TaxConnex

DECEMBER 23, 2021

If you and your company haven’t been hit with a sales tax audit yet, congrats. In TaxConnex’s recent market survey more than one in four (26.7%) top finance professionals in a variety of industries report seeing an increase in state sales tax audits in the past two years. Sales Tax Audit Triggers. The notice arrived – now what?

audit 167

audit Sales Tax auditor 167

TaxConnex

SEPTEMBER 2, 2021

Managing a sales and use tax audit can be challenging. Good news and press for your business could also put you on the radar for auditors. Many companies’ documentation is poorly organized and hard for an auditor to interpret. Be sure you have your documentation in order before the auditor shows up.

audit 165

audit Sales auditor Tax 165

TaxConnex

FEBRUARY 3, 2022

Sales tax has evolved a lot in recent years. So has the sales tax audit. According to the Tax Policy Center, money collected from sales tax can be the leading source for many jurisdictions, constituting 25% to 35% of a state’s revenue. Many events can ignite a sales tax audit. And why not? Are they happening more often?

audit 172

audit Sales Tax auditor 172

CPA Practice

APRIL 9, 2024

The domestic sales tax landscape in the United States has been in a constant state of flux over the last decade. In fact, the 2023 Vertex End-of-Year Sales Tax Rates and Rules report shows that a total of 444 sales tax rate changes took place across all U.S. Sales taxes on services don’t seem likely for 2024.

Sales 110

Sales Tax Minnesota Tennessee 110

TaxConnex

FEBRUARY 23, 2021

M any industry experts believe that as state tax revenues continue to dry up from the economic shutdown and continuing pandemic , state sales tax audits are likely to increase sharply in the coming months. In Alaska, municipalities are steadily banding together to impose their own sales tax in a state that doesn’t have one.

audit 130

audit Sales Tax auditor 130

TaxConnex

SEPTEMBER 15, 2022

If you are a business that must collect and remit sales tax, an audit is probably one of your biggest fears. Rightly so: Sales tax audits can find fault with a variety of your operations and can cost you big– if the determination goes against you. Determining where you have nexus is key to determining your sales tax liability.

audit 162

audit Sales Tax auditor 162

TaxConnex

OCTOBER 4, 2022

So you’ve done the smart thing and determined that your company has sales tax obligations in various states. Now you must collect, file, and remit sales tax in multiple states. You then need to create a billing process to apply tax to your invoice, manage your sales tax-exemption certificates and prepare and file sales tax returns.

Sales 130

Sales Tax tax return Colorado 130

CPA Practice

MAY 17, 2024

Prior to the widespread adoption of ecommerce, handling sales and use tax was relatively feasible for businesses, especially those with limited customer bases or geographical scopes. This typically involved reporting to a small number of jurisdictions and dealing with occasional changes in sales tax rules or rates.

Sales 52

Sales Tax Technology audit 52

TaxConnex

APRIL 11, 2023

If you are a business that must collect and remit sales tax, an audit is probably one of your biggest fears. In fact, our annual survey of financial professionals on sales tax trends has ranked sales tax audits as a top worry for the third year in a row. If the number of audits has remained the same, why is it a top worry?

audit 130

audit Sales Tax auditor 130

Insightful Accountant

MAY 10, 2023

Zamp's team includes former state auditors, sales tax experts, research specialists and first employees of Stripe-acquired TaxJar & Vista-acquired Avalara.

Sales 120

Sales auditor Tax 120

TaxConnex

JUNE 27, 2023

Staying on top of your sales tax obligations is crucial to maintaining compliance and avoiding costly penalties. However, navigating the complex world of sales tax filing is a lot for a business to manage without the right expertise. Software cannot provide personalized advice or handle complex sales tax situations that may arise. 

Sales 130

Sales Tax auditor tax return 130

TaxConnex

JUNE 15, 2021

Why are you paying more penalties for missed notices and late payments than you were before you started working with your sales tax vendor? The good news is there are other providers that put the client first and ensure sales tax is managed correctly. Will you help me monitor my sales tax obligations? in every state?

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Sales Tax audit tax preparation 228

TaxConnex

DECEMBER 21, 2021

Staying on top of the ever-evolving sales tax landscape takes constant time and attention. But how does that impact your sales tax compliance and is there a way to lighten the load on your finance teams who may already be feeling the pain of doing more with fewer and fewer resources? What’s ‘Great’ about it?

