COMPLIANCE SERVICE OVERVIEW

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It's about data...and technology

The foundation of our managed services is our proprietary Tax Remittance and Compliance System (TRACS™). This unparalleled technology brings automation to more than just the tax return - TRACS touches each critical component of sales and use tax compliance, enabling us to provide a clean, safe, end-to-end solution for your tax compliance process.

We provide you with a worry-free, hands-off tax compliance process in which you have only two primary responsibilities: transmitting tax data and providing the funds necessary for us to remit the tax returns.

TRACS facilitates the four key functions in the compliance process:

  • Data management

    • Seamless importation of client tax data
    • Careful analysis and clean-up of tax data for return preparation

  • Return Management

    • Preparation, processing and remittance of client tax returns
    • Tracking and managing client tax liabilities, including management of credits, adjustments, prepayments and vendor's comp

  • Treasury Management

    • Determining each month's tax liability
    • Preparing and processing of payments: both check and EFT
    • Reconciling monthly tax payments to client's tax data inputs

  • Jurisdiction Management

    • Receiving, logging and prioritizing responses to jurisdictional notices and inquiries
    • Responding to and clearing notices
    • Reporting to client on notice actions and resolutions

In addition to our sales and use tax compliance, TRACS™ produces a host of powerful web reports and an on-line image library to give you peace of mind and access to information you need to manage your tax department.

ONESOURCE Sales & Use Tax managed service approaches each client's compliance requirements using the following monthly process:

Benefits

Thomson Reuters files over a million tax returns in excess of $24 billion in taxes each year for clients. Gain access to a tightly controlled, stable, consistent and predictable compliance service, characterized by:

  • Flexible Data Management making the transition non-invasive and seamless
  • Process Integrity providing a cleaner, safer and more scalable process
  • Integrated Cash Management handling all payments in a safe, controlled process
  • Web-Based Access to reports and images quickly and easily providing clients with valuable management information, data and an audit trail
  • Experience and Expertise providing peace of mind knowing that sales & use tax compliance is our front office

Industry Specialization

While ONESOURCE Sales & Use Tax managed services provides support for hundreds of clients of all sizes across an array of industries, we recognize that certain industries have unique compliance requirements. Consequently, our service offerings also address the specialized needs of unique industries (including but not limited to): telecom, equipment leasing, automotive leasing, retail, and manufacturing.

ONESOURCE Sales & Use Tax Managed Services will help your company remain focused on what really matters.