One would be hard-pressed to find a company that does not comply with the filing of the required federal, state and local tax returns. However, when it comes to the annual reporting of AUP, many companies fall far short in this important filing requirement.
Getting it Right
At Hall & Associates, we take pride in working with our clients to “get it right.” Unlike an over-reporting of taxes where the taxpayer simply files for a refund, an over-reporting of AUP does not guarantee any refunds and, in most cases, the claims will be denied. Conversely, an under-reporting places a company at risk of an examination and, with that, interest and penalties.
The Solution
Hall & Associates provides a comprehensive suite of compliance services tailored to your company’s specific needs and situation. We do not take a “cookie-cutter” approach, but instead recognize the distinct and subtle differences in a company’s accounting processes. Many states offer either statutory or administrative exemptions from reporting certain types of transactions that are often unknown to companies. In stark contrast to many other service providers, Hall & Associates does not charge its clients an additional fee for this analysis, but believes that you should expect value for retaining our careful analysis of your information. As a client, you can rest assured that only transactions truly believed to represent AUP will be reported. We stand by every report we prepare and respond to any inquiries by state representatives concerning those reports on behalf of our clients.
Typical Compliance Process
Project kick-off meeting with process owners
Develop compliance calendar with key milestones
Management’s buy-in of calendar dates
Notify client of potential removals
Perform required statutory due diligence
Update reportable property after due diligence
procedures
Provide client with detail of reportable amounts by
state for approval
Prepare annual reports for filing
Prepare reconciliation for client to update their books
and records
Provide client with completed reports and remittance
information for the states
Conduct wrap-up meeting
