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Case
Studies
Getting External Help On Audit Pays Off
O&A Saves Firm Nearly $70
million on Single State Audit Plus Finds $380,000 in Refunds from Additional
States
A Financial Service company was
involved in a long-standing New York Sales Tax audit. After handling the audit
internally for over 5 years, its potential assessment had snowballed in to a
liability in excess of $70 Million on the expense portion of the audit alone.
The company then called in O&A. We organized the effort and worked with
various departments' personnel. We tenaciously uncovered and pulled the needed
documentation. We demonstrated our command of the New York laws relating to
promotional and advertising materials.
With our eyes
open for opportunities to add additional value while providing audit defense,
we uncovered refund opportunities in two other states. We worked with an
ultraconservative vendor who would not agree to refund our client's money
unless we provided written assurance of a credit from the state. We worked with
the head of the state's sales tax department, proving our position through law
and supporting documentation. We then secured the written assurance of accuracy
of our position and the credit to be due to the vendor.
The
result: Olivier & Associates reduced the audit liability to under
$500k, saving our client over $69 million on the expense portion of the audit
alone. We also secured refunds totaling over $380k for our client from two
additional states.
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