Most states require business sales tax collection and remittance. With the rise of e-commerce came stricter interstate sales tax enforcement, creating today’s minefield of regulations, penalties, and complex compliance processes. Is your business compliant with all 50 states and 35,000 municipalities? Our sales tax advisor services can help:
Some businesses never need to file sales tax. Others are required to begin filing day 1 of operations. Sales tax regulations vary from state to state – that’s what makes planning your tax strategy complex. A company may be required to file returns in California, Texas and Maine, but not Nevada, Oklahoma, or Vermont. As a rule of thumb, if you sell tangible personal property (think: physical goods) AND meet one of the below criteria, you need to collect and remit sales taxes:
“Significant sales volume” is defined differently by every state and is the most confusing requirement. Software tools like Avalara help you understand how “significant sales volume” requirements apply to your business, but do not monitor the other 4 qualifiers.
Failure to collect and remit sales tax is a crime punishable by fines and even jail time. Simply not collecting sales tax is never an option. Although immediate compliance may not be the right business solution, tax planning strategies should always include a path to sales tax compliance.
Smart business strategic planning incorporates sales tax compliance to avoid unplanned regulatory expenses. No matter your size, a business selling tangible goods should:
CFOshare’s sales tax advisor services are the easiest way to ensure ongoing compliance. Our professional outsourced CFO’s will use our three step process to develop the best tax strategies for your business:
Every day accrues additional penalties and interest for non-compliance