Sales tax compliance is riddled with risk. Failure to comply with the applicable sales tax rules can have a devastating effect on a business, but they’re often overlooked because they’re considered “pass-through” as the business is responsible for collecting the applicable taxes which pass through the business and are subsequently turned over or paid to the states. While these pass-through taxes are not meant to create a financial burden on a business, failure to comply can create significant risk and managing the obligations can be a burden to the team who has to manage them.
5 min read
The importance of Documenting Your Sales Tax Compliance Process
Topics: sales tax compliance sales tax
3 min read
Kentucky now taxes a range of services
“Services” are generally not subject to sales tax while tangible personal property generally is subject to sales tax. This over simplification can get you sideways in various states as there are lots of exceptions to these general rules. Kentucky is the latest in terms of taxing specific services.
Topics: sales tax compliance sales tax taxability economic nexus
3 min read
The Big 3 Barriers to Managing Sales Tax
Think you’re the only one worried about sales tax compliance? According to our third annual Sales Tax Market Survey you’re not.
Topics: sales tax compliance sales tax CPA
3 min read
5 Key Findings from TaxConnex’s 3rd Annual Sales Tax Trends Report
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.
Topics: sales tax compliance sales tax sales tax news
5 min read
What was new in December for state sales and use taxes
There’s always something changing in the world of tax, especially sales tax. Here’s a review of some of the recent changes and updates.
Topics: sales tax compliance sales tax sales tax news
4 min read
What to know about responsible party laws
We hear a lot about “sales tax obligations,” but who exactly in your company is “obligated?”
You are, at least in many states.
Topics: sales tax compliance sales tax CPA
2 min read
3rd Annual Sales Tax Market Research Survey Results Released!
We have completed our third annual survey of top financial professionals on how they are managing sales tax. This year’s results reveal a perfect storm is brewing for financial leaders who continue to depend on internal resources even though expertise and bandwidth is lacking while companies struggle with the current economic climate, rising inflation, and a tight job market.
Topics: sales tax compliance sales tax CPA
4 min read
The Sales Tax Requirements of Selling Into Canada
U.S. sales tax is confusing enough. What if you begin selling into a foreign country? You’ve heard it before that US sales & use tax laws are some of the most confusing, but how are things done with our neighbor to the north? Especially for the northern states, having customers or clients in Canada can happen easily, but do the same rules apply? Is it easier to understand?
Topics: sales tax compliance
6 min read
What happened in sales tax in 2022
New sources of tax revenue, old ones robust but sputtering in spots, tax holidays as political tools amid inflation: It’s been a year of new trends in sales tax.
Topics: sales tax compliance sales tax sales tax news
4 min read
What is a sales tax exemption?
Sales and use tax nexus is defined as a connection between a person or entity and a taxing jurisdiction. Sales tax nexus is the basis for all your sales tax decisions because without sales tax nexus you have no further obligation to a state.
Topics: sales tax compliance sales tax
4 min read
Managing Transactional Taxes as Your Business Grows Globally
You may think that selling outside the U.S. spares you the complexities and headaches of sales tax thresholds. And you’d be right – except that in many countries you’d instead run into value-added tax (VAT) on transactions.
Topics: sales tax compliance sales tax sales tax news
4 min read
Calculation and Compliance: The Importance of Having Both in Your Sales Tax Process (But Not Necessarily By the Same Provider)
Understanding the various aspects of your sales tax process is critical to keep your business on solid ground as it relates to sales tax and minimize your risk.
Topics: sales tax compliance sales tax sales tax calculation
5 min read
What was new in October for state sales and use taxes
There’s always something changing in the world of tax, especially sales tax. Here’s a review of some of the recent changes and updates.
Topics: sales tax compliance sales tax sales tax news
5 min read
Top Tips to Prepare for an eCommerce Audit
*as previously posted on the Retailist – check out the article there - https://retailistmag.com/top-tips-to-prepare-for-an-ecommerce-audit/
Data shows that the likelihood of your business being audited is low, but that likelihood has been increasing in recent years. If you sell online across multiple states and have met economic thresholds or have a physical presence, you definitely don’t want to take that chance.
Topics: sales tax compliance sales tax audits ecommerce
2 min read
Accounting firms and sales and use tax advising: Perfect together?
In our blog last week, we looked at how sales and use tax advisory services might be a good new field for CPAs and accounting firms. How can they go about making the move?
