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Petroleum Products

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State Tax

Company: Petroleum Products
 
Ownership: Private
 
Service: Complimentary Tax Check-up

What True Partners did

True Partners conducted a comprehensive tax assessment which resulted in identifying and establishing accounting and operational controls necessary to safeguard its revenue-sharing agreements against future challenges from the state of Illinois. True Partners was instrumental in persuading the Illinois Department of Revenue to reinstitute a revenue-sharing agreement for all periods after January 31, 2009. Additionally, True Partners is providing ongoing litigation support to Sidley Austin, which is representing the company against the Illinois Department of Revenue in the Illinois court system.

Benefit

  • Will recover $2.4 million in revenue-sharing monies due retrospectively
  • Potential to void a $23 million sales and use tax audit assessment levied by the Illinois Department of Revenue

Contact Information: Managing Director
Don Bast
312.235.3301
Don.Bast@TPCtax.com

 

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