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Sales Tax cpa firm CPA 174

TaxConnex

OCTOBER 25, 2022

There’s always something changing in the world of tax, especially sales tax. The Urban Institute told news outlets that 25 states recently reported year-over-year declines in sales tax receipts, a jump of more than a third in just a month. Nationwide, sales tax receipts were up 1.5% Inflation bites. year-over-year as of June.

South Dakota 130

South Dakota Sales Tax South Carolina 130

TaxConnex

OCTOBER 26, 2021

When we talk with businesses about sales tax compliance, we eventually get to a discussion about preparing and filing returns. However, I encourage businesses to consider the myriad aspects that need to be managed including updating your tax filing calendar, managing sales tax notices, monitoring their nexus thresholds, etc.

Sales 179

Sales Tax audit auditor 179

Going Concern

MAY 19, 2023

Each received the same set of questions, aimed at measuring what share of crypto’s upper echelon employs a third-party auditor and has an independent board. Around half of the businesses surveyed currently engage an independent auditor to assess their finances, the findings showed. Chinese companies switch auditors to avoid U.S.

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auditor audit accounting and finance South Carolina 105

TaxConnex

DECEMBER 10, 2020

States may be getting tougher on sales tax delinquents as the pandemic drags on and tax revenues, in many places, take hits. area company must pay back more than $95,000 after pocketing sales tax money owed to the state, according to authorities. TaxConnex provides services to become your outsourced sales tax department.

Sales 157

Sales Tax Ohio Nebraska 157

Going Concern

JULY 31, 2023

Market concentration in the consultancy industry came to a head this year after it was revealed PwC partners had misused information by passing on confidential Federal Government information to clients, sparking the sale of its consulting business to Allegro Funds to $1. and Congressman Jason Smith, R-Mo., That’s all I’ve got.

auditor 98

auditor Account accountant accounted 98

Going Concern

MARCH 31, 2023

auditors who believe their part of the firm could end up weakened by a deal. accountants and auditors last year climbed at their quickest pace in recent years, but industry observers say increasing pay alone may not be enough to remedy a national shortage of accountants. John King and Frank Mahoney, senior U.S.

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auditor audit Virginia Technology 105

ThomsonReuters

MAY 12, 2022

What triggers a sales tax audit and how do you reduce the risk of an audit? Almost all companies undergo a sales tax audit at some point. This sales tax audit guide can help indirect tax teams avoid common audit triggers and manage the sales tax audit as smoothly as possible. What is a sales tax audit?

audit 105

audit Sales Tax auditor 105

TaxConnex

APRIL 28, 2022

In years past, auditors could show up at your door asking to look at your records. Many audits are conducted remotely, and an auditor never visits your office. Audits remain an important tool for tax jurisdictions to evaluate the level, or lack thereof, of sales tax compliance within a business. Now that’s much less common.

audit 174

audit auditor general ledger Minnesota 174

TaxConnex

AUGUST 8, 2023

Valid exemption certificates from your customers are critical in managing your overall sales tax risk. Under audit, an otherwise exempt sale will be deemed taxable without such documentation. Review your records as an auditor would by looking for exemption certificates that align with exempt transactions.

auditor 130

auditor audit Tax Sales 130

Going Concern

APRIL 7, 2023

Client warns consultants about using ChatGPT-like bots for proposals [ Australian Financial Review ] Consulting firms risk misrepresenting what their firms can and cannot do when using artificial intelligence chatbots to develop sales proposals, a procurement specialist has warned. appeared first on Going Concern.

auditor 105

auditor chartered accountant audit accounting and finance 105

CPA Practice

APRIL 25, 2024

The domestic sales tax landscape in the United States has been in a constant state of flux over the last decade. In fact, the 2023 Vertex End-of-Year Sales Tax Rates and Rules report shows that a total of 444 sales tax rate changes took place across all U.S. Sales taxes on services don’t seem likely for 2024.

Sales 52

Sales Tax Minnesota Tennessee 52

CPA Practice

APRIL 22, 2024

The domestic sales tax landscape in the United States has been in a constant state of flux over the last decade. In fact, the 2023 Vertex End-of-Year Sales Tax Rates and Rules report shows that a total of 444 sales tax rate changes took place across all U.S. Sales taxes on services don’t seem likely for 2024.

