Sales & Use Tax Division

Sales, use and gross receipts taxes are a significant burden for any company. These taxes can be imposed on nearly every transaction, and the cost to comply with these taxes can be substantial. While the Banking Industry is generally not responsible for sales taxes, they are responsible for use taxes.

The Importance of Sales/Use Tax Management

Nearly 35% of state & local tax revenues are collected from sales and use transactions taxes. States (and even cities) are getting more aggressive in their auditing of sales and use taxes to bring in as much revenue as possible. They are sure to assess you if they feel you are under paying, but they definitely won’t let you know if you are over paying.

Sales and use tax management is critical when it comes to saving money and ensuring accurate compliance. Overpayment reviews often reveal opportunities for cash refunds and ways to reduce future taxes, current tax liabilities and operating expenses. Research and planning will help identify ways to structure transactions, effectively reducing these costs for established, new or rapidly growing companies. Properly managing audits and tax appeals can substantially reduce your tax expenses. Savings can also be generated by preparing returns and remitting tax payments on a cost-efficient and timely basis and by identifying all applicable exemptions, incentives and abatements.

How It Works

GFTC has a team of experienced transaction tax professionals dedicated to maximizing sales, use and gross receipts tax savings by structuring a comprehensive plan specifically designed to address the unique issues of your company. Some of the specific services offered by GFTC include:

  • Sale/Use Tax Compliance

    Relieve yourself of the thankless burden of preparing monthly sales/use tax returns so that your team has the time to do higher level analysis work to add value to your organization.

  • Gross Receipts Tax

    The calculation and preparation of quarterly Commercial Activity and Excise taxes can be a major undertaking. GFTC can help!

  • Reverse Sales/Use Tax Audits

    Our team of experts at GFTC can track the revenue and calculate the gross receipts due and get it filed and paid online in a timely and efficient manner. Find out how.

  • Nexus Research/Review

    For companies with multi-state transaction tax issues such as: determining nexus, collection and remittance responsibilities. GFTC will negotiate with state officials to minimize liabilities and complete any registration requirements for companies doing business in a state for the first time. Learn more.

Benefits of Sales/Use Tax Management Service-

GFTC's sales and use tax services enable you to reduce costs and maximize cash flow. Below are some of the specific benefits from these services:

  • Cash refunds from overpayment reviews
  • Reductions in administrative costs with the utilization of our sales and use tax compliance and tax remittance process
  • Reductions in tax expenses with effective research, planning, and management
  • Cash savings by obtaining tax abatements, incentives, and exemptions