Downey, Smith & Fier has served the healthcare industry’s sales and use tax needs for the past 20 years with the universal goal to improve compliance and ensure consistency application of tax.

KEY ISSUES

Vendors Overtaxing

Different State Sales Tax rules can often create complexities and discrepancies between healthcare companies and vendors, particularly when varying tax rates are applied. These discrepancies may result in inadvertent overpayments on sales tax. DSF, with its expertise in navigating the intricacies of state tax regulations, can play a crucial role in identifying these instances of overpayment. Beyond identification, DSF also assists in the prompt rectification of these errors, ensuring that refunds are rightfully issued to hospitals. This proactive approach not only helps hospitals recover overpaid taxes but also fosters transparent and accurate taxation processes between vendors and their healthcare clients. By partnering with DSF, healthcare companies can streamline their financial operations and establish a reliable framework for sales tax compliance.

Product Taxability

In the constantly changing world of taxation, dealing with outdated regulations and shifting state policies can present intricate hurdles, especially concerning the taxation of new products and emerging technologies. DSF stands well-prepared to efficiently adapt to these evolving tax scenarios, ensuring that your products remain in conformity with the latest revisions in state policies. This adaptability, in turn, fosters compliance and greater accuracy in the tax treatment of your products, offering you the peace of mind that your business operations consistently align with current regulatory standards. Additionally, our commitment to staying current with tax laws positions your organization to proactively address potential compliance concerns, thereby enhancing your overall financial efficiency and regulatory adherence.

Reoccurring Overpayments

While our team can identify and process your refund for overpayments, it’s essential to address the root issue to prevent future occurrences. At DSF, we don’t simply tackle existing tax challenges; we actively work towards their prevention. This includes evaluating the tax status of products in your system, working closely with vendors to ensure precise tax categorizations, and conducting a training session for your team to enhance their understanding of healthcare product and service sales tax regulations.

SERVICES OFFERED

DSF provides the following specific services to support healthcare:

Product taxability determinations:

• • DSF provides clarity on the tax status of your medical products, cutting through confusion and minimizing potential errors.

Audit assistance & support:

• • Our dedicated team is by your side when facing tax audits, ensuring you’re well-prepared to handle any hurdles that might arise.

Recovery services (for hospitals/medical centers and sellers facing audit assessments):

• • DSF excels at identifying instances where unintentional tax overpayments have occurred, working efficiently to reclaim these excess payments for you.

Provider / seller product taxability reconciliation:

• • Leveraging our understanding of available exemptions, we strategically optimize their application to effectively reduce tax liabilities and enhance savings.

Training & compliance support:

• • Product taxability updates to client’s Item Master or Product Catalogue.
  • Services to coordinate correction of vendor tax billings for overpayment products.
  • 2-4 hour Training with presentation materials customized to the audit results.
  • Accounts Payable and Purchasing Reference guide.

HIDDEN REFUNDS

The products your company uses daily could potentially qualify for tax savings you might not be aware of. With over 20 years of experience serving healthcare clients, we’ve uncovered exemptions for specific medical products that were previously thought to be fully taxable. Our firm has a strategic approach to exempting a portion of your tax on IV supplies purchases. Additionally, as tax rules and regulations evolve, new opportunities for exemptions may arise, and we’re here to assist you in seizing those hidden refunds.

WHY DSF?

Choose Downey, Smith & Fier (DSF) as your trusted tax consultant for hospital tax refunds, and benefit from over 20 years of dedicated service to some of California’s largest healthcare institutions. DSF excels in improving compliance and ensuring consistent tax application, addressing key issues like vendors overtaxing and product taxability. Our proactive approach identifies and rectifies overpayments swiftly, fostering transparent vendor-client relationships. DSF offers comprehensive services, from product taxability determinations to audit assistance, recovery services, and ongoing training. Our expertise in navigating complex tax regulations ensures your hospital’s financial operations are streamlined, compliant, and primed for cost savings. With a proven track record, industry-focused team, and a strategic approach to hidden refunds, DSF stands ready to optimize your tax outcomes, providing peace of mind and tangible financial benefits for your healthcare business.

For immediate assistance contact Roderick Calub or call (562) 249-6013