The Five Steps to Managing Sales Tax
Over the last year, many businesses have been forced to find new ways to stay afloat. While eCommerce has boomed, it also creates new tax obligations that, if not well-planned for, open a business up to risk and lead to rocky customer service relationships.
Meanwhile, state governments are facing mounting debts. As the pandemic recedes, states will take action to regain financial health. How prepared is your company for an audit?
Understanding the ins and outs of sales tax compliance can be tricky for even the savviest business, but getting it right is crucial for success. Knowing where you need to collect tax, collecting the correct amounts, and properly documenting exempt sales are all key stages of the sales tax process. However, some steps get overlooked or handled incorrectly, leaving businesses exposed to potential penalties and fees in the case of an audit.
In this presentation, Karen Brudvig, a tax expert from Avalara, will review the five steps to managing sales tax and specific challenges that can plague manufacturers and other businesses. We will cover:
- Typical steps businesses should consider for sales tax compliance
- Impact of new sales tax legislation
- Tools to help you navigate the five steps