Sales tax can be hard, especially for growing businesses. Your sales tax process has worked for you in the past, so why worry about it, right? Wrong! As a business grows and expands into new markets, its sales tax obligations become more difficult to manage effectively. Some activities that increase the difficulty of complying with changing sales tax rules include:
• Selling into new states
• Selling over the web
• Selling new products or services
• Deploying new ERP or POS software
• Failing to adapt compliance activities to changing rules and regulations
If you have paid attention to the news lately, then you know that states are strapped for cash and hungry for revenues. They are turning to sales tax to help recoup those costs, and looking for companies that are not paying attention to the nuts and bolts of sales tax. Out-of-state companies that unknowingly create nexus in multiple states are an easy target for auditors looking to cash in on uncollected taxes, fines and penalties.
You may think you have a handle on sales tax, but are you confident that you will be ready when an auditor comes knocking? Read this free whitepaper on the Top Ten Sales & Use Tax Tips for 2013 to see if you are covered.
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