today's state and local tax departments.
State
and local sales, use and transaction tax compliance is
a function that is ripe for automation. The right automation
applied to this complicated data, return, payment and jurisdiction
management process can reduce risk, improve control and
cut costs...something every state and local tax department
desires.
While there are some commercially available return preparation
systems that 'bolt on' to a company's tax calculation
system, these technology tools really only support one
aspect of the process - preparation of the returns. Thus,
for most tax departments and service providers, automation
is only used for one part of the process, making the process
more manual, and thus more risky, costly, and less controlled.
Tax Partners Managed Services has truly revolutionized
the way sales, use and transaction tax compliance can be
managed. Through our technology and web enabled tax compliance
service, we give companies access to a system,
process and scale. As the largest provider of sales and
use tax compliance services, sales tax compliance is our
specialty.
Our Foundation...TRACS™ (Tax Remittance & Compliance
System)
The
foundation of our service is our proprietary Tax Remittance
and Compliance System (TRACS™). This unparalleled technology
brings automation to more than just the tax return - TRACS™
touches each critical component of sales & use tax
compliance, allowing us to provide a clean, safe end-to-end
solution for your tax compliance process. You gain by having
a worry-free, hands off outsource that allows you to step
back from the stresses of monthly sales tax compliance
and re-focus your tax department.
TRACS™ facilitates the 4 key functions in the compliance
process:
Data Management
- Seamless importation of client tax data
- Careful analysis and clean-up of tax data
for return preparation
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Return Management
- Preparation, processing and remittance of
client tax returns
- Tracking and managing client tax liabilities,
including management of credits, adjustments,
prepayments and vendor's comp
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Treasury Management
- Determining each month's tax liability
- Preparing and processing of payments: both
check and EFT
- Reconciling monthly tax payments to client's
tax data inputs
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Jurisdiction Management
- Receiving, logging and prioritizing response
to jurisdictional notices and inquiries
- Responding to and clearing notices
- Reporting to client on notice actions and
resolutions
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TRACS™ technology is a proven workflow and
data management system. In addition to enabling our state
and local tax compliance service, TRACS™ produces a host
of powerful web reports and an on-line image library to
give our clients peace of mind and access to information
they need to manage their tax department, whether it be
for federal, state, or local taxes.
Tax Partners Managed Services approaches each client's
compliance requirements using the following monthly process:
Equipped with this system, our Client Service organization
provides companies with a worry-free, hands off tax compliance
process in which clients have two main responsibilities:
transmitting tax data and providing the
funds necessary for us to remit the tax returns.
Benefits
State and
local tax compliance is our business. Our
compliance process delivers excellence and scale that is
unmatched by any other state and local tax compliance service
provider or corporate tax department. We file
545,000 tax returns and in excess of $7.5 billion in taxes
each year for clients. Companies like AT&T, Ford
Motor Company, Liz Claiborne, HP Financial Services and Cingular
have decided that outsourcing state and local sales tax compliance
to us makes sense. In doing so, they have gained
access to a tightly controlled, stable, consistent and predictable
compliance service, characterized by:
- Flexible Data Management making the
transition non-invasive and seamless
- Process Integrity providing a cleaner,
safer and more scalable process
- Integrated Cash Management handling
all payments in a safe, controlled process
- Web-Based Access to reports and images
quickly and easily providing clients with valuable management
information, data and an audit trail
- Experience and Expertise providing
peace of mind because sales & use tax compliance
is our front office
Industry Specialization
While
Tax Partners Managed Services serves hundreds of clients
of all sizes across a wide variety of
industries, we have also recognized that
certain industries have unique compliance
requirements. Consequently, our TRACS™
system and our service offering have
been designed to address the specialized
needs of industries like telecom, equipment
leasing, automotive leasing, retail and manufacturing/other.
Our TRACS™ technology delivers consistent, strong results
with an end-to-end tax compliance service offering and
valuable financial reporting that most finance departments
only dream about! Outsourcing to Tax Partners Managed Services
can help your company stay focused on what matters too.
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