(RIVERWOODS, ILL., September 1, 2010) – Now, accounting and tax departments can save valuable time and labor by shifting their sales and use tax returns preparation and filing work to CCH, an industry leader in tax for nearly 100 years. With CorpSystem® Sales Tax Compliance Services, companies can leverage the expertise of CCH and be assured that sales and use tax returns are filed completely, accurately and on time. CCH, a Wolters Kluwer business is a leading global provider of tax, accounting and audit information, software and services (CCHGroup.com).
“Sales Tax Compliance is typically a two-week fire drill that happens
each and every month and takes away valuable staff time from other far more
productive activities,” said CCH Director of Corporate Market Strategy
Tom Stitt. “Moving these functions outside of the firm and into the hands
of CCH – one of the most recognized and trusted leaders in the tax compliance
world – can generate significant cost savings while simplifying operations.”
How It Works
CorpSystem Sales Tax Compliance Services are governed by client-specific Service Level Agreements (SLAs). Sales Tax Compliance Service clients have a designated account manager who will ensure that all services performed meet the SLA. During the monthly cycle, clients will have visibility to the preparation and filing process as well as all tax authority correspondences through a secure customer portal.
After each production cycle is completed, an evaluation is performed and any issues or concerns are addressed and resolved. The CCH designated account manager will be in regular contact with clients to get and provide feedback in order to ensure that expectations are fully met.
The CorpSystem Sales Tax Compliance Service includes:
Company Set-up and Tax Return Configuration – CCH works with a firm’s staff to compile all required company profile and tax return-related information, including applicable states and separately reported localities, filing frequencies, permit numbers and other relevant information. Additionally, CCH will work with clients to ensure that all data requirements are understood so that the monthly transactional data can be accurately populated. Once the set-up is completed, there will be a one month parallel test to validate that the returns are producing the expected results.
Tax Return Population and Review – At the beginning of each month, clients will generate files of monthly transactions/liability data which will be used to populate the required returns. An initial review will be performed to insure that all data has loaded correctly.
Manual Adjustments – Based on the client’s particular requirements, adjustments are made to the tax return for items such as: untaxed purchase transactions that require consumer use tax reporting; zeroing-out negative numbers from returns and logging them as credit carry-forwards; applying previous credits on current tax returns when applicable; calculating and applying prepayments; bad-debt deductions; and excess tax collected if gross-up processing is not utilized.
Final Review and CCH Approval – After all adjustments have been made to the returns, a senior level tax professional will do a detailed review and then approve the tax return.
Funding Notification and Validation – After all required tax returns are prepared, reviewed and approved, a remittance request is generated so that clients can fund all remittances for the period.
Tax Return Filing and Remittance – All tax returns are generated and attached to the associated check and mailed to the applicable taxing authority. Additionally, all electronic and web site tax returns and remittances are prepared and sent.
Tax Notice Management – CCH handles all notices received by tax authorities.