SALES TAX COMPLIANCE AND THE CFO
WHAT SALES TAX COMPLIANCE MEANS FOR RISK MANAGEMENT
Risk management is usually top of mind for C-level executives. This is especially true in the areas of finance and accounting, as companies face increasingly stringent accounting standards. Sales tax compliance, until recently, was not a major focus with company leadership. But what’s emerged in the past few years is a very difficult landscape, where new legislation and the increasingly complex rules that determine sales tax liabilities (otherwise known as nexus) is making compliance very difficult. Adding to that complexity are growing state deficits, which are fueling more demand for sale tax audits as a means for recovery.
SALES TAX COMPLIANCE AND THE CFO.
How strongly do you agree or disagree with the following statement: Understanding sales and use tax is one of the most confusing aspects of the accounting team’s job. SEPARATING THE MYTHS VS. FACTS IN SALES AND USE TAX COMPLIANCE It’s not surprising that more than half of the survey respondents feel that completing a marathon would be easier than understanding sales and use tax rules. But why is that? A quick glance at the survey findings indicates that many companies simply aren’t adapting to changing regulations and lack the processes and expertise necessary to be compliant in this legislative climate.