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Why do account payable reviews for overpaid sales tax yield such good money back to my company?
Why do account payable reviews for overpaid sales tax yield strong returns back to my company? (Short answer: Every year the Texas Comptroller makes changes to tax policy that affects where and how to pay sales tax in your purchasing efforts. Similar to oil wells, you...
FRANCHISE/MARGIN TAX
Did you know that many companies in your industry may have unknowingly overpaid their Texas Franchise/Margin Tax? That's right. They've been leaving money on the table simply because they failed to include or exclude certain accounts properly in their calculations....
Well Service Providers
Well Service ProvidersWell Service ProvidersAre you a well service provider that is unclear of your tax responsibilities relating to services that you provide at the well site?Due to recent changes/clarifications in policy by the Comptroller’s office you may find...
Policy Reversal on Flowback Services
MemorandumSUBJECT: Taxability of flowback and water transfer servicesThis memo supersedes the following hearings, and Policy Letter related to equipment provided to control flowback after the fracking of oil and gas wells.STAR Accession Nos. 202302014H –...
Are Fueling Services for Fracking Subject to Sales Tax as Equipment Rental
Are Fueling Services for Fracking Subject to Sales Tax as Equipment Rental?Written by: Gilbert Zamora & Dino MarcaccioTex. Tax Code § 151.051 – SALES TAX IMPOSEDRule 3.294 – RENTALS AND LEASES OF TANGIBLE PERSONAL PROPERTY202009002L – AGENCY MEMO: SUBJECT:...
Change in Requirement for LOA
Change in Requirement for LOA(a) A claim for refund with the comptroller within the limitation period specified by Subchapter D, Chapter 111.(b) The comptroller by rule may provide additional procedures for claiming a refund under this section. If your company falls...
Manufacturer Sales Tax Overpayment Review (Should we wait until our routine review to recover overpaid sales tax?)
To be or not to be? Should we perform our review for overpaid sales tax before, during, or after my routine state tax audit? (Short answer: Dont wait, the audit will limit the scope of available credits down to a narrow sample. We are able to capture 100% of all...
Services related to drilling a new well.
SERVICES RELATED TO DRILLING A NEW WELL. It’s been my experience, both as an auditor for the state and as a consultant assisting oil and gas companies under audit by the Comptroller that there exists significant confusion among service providers as to their tax...
Resales and Exemption Certificates (Why Do Auditors Often Deny Them?)
Unfortunately, Sales Tax auditors are denying more resale and exemption certificates based on technical faults and/or auditor judgement. Because of stricter training procedures and new policies, many auditors are now enforcing a zero-tolerance certificate policy which results in over-taxation.
Guide to Selecting a Sales Tax Consultant
There is NO licensing or regulation of any type in Texas for Sales Tax Consulting companies. You should CAREFULLY investigate any company soliciting your business. Often owners and their consultants do not have an accounting degree. In addition, many of these less qualified consultants have a single ‘rent-a-room’ (virtual office) not located in your city. Find out what questions you should ask before hiring a tax consultant.