Understanding Filed Returns

Once returns are successfully filed within the Managed Returns platform, users gain access to detailed summaries encapsulating crucial information about the filing. Understanding the components of filed returns, including jurisdiction details, approval status, and comprehensive tax information, is vital for effective record-keeping and compliance tracking.

Components of Filed Returns:

• Jurisdiction Details:

  Identify the specific tax jurisdictions for which the returns have been filed. This includes state or regional information to ensure accurate tracking of your tax obligations.

• Filing Period:

  Understand the period covered by the filed returns. This information helps in aligning your tax records with the corresponding time frame and facilitates periodical analysis.

• Approval Status:

  Review who approved the returns within your organization. Approval status provides insights into the internal review process and ensures accountability within the filing workflow.

• Filing Timestamp:

  Know the exact timestamp when the returns were filed. This information aids in maintaining a chronological record of your filing history and compliance activities.

• Tax Information:

  Access detailed tax-related data, including:

  • Gross Sales: The total sales revenue before any deductions.
  • Taxable Sales: The portion of sales subject to taxation.
  • Tax Payable: The amount of tax owed based on the taxable sales.
  • Adjustments: Any modifications made to the original tax calculations.
  • Amount Paid: The total payment made toward the tax liability.

  • Tax Under-Collected: Instances where collected tax falls short of the calculated amount.

    
    

• Attachments and Supporting Documents:

  Explore any attached documents, receipts, or additional information submitted alongside the filed returns. These attachments provide supporting evidence and context to your filing.

Benefits of Understanding Filed Returns:

• Compliance Verification:

  Verify that your filed returns comply with the specific requirements of each tax jurisdiction. Ensure that the information aligns with regional regulations.

• Audit Preparedness:

  Maintain comprehensive records for audit preparedness. Accessing detailed information about filed returns facilitates a seamless response to any audit requests.

• Financial Analysis:

  Leverage the tax information provided in filed returns for financial analysis. Gain insights into your sales, tax liabilities, and adjustments over different filing periods.

• Record-Keeping:

  Use the filed returns as a central part of your record-keeping strategy. Easily retrieve historical data for reference, analysis, and internal reporting.