Sales tax concerns if you sell through multiple channels
Businesses have new ways to sell today, as marketplaces such as Amazon, TikTok and the business’s...
Findings from the third annual Sales Tax Market Survey indicate that a perfect storm is brewing for financial leaders in the new year. Companies still struggle to navigate workforce shortages and retention of internal expertise, yet they remain highly dependent on in-house resources to perform many of the vital functions related to sales tax. Their resources are stretched thin, and bandwidth is reported to be the top barrier for success.
Companies also struggle to keep up with the ever-changing tax rules across state, county, and city jurisdictions, while they also continue to expand their businesses online and across states.
And finally, global economic uncertainty is wreaking havoc on long-term planning, resulting in hiring freezes, threats of lay-offs, and a decline in consumer and corporate spending. The idea of doing more with less is being taken to a whole new level, and the future doesn’t show any signs of this reversing.
This report provides an in-depth analysis of the findings from this year’s research study of more than 100 financial leaders in hopes of highlighting the current state of the industry and helping to motivate leaders to explore new opportunities for improvement in the coming year.
When looking at variants by industry, the software and construction industries are most concerned about keeping up with changing nexus results in each state. In the coming year, being audited tops the worries of retail/ecommerce respondents. Perhaps this is due to the continued expansion of online sales. Manufacturers are equally concerned about keeping up with changing nexus rules and understanding the taxability of their products and services.
For more responses or further details on this data download our eBook – Third Annual Sales Tax Trends Report.
Businesses have new ways to sell today, as marketplaces such as Amazon, TikTok and the business’s...
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