Rewards of Merit: Sales and Use Tax
Reduced Monthly Accruals for E&P in Barnett
Client:
Client was unhappy with services from existing provider. Client felt they were overpaying for services and did not feel comfortable with how taxes were being accrued.
Results for client
$400K
Sales Tax Refunds for over accrued Tax
$100K
Correctly Reduced Monthly Accruals
Challenge:
- Client was accruing use tax using an automated process that did not accurately assess tax each month.
Merit Action Plan:
- Developed hybrid automated / manual review process for accurately accruing use tax each month.
- Merit gained remote access to account and document storage systems.
- Worked with client to develop understanding of standard operations and transaction coding to develop an effective taxability matrix.
- Developed an automated process for extracting monthly transaction/operational data, analyzing and robotic process automation solution for pulling supporting documentation for our review.
- Team tests automated results, and manually reviews transaction detail over identified thresholds or related to transactions with unpredictable tax variables.
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