Sales Tax Compliance | Common Pitfalls and How to Avoid Them
Can’t watch the video? Get the transcript.
If you think sales tax compliance is only an issue for retailers, you might be in for an unpleasant (and expensive) surprise. In this Ask the Experts episode, Sales Tax Compliance Director and practice leader Cheryl Ganim and leading Sales Tax Compliance pro Ryan Lauer talk common sales tax compliance pitfalls, how to avoid them, and what industries should be concerned (it’s almost all of them).
The 2018 Supreme Court decision on Wayfair vs. South Dakota changed the game across the entire country. Before this decision, businesses had to have a physical presence in a state for that state to subject the business to its sales tax regime and require it to charge, collect, and remit the state tax.
The decision in favor of the state of South Dakota set the precedent for other states to change their rules, saying if a company has an economic presence in the state, they’re benefiting from the state; and so require those out-of-state businesses to collect the state’s tax and remit it. It’s a game-changer because it thereby enables states to generate income from businesses that don’t have a physical presence within their borders.
Looking for more insights into sales tax compliance? See how outsourcing and automation can help you ensure compliance while freeing up your team’s resources. You might also be interested in how remote working might impact your business’s tax withholding.
If you’re concerned about how the rapidly changing landscape of sales tax compliance might impact – or already be impacting – your business, connect with us today for a free consultation with one of our top sales tax compliance pros. As always – we’re here to help.