Taking a proactive approach on excise tax can make all the difference.
Companies must meet reporting requirements on all federal and state excise tax they pay, whether on heavy vehicles, motor fuel, communication equipment, airline tickets or beyond. In-house tax departments may lack the resources to meet all compliance requirements or recognize recoverable refunds.
BDO’s professionals have deep experience in conducting detailed excise tax reviews to assess internal processes and plan implementation of improvements. These reviews can include enhancements for efficiency that confirm excise tax reporting meets all requirements and includes a process to recover refunds as applicable. Reviewing this function is particularly important if a company is under audit or has a history of large excise tax assessments.
Excise tax reviews can yield cash recovery of refunds, help mitigate risk, identify gaps in internal processes and highlight opportunities for automation.