Leveraging tax analytics to recover overpaid transaction taxes
Data analytics applies the power of information technology (IT) to comb through terabytes of transactional data to identify patterns and tendencies that organizations can use to better understand information about their organization.
Applying state-of-the-art techniques
The complex administrative burden of collecting taxes on millions of daily transactions may result in some vendors collecting tax on items not subject to or exempt from the relevant state and local transaction tax. Consider that transaction taxes are executed at the operational level of the business. Determining the proper tax amount for a nationwide business involves thousands of rates, a variety of transaction types with dissimilar characteristics that affect taxability, and customer tax-exemption requests, which may further contribute to potential overpayments.
Recovering overpaid transaction taxes is easier said than done. And businesses have to wonder…isn’t there a more effective way to identify and reclaim what is rightfully theirs?
The answer is, yes. By applying state-of-the-art techniques, practices, and technology tools to conduct transactional data mining and data analytics, the process of identifying and recovering erroneously paid taxes can be much more effective than traditional methods.
Deloitte offers clients a broad range of fully integrated tax services, including:
● Business Tax
● International Tax
● Transfer Pricing Tax
● Indirect Tax
● Multistate Tax
● Tax Management Consulting
● Global Employer Services
● M&A - Tax
● R&D and Government Incentives
● Private Wealth
Anticipating tomorrow’s complex issues and new strategies is a challenge. Reach new heights with Dbriefs—live webcasts that give you valuable insights on important developments affecting your business. Dbriefs offers live webcasts featuring practical knowledge from Deloitte specialists.
Life at Deloitte
People make Deloitte one of the best places to work. What’s great about the people? That’s an easy answer. They are exceptional. Each person is unique and valued for that, among the best and brightest in the business, and takes pride in his or her achievements and the success of others.