We set ourselves apart by performing 100% accounts payable reviews performed by teams that specialize in the subject matter under review. This led to our ownership of the Sales Tax Refund market and our expansion into other refund-related services:
Sales Tax - MN: 65% of all state and local sales tax refunds due are not paid. This translates into an estimated $85 million in tax left unclaimed each year! There are eleven areas of Minnesota sales tax that have potential for refunds. Two of the most widely defined areas are capital equipment and repair parts. Minnesota is one of only two states that taxes an item in advance, leaving it incumbent on the company to then apply for a refund which is often overlooked or miscalculated. This is only but two of the eleven areas where Minnesota manufacturers are due refunds.
Sales Tax - Nationwide: While Minnesota ranks number one nationally for recoverable sales tax paid in error, many other states are also well known for client over payments or accrual errors. ThreeFive has reviewed and submitted claims utilizing its methodical sales tax recovery service for clients in over 30 States.
State Audit Defense: Sales and use audit activity is on the increase as states are looking for greater revenues. Often corporate accounting staff is too understaffed and unprepared to handle an audit, including the audit sample selection and the audit defense. ThreeFive has over 80 people years of State DOR – sales and use and reverse audits and has successfully performed numerous audit defenses.
Energy Consumption Audits: As corporate facilities change, so does the need to prevent over taxation of utilities consumption: electricity, natural gas, and water and sewer. ThreeFive can recover both current and past monies paid against utilities for the time frame allowed by state statute. We contract with a specialized engineering and sales tax audit team to analyze rate options, special zone pricing, load factor credits, peak versus off peak consumption, and uncover errors or overcharges on past billings.