Sales tax filing and reporting rules vary between jurisdictions in material ways. Each state has unique filing schedules, forms, payment thresholds and other administrative requirements that can trip you up. Here are some common filing and registration errors and what you can do about them. 1. Not knowing nexus The connection between a company and …
Reposted from Avalara.com Preparing for an audit is more than a defensive strategy employed by smart companies. Audit readiness creates accountability between departments and core functions and ultimately strengthens and protects the bottom line. Here’s why being prepared is crucial: Wakefield Research found that a typical negative audit can cost a business more than $96,000. …
Audit Preparation: How to Stay on the Auditor’s Nice List Read More »
Did you know that the way your tax rate tables are set up in your ERP system can make or break your business? Do you know how their set up for your business? That’s because most rate tables are based on ZIP codes. And ZIP codes can be completely inaccurate. Like using a tricycle to …
Your ZIP code might be creating audit risk. Here’s why.. Read More »
Think that just because you’re not a retailer you don’t owe sales tax? Think again. More and more traditionally non-taxable transactions are being taxed all over the US. If you’re not up to date, you could have been charging wrong rates (or not charging at all) all this time. Or worse, you could have been …
Tax Exempt Sales – Read These “Rules of the Road” Read More »
Many companies choose to invest in an Enterprise Resource Planning (ERP) system to unify business processes. An ERP system affords greater visibility and control over your business processes and ensures better compliance across operations. The centralization and automation of core functions means an easier way to monitor all aspects of business and lays a strong …
The Important Business Function Your ERP System CAN’T Do Read More »
Choosing the right ERP system that’s going to get the job done for your business is a tall order. Successfully implementing that system so it properly adds value to your business requires a great deal of forethought and consideration of the impact the system will have on all departments. But it’s not just the impact …
Implementing an ERP System – 4 Tax Issues to Consider Read More »
Choosing the right ERP that’s going to get the job done for your business is a tall order. Successfully implementing that system so it properly adds value to your business requires a great deal of forethought and consideration of the impact the system will have on all departments. But it’s not just the impact the …
Choosing an ERP System: Tax Compliance Considerations Read More »
Someone walks into your business claiming to be sales tax-exempt: How do you handle it? If your business provides products and services through distribution, manufacturing, wholesale, or retail, the risk of a sales tax audit is high. Many businesses in this industry are audited solely because they work with exemption certificates. The sheer nature of …
As the company’s tax manager, it’s your job to ensure your business is financially fit. You probably never thought to compare a sales tax audit to the Olympic Games. Surprisingly, the two events have a lot in common. If you’ve ever been through an audit, you know it’s a grueling test of will, strength, and …
The supply chain is one of the trickiest areas to navigate in the world of sales tax compliance, often involving sales tax, use tax, exemption certificates, and headaches. Creating a tax-efficient procurement process is the best way to protect your business in this often high-risk audit environment. But where do you start? We sat down …
