Companies that qualify for an exemption may also qualify for a tax refund. The amount of the tax refund is affected by several factors.
PeriGrow has hands on experience across sectors and have helped companies to prepare and file documents for Tax refund. There are many factors which need to be considered before applying for a tax refund.
The first being, Exempt Percentage, once a company has met the state’s requirements, they are awarded with a percentage of exemption. In general, this is tied directly to the results of the utility study.
The second is Time on Tax, the amount of time that the company has been paying taxes for a facility/service or offering also affects the amount of the refund. If a facility was previously exempt, for example, the recovery period can only go back to the time when the exemption was lost.
Finally, the Change of Ownership, while filing for a utility tax refund, it is often necessary to provide copies of utility invoices from previous years. A change in a company’s ownership can sometimes limit access to these invoices and, thus, reduce the refund amount.
Apart from helping you claim tax refund PeriGrow also offers superior Tax Reconciliation services. Through this we help you frame all the necessary documents in correct format to help you successfully claim tax refunds year after year.