Tips for More Efficient Sales Tax Compliance Management
The legal and economic conditions surrounding sales tax have changed drastically over the past three years. The monumental Wayfair v. South Dakota ruling established that businesses do not need a physical presence in a state to have sales tax requirements. Instead, states can require remote sellers to collect sales tax if they pass a dollar or transaction threshold (i.e., economic nexus).
Initially, states were slow to enforce new requirements. However, due to unprecedented revenue shortages caused by the COVID-19 pandemic, states are scrambling to restore lost revenue, and sales tax violations are an easy target. Businesses should be hyper-aware of their sales tax obligations and possibly review or update compliance strategies. Yet, managing sales tax compliance can be a real headache and cost your company valuable time and money.
Thankfully, this past Wednesday, PMBA’s Chris Vignone, Avalara’s Daniel Moser, and T-Mobile’s Terrance Perry sat down for a webinar to discuss current best practices for managing sales tax compliance in 2021.
The expert panel covered the current landscape of US sales tax, understanding sales tax compliance beyond just tax rates, audits (both avoiding and managing them), utilizing emerging technologies to automate compliance, and much more. Additionally, Terrence shared his experience working as Director of Tax Operations at T-Mobile. He provided best practices for managing large customer bases while staying compliant, as well as examined the impact of complex nexus issues during M&As!
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