Webinar Thurs July 10th: Avoiding Sales & Use Tax Audit – Automated Sales Tax Compliance in Hosted Accounting
The most dreaded words in business might very well be “Sales Tax Audit.” Why? Because Sales and use tax compliance is almost impossible to manage well. Determining which items are taxable in which states is a challenge and relying on zip codes can get you in trouble when the auditor comes knocking.
“I’m not talking about that tablet sized mobile device that goes by the same name. I’m talking about the tax law concept of ‘state tax nexus‘ – one that if ignored, can literally cause a company to shut down and its owners to possibly even face jail time!”–
— Sylvia Dion / What Is Sales Tax Nexus?
Automating sales tax: Sales and use tax compliance is almost impossible to manage well. Determining which items are taxable in which states is a challenge and relying on zip codes can get you in trouble when the auditor comes knocking.
Automating Sales Tax and Avoiding Audit
Maintaining rate tables inside Quickbooks, with constant updates and changes, is nearly impossible to be accurate all of the time. Join us for a complimentary webinar and learn:
- Protect your business in the event of an audit
- Save time and money on tax admin by automating sales tax compliance
- Why zip codes mean zip when it comes to sales tax
This webinar will give you an overview of setting up sales tax correctly in QuickBooks and cover what you can do to cover yourself should the auditor knock on your door. This webinar will include a demonstration from Avalara and show how their software provides effective and efficient sales tax management. Join our webcast and learn how to automate your sales tax policy and save time and money and come out ahead in an audit.
The State Tax Nexus Reality
“The reality today is that most companies do not confine their business activity to their home state. Companies that want to grow and expand realize that they must venture across state lines (and even across the ocean) to prospect new customers, attend trade shows, train their current customers on their products or equipment, or perform installation or service work. So, yes, while opening a physical location, such as an office, storefront or distribution center in a new state is certain to subject an out-of-state company to the new state’s tax laws, there are many other common business practices which may not seem to create nexus, but very well could! So let’s take a look at a few of these not-so-obvious nexus creating activities.”
— Sylvia Dion CPA MBA / What Is Nexus?
Understanding how taxing authorities select companies for auditing and avoiding issues that are likely to trigger a sales tax audit is key. Avoiding the high time and resource costs of an audit, along with the high cost of penalties, should be a high priority.