Tax and benefit services

RACE

Expertise
Sometimes it feels like state and local tax compliance is an all out competition!

Trying to keep up with state and local tax law changes, understanding new services or products being sold or purchased by your business, and managing state and local tax audits seems like a never-ending race. McDonald Hopkins’ multistate tax practice can help you win that race with our R.A.C.E. - Refund Analysis & Compliance Evaluation service. R.A.C.E. is a joint effort with you and your team, with the goal of identifying and recovering any overpaid taxes or unpaid taxes.

Benefits of running a R.A.C.E.

  • Recover overpayments with little risk and effort 
  • Provides a “check-up” for your compliance practices and positions 
  • Identify and resolve underpayments prior to discovery by a state tax auditor who may assess the tax with penalties and interest. 
  • Basis for continued future savings by identifying the root causes of the non-compliance.

Who is a good candidate for R.A.C.E.?

Do you pay substantial state and local taxes? Are you currently under audit, or have been recently audited? Do you want or need a check-up on your past compliance? If so then you are a good candidate for R.A.C.E. Successful R.A.C.E.s have been run for businesses in the following industries:
  • Manufacturing
  • Retail 
  • Construction
  • Insurance
  • Banking
  • Leasing
  • Restaurant
  • Hotel
  • Printing
  • Transportation
  • Distribution and wholesale

R.A.C.E. can be performed for the following taxes:

  • Sales
  • Use
  • Real Property
  • Personal Property
  • Gross Receipts
  • Income
  • Franchise
  • Unclaimed Property

Stages of a R.A.C.E.

Stage 1: Initial exam

Our experienced tax professionals will review the your business operations to gain an understanding of your principal transactions, legal structure, past compliance procedures, internal controls, past and current audit history, and past refund history. The goal of Stage 1 is to estimate any potential overpayments or underpayments to determine how we will run the rest of the R.A.C.E. We will move to Stage 2 when there is mutual agreement regarding the issues to pursue.

Stage 2: Documentation review

Based on Stage 1, we will develop and implement an action plan to review and capture the appropriate detail to document the amounts to be requested as part of any refund claim. All refund claims will need your approval before we proceed to Stage 3.

Stage 3: Refund management

Based on Stage 2, we will complete and file the necessary refund claims or amended returns along with the necessary support documentation. Our focus is to provide the appropriate information to the taxing jurisdiction so that it can make informed decisions without needing additional documentation. We will monitor the refund claims to ensure they are processed as expeditiously as possible.


Attorneys

Attorneys

David M. Kall profile image

David M. Kall

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