This past week, on Tuesday, July 26th, 2016, Saul N. Friedman and Company, a leading accounting firm based in Brooklyn, New York, held its third SNFCO Business Academy event. As a first, this event was open to the public, and not an exclusive presentation to existing clients.

The event, which was held in the evening from 6:30PM to 8:30PM, at Saul N. Friedman and Company headquarters, had an incredible turnout, with over 75 business professionals, industry leaders and individuals interested in the topics presented. The attendees enjoyed a full dinner buffet and refreshments.

The topic covered during the event was “Understanding Sales Tax Procedures and Sales Tax Audits”, and was presented by Mr. Isaac Sternheim, the founder of Isaac Sternheim and Company, who is a renowned expert in the areas of tax regulations, and controversies – in particular, sales tax.

“Time and time again, we’ve heard various individuals express how they would like to learn more about sales tax regulations and what it means to their specific businesses, as this can be very complex and more so convoluted”, says Saul Friedman, CPA, founder and managing partner at Saul N. Friedman and Company.

He continued, “Even the most scrupulously run businesses need to be prepared for the possibility of a tax audit. Often times, when a business owner gets an audit notice letter from the Sales Tax Department, they needlessly panic and find themselves in a situation that they need guidance in how to handle the ordeal. We know that a sales tax audit can be a timely and frustrating ordeal, and they don’t know where to turn and what to do about it. That’s why we decided that for this edition of our SNFCO Business Academy, it should be centered on helping business owners and leaders to understand the ins and outs of sales tax regulations, and what to do when and if they are under audit.”

In his presentation, Mr. Sternheim covered many relevant topics, including “What to Expect When You Get a Sales Tax Audit Letter,” “Recordkeeping Requirements All Sales Tax Vendors Need to Know,” “Understanding How your Point of Sale System Interacts with Sales Tax and Accountability” and “How to Use Your Sales Tax Audit as a Catalyst for Change.”

Following the presentation, Mr. Sternheim opened the floor for a comprehensive question and answer session. The attendees fully utilized the time allotted for the Q&A and found Mr. Sternheim’s responses very informative to their specific questions.
Says Mr. Jacob Weinberger, of PC Hardwood Floors, who was in attendance at the event on Tuesday night, “The Academy was extremely enlightening and informative. I definitely gained a lot of clarity when it comes to understanding all the nuances and the ins-and-outs of the various different areas when it comes to sales tax. Unfortunately, time went by rather quickly and I would hope for there to be a sequel at a future SNFCO Business Academy on this exact topic, as there is so much more to cover.”

Saul N. Friedman and Company is a leading accounting firm that is based in Brooklyn, New York and serving clients all over with a variety of services. Saul N. Friedman and Company’s complete solutions include intelligent tax planning and preparation, protecting from and handling tax audits, understanding your business credit need and long-term family wealth planning. For more information about Saul N. Friedman and Company’s comprehensive services, please contact them at (718) 232-1111, email info@snfco.com or visit their website at www.snfco.com.