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...
Blog authored by Scott Schwertner, National Director of Sales and Use Tax for Invoke Tax Partners.
With extensive experience in both the industry and sales tax consulting side, Invoke Tax Partners National Director of Sales and Use Tax, Scott Schwertner, knows how difficult it can be for businesses to get sales tax right on every transaction. It is common for businesses across the United States to pay sales tax and accrue use tax on purchases that are not taxable, resulting in an unnecessary hit to their bottom lines each year. Businesses often struggle to keep up with and take full advantage of the available exemptions for their industry or state. Even those with a sophisticated tax matrix can have errors within, mis-code transactions, or not have the time to analyze the volume of transactions being run through the tax matrix. Periodically reviewing these purchase activities can often identify significant refund opportunities for businesses.
Some of the benefits of an overpayment review are listed below:
If you have undergone changes in your Accounts Payable personnel, installed a new ERP system, implemented a new tax matrix, completed an acquisition, had a recent increase in tax accruals, or just want confirmation you are only paying what is legally due, a sales and use tax overpayment review should be considered.
If you’re looking for help in how to get started with this review, get in touch with Invoke Tax Partners. If exposure is found and you’re looking to find news ways to manage sales tax so you don’t experience these issues, get in touch with TaxConnex!
Businesses have new ways to sell today, as marketplaces such as Amazon, TikTok and the business’s...
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