I PRESS RELEASE
I
2006 Taxware Summit Features
Olivier & Associates' Principal
WALL STREET, NY, October
12, 2006 -- Olivier & Associates' principal Mark L. Stone, CPA, delivered
one of the key speeches at the Oct. 9-11, 2006, Taxware Summit in Las
Vegas.
The summit, which attracted
corporations and tax professionals, provided information about advances in
sales tax calculation and compliance. Industry leaders covered multiple topics
including Sales & Use Tax, Technology, Certified Solutions, and
International Issues.
Stone, a former Sales and Use
Tax Auditor with the New York State Department of Taxation and Finance, spoke
on Voluntary Disclosure Agreements discussing their benefits and the
corresponding responsibilities.
"Keeping up with the vast
and ever-changing state and local Sales and Use Tax laws and registration
requirements can be daunting," Stone says. "Compounding that is the
fact that states have stepped up their technology and efficiency in finding
those not complying."
Stone says companies should ask
themselves several questions to gauge the potential for Sales & Use Tax
problems:
- Has your business expanded,
or do you employ traveling salespeople?
- Do you know where you have
nexus or a responsibility to collect sales tax?
- Are you registered and
complying with sales tax requirements in all states and local jurisdictions you
have nexus in?
"If the state contacts you
first, tax assessments, penalties and interest can be insurmountable. The
states can even assess corporate officers and business owners personally,"
Stone says. "However, the benefits and compliance responsibilities offered
through Voluntary Disclosure Agreements can soften the blow immensely and put
the company back on the right track."
Stone says benefits may include
a limited or no look-back period versus going back to company inception,
reduced or waived penalties and interest, and working with a more taxpayer
friendly department versus the audit department.
About Olivier &
Associates
Olivier & Associates, headquartered on Wall Street, is a highly specialized
team of nationally recognized accountants, attorneys and former state tax
auditors who understand Sales, Use & Transaction Tax law from both sides of
the table. Our specialists provide premium tax consulting services to
businesses doing under $250,000 annually to Fortune 1000 companies with
revenues in the billions.
Mark L. Stone, CPA
888-466-2829
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