Sales 52

Sales Tax Minnesota Tennessee 52

CPA Practice

JANUARY 30, 2024

sales tax rate changes reached a 10-year high in 2023, proving once again that it will be challenging for businesses to meet their ever changing compliance obligations. This is according to data in the 2023 End-of-Year Sales Tax Rates and Rules report, which is conducted annually by Vertex a provider of tax technology solutions.

Sales 72

Sales Tax auditor tax services 72

ThomsonReuters

DECEMBER 6, 2022

Today, ESG is resulting in significant opportunities for auditors, fueled by the widening range of stakeholders calling for ESG prioritization, an influx of laws and regulations pertaining to ESG, and a rise in ESG investment products. What is the role of the auditor in ESG reporting? The future of ESG accounting.

auditor 59

auditor Account accountant accounted 59

CPA Practice

JANUARY 17, 2023

Eide Bailly sees risk awareness driving growth in sales tax automation. Sales taxes continue to be one of the most dynamic and risk prone areas of business operations, particularly since so many businesses are still not fully aware of their compliance requirements. Auditors are becoming more active. Wayfair, Inc.,

Technology 98

Technology Sales Tax South Dakota 98

CPA Practice

FEBRUARY 9, 2024

What’s the most effective way for tax and finance departments to handle tax-exempt sales? Any time you don’t charge a customer sales tax on a taxable transaction, you need to collect an exemption certificate — or make sure you have a valid certificate on file. What’s their secret? Avalara and Hanover Research teamed up to find out.

Sales 52

Sales Tax auditor accounting and finance 52

TaxConnex

JANUARY 18, 2022

There’s a lot of talk in sales tax about nexus, thresholds, forms, filing and many other details of compliance. One often overlooked aspect of compliance, but extremely important, is the sales tax exemption certificate. An exemption certificate is used to exempt an otherwise taxable transaction from sales tax. Exempt’ from what?

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auditor Manufacturing Tax Sales 198

TaxConnex

JULY 27, 2021

An exemption certificate is used to exempt an otherwise taxable transaction from sales tax. In the absence of a valid resale certificate, an auditor is likely to assume the transaction was taxable. The overall concept is that sales tax is imposed on the end-user of an item. Walmart charges you sales tax at the point of sale.

auditor 230

auditor audit Tax Sales 230

TaxConnex

MAY 18, 2021

sales tax audits ?were sales tax audits to become more common over the next two years. Like most things in sales tax, there’s not an easy answer. Audits of similar companies in your industry may lead a state tax authority to run comparison data on you and your competitors, such as your percentage of taxable sales.

audit 204

audit auditor Missouri Tax 204

TaxConnex

JULY 6, 2023

In part 1, we looked at the mounting financial costs of maintaining sales tax compliance with the thousands of tax jurisdictions nationwide. Rolling the dice What have companies done to avoid complying with sales tax regs where they have economic or physical nexus? Do not collect sales tax and fail to remit it. That’s fraud.

auditor 130

auditor audit Tax Sales 130

Withum

SEPTEMBER 16, 2022

It is no surprise that states are seeing significant growth in sales tax revenue, a trend fueled by changes in consumer spending during the pandemic. The third reason for higher sales tax revenue was the Wayfair decision in which the Supreme Court expanded the physical nexus requirement to include economic nexus (e.g.,

Sales 80

Sales Retail Tax South Dakota 80

TaxConnex

JULY 20, 2023

Maintaining current, valid exemption certificates is critical in managing your overall sales tax risk. Under audit, an otherwise exempt sale will be deemed taxable without such documentation from a customer – and just a few missing certificates can result in large penalties and interest. If you don’t, you could be in great trouble.

audit 130

audit Tax Sales auditor 130

PYMNTS

JUNE 30, 2020

A summary of Wirecard ’s customers in 2017 suggests that just 100 clients represented over 50 percent of its real sales, the Financial Times reported, citing an internal spreadsheet. Excluding those figures, the spreadsheet shows €292 million in sales from transactions of €18 billion. billion at the time per FT.

Sales 88

Sales auditor 88

TaxConnex

MARCH 16, 2021

Patrick’s Day, don’t look to four-leaf clovers, pots of gold or leprechauns to bail you out of trouble with sales tax. If your company has a sales tax obligation s and doesn’t have a process yet in place, plan for the risks of non-compliance. sales tax audits ?are sales tax audits to increase over the next two years.?

South Dakota 142

South Dakota audit Alaska auditor 142