Missouri’s Refund Opportunities
Missouri refund opportunities are there! Missouri business owners are often times approached by CPA firms to conduct refund reviews. However, most are concerned that doing so will trigger an audit. That’s enough for many owners to walk away from a reverse audit even when substantial sums of refunds may be on the table. Well, most Missourians are unfamiliar with the fact that they are actually in a coveted position. They exclusive to the Show Me State which makes performing refund reviews very attractive.
Exclusive Benefits for Missouri Businesses
Missouri offers a unique opportunity to obtain refunds of sales and use taxes erroneously paid over a ten-year period. That’s more than triple the many states with a three-year statute of limitations window on refunds.
Extended Refund Claim Period
Taxpayers have ten years to claim refunds. The Department of Revenue can only look for underpaid taxes for the last three years. This is an incredibly unusual and beneficial opportunity to obtain refunds. Other states have the same or shorter time period to claim refunds as the state has to assess additional tax.
Reduced Audit Triggers
The extended period to claim refunds in Missouri reduces concerns that filing a refund claim will trigger an audit that would partially or entirely offset the refund claim. It also provides a much longer time period for bigger refunds at a time when recession woes threaten to hit businesses hard all over the state.
Manufacturing Tax Complications
Manufacturers in Missouri have a history of experiencing complicated tax rules and how they are applied.
Opportunity for Manufacturers
Missouri’s complicated tax rules for manufacturers offer an opportunity to review purchases to determine if the tax rules have been misapplied and if a refund is due.
Special Tax Exemptions
For example, Missouri exempts electrical energy used in manufacturing from all state taxes and the local use tax, but it does not exempt the local sales tax.
Contact Clarus Partners today learn more about Missouri refund opportunities and get help with other sales tax efforts.