Background
Jerry Tax Recovery Services

COVID-19 UPDATE: RISK MITIGATION DURING A SALES TAX REVIEW

Recovering overpaid GST/HST and QST may be safely done during COVID-19!

By selecting TRS instead of a larger firm, your organization may reduce the risk of COVID-19 spread to your employees. Here's how:

  1. Jerry Pencak, the firm's principal, "personally" completes all reviews and would be your only face-to-face contact during a tax review. Firms having a higher number of contacts/mployees are presumed to present greater risk of COVID-19 spread.
  2. TRS is home-office based. Employees of larger firms located in commercial towers may have prolonged and close interactions with other employees and third parties in their office, elevators, stairways, and lobbies. Person-to-person COVID-19 spread is more likely with prolonged and close contact.
  3. The workplace of larger firms may be crowded and have a high density of employees. A crowded workplace is presumed to have greater risk of COVID-19 spread.
  4. In larger firms, a higher frequency of contact by employees may exist with high-touch items which are presumed to have greater risk of COVID-19 spread (i.e. central printers/copiers, kitchen appliances, etc.).

TRS PRACTICES

  1. Physical distancing (2-metre) and face-to-face interactions with client's employees only when necessary.
  2. Use of personal protective equipment, including non-medical masks (NMMs) and medical gloves.
  3. Immediate disclosure of any symptoms of COVID-19 to client.
  4. Frequent use of hand hygiene products approved by client.
  5. Cleaning of client's workstations and equipment (i.e. central photocopiers/printers) after each use.
  6. Reduction in touching common surfaces in client's office.

TRS AUDIT APPROACH

Review of client's electronic data (i.e. A/P transactions, GL sales tax accounts) would be completed at the TRS office. Client may transfer files to TRS using WeTransfer software or courier a USB drive.

Where vendors' invoices by scanned by client, TRS would access client's server to print selected invoices, otherwise, hardcopy invoices would be photocopied while at client's office.

Founded in 1994, TRS Tax Recovery Services Inc. is a 'boutique' sales tax consulting firm which helps large companies across Canada recover overpaid GST/HST, QST, and PST.

As the firm's principal, I have over 25 years of experience in sales tax recoveries and "personally" complete all reviews. My tax experience is supplemented by 12 years of experience in previous financial positions with Fortune 500 and Globe Top 1000 industry leaders.

Choosing a sales tax consulting firm for your tax review can be challenging when the market is saturated with firms; business development representatives are professional; and websites are impressive. That being said, it can be difficult to determine which firm is the best fit for your needs.

Why choose TRS:

Experience
Maximizing tax savings is primarily a function of a tax consultant's experience - not the size or name of the firm! I have the specific skills, experience, and expertise in sales tax and financial accounting required to maximize tax savings for your company.

Work only with one expert
It's a one-to-one relationship working with TRS. I "personally" complete all reviews. I would work with you and your staff from our first meeting through completion of your review. With other firms, you may deal with a business development representative and work with one or more tax consultants who are employees or subcontractors having varied levels of experience in sales tax and financial accounting.

In-depth sales tax knowledge
Sales tax legislation is complex. My career in sales tax recoveries began in 1991. Based on over 25 years of experience, I am able to identify and maximize tax savings for your company.

Hands-on
A sales tax review is narrow in scope. As the firm's principal, I would complete a comprehensive examination of your company's accounts payable and general ledger electronic data; hard and/or soft suppliers' invoices; and other relevant accounting documents. An effective audit approach would be used whether your electronic data includes 1,000 or one million accounts payable transactions. You could rest-assured that a thorough examination of your records has been completed.

Efficiency
I would complete your review in an efficient and timely manner with minimal disruption to you and your staff. Your report would be completed within (7) days of completing the field review. My field time would be exclusively focused on completing your review in its entirety before any field time is expended on reviews for other clients.

Cycle
I would recommend that your review be completed every 12 months to ensure prompt recovery of overpayments in sales tax. This cycle would also enable you to take corrective actions in respect to any areas of non-compliance which may have been identified. Furthermore, I would be the same consultant who would complete your review each year which provides for a more efficient review. With other firms, you may find that the consultants assigned to your review may change from year-to-year.

Client-facing culture
As the firm's principal, I provide a 'personalized' service. During your tax review, I would be most approachable; provide assistance on any sales tax questions that you and your staff may have; and keep you informed of my progress, tax savings, and exposure. Numerous testimonials reflect on the consistent level of service which I have provided to clients since 1994.

Long-term relationship
I am committed to 'personally' providing exceptional service and maximizing tax savings for your company over the long-term.

Fees
Based on 25% of tax savings.

TRS may be the best fit for your needs! Please contact me if you have any questions.

Yours truly,

Jerry

Jerry Pencak, CPA, CGA
President