I PRESS RELEASE I
2006 Taxware Summit Features Olivier & Associates' Principal
WALL STREET, NY, October 12, 2006 -- Olivier & Associates principal 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.
Olivier & Associates principal 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," Olivier & Associates says. "Compounding that is the fact that states have stepped up their technology and efficiency in finding those not complying."
Olivier & Associates 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," Olivier & Associates 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."
Olivier & Associates 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.
Alan Smith
888-466-2829
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