TaxConnex Releases New Research that Reveals Top Concerns Among Financial Leaders Responsible for Sales Tax in 2021

By Robert Dumas on Thu, Dec 03, 2020 @ 11:00 AM

Topics: sales tax compliance

Alpharetta, GA -  TaxConnex, Inc today released the results of a new survey finding that the increasing sales tax complexities, growing nexus, limited resources and additional audits are among the top worries of financial professionals in 2021.

The nationwide survey, conducted by Porter Research Group in November of 2020, is composed of responses from 100 top finance professionals on their thoughts and experiences in managing sales tax.

“We had several theories about what finance professionals were dealing with when it came to the pandemic and managing their sales tax compliance post Wayfair, but we wanted to validate those theories,” explained Brian Greer, CRO of TaxConnex.  “Utilizing Porter Research to conduct this survey helped us put numbers behind those theories but also revealed some great information on what finance professionals are struggling with, and we are excited to put these results into practice to help out in the future.”

Survey highlights include:

  • 65% of companies plan to grow across state lines in 2021
  • 71% of companies are not fully satisfied with their current approach to sales tax
  • The top two sales tax worries of respondents heading into 2021 are having the right knowledge and resources on staff and keeping up with changing nexus rules in each state
  • 47% of respondents manage the filing and remittance of their sales tax internally

“The US Supreme Court decision in South Dakota v. Wayfair created the largest change in sales tax in over 50 years. Combined with a global pandemic that created a new way of working and greatly increased online sales for many businesses, there are many things businesses are struggling with to keep up,” said Greer. “TaxConnex provides a service to remove the sales tax burden from the businesses where sales tax has become too much to manage in-house.”

TaxConnex is presenting a webinar on December 15 to share the highlights of the survey as well as providing a downloadable report of the full survey findings. Click here to download.

 

Check out the updated results as we again surveyed financial executives for their 2022 thoughts and worries!  2nd Annual Sales Tax Survey Results
Robert Dumas

Written by Robert Dumas

Accountant, consultant and entrepreneur, Robert Dumas began his public accounting career on the tax staff at Arthur Young & Co., followed by a brief stint at Grant Thornton. In 1998, Robert founded Tax Partners, which became the largest sales tax compliance service bureau in the country, and later sold it to Thomson Corporation. Robert founded TaxConnex in 2006 on the principle that the sales tax industry needed more than automation to truly help clients, thus building within TaxConnex a proprietary platform and network of sales tax experts to truly take sales tax off client’s plates.