Alpharetta, GA - TaxConnex, Inc today released the results of a new survey finding that the increasing sales tax complexities, growing nexus, limited resources and additional audits are among the top worries of financial professionals in 2021.
The nationwide survey, conducted by Porter Research Group in November of 2020, is composed of responses from 100 top finance professionals on their thoughts and experiences in managing sales tax.
“We had several theories about what finance professionals were dealing with when it came to the pandemic and managing their sales tax compliance post Wayfair, but we wanted to validate those theories,” explained Brian Greer, CRO of TaxConnex. “Utilizing Porter Research to conduct this survey helped us put numbers behind those theories but also revealed some great information on what finance professionals are struggling with, and we are excited to put these results into practice to help out in the future.”
Survey highlights include:
- 65% of companies plan to grow across state lines in 2021
- 71% of companies are not fully satisfied with their current approach to sales tax
- The top two sales tax worries of respondents heading into 2021 are having the right knowledge and resources on staff and keeping up with changing nexus rules in each state
- 47% of respondents manage the filing and remittance of their sales tax internally
“The US Supreme Court decision in South Dakota v. Wayfair created the largest change in sales tax in over 50 years. Combined with a global pandemic that created a new way of working and greatly increased online sales for many businesses, there are many things businesses are struggling with to keep up,” said Greer. “TaxConnex provides a service to remove the sales tax burden from the businesses where sales tax has become too much to manage in-house.”
Check out the updated results as we again surveyed financial executives for their 2022 thoughts and worries! 2nd Annual Sales Tax Survey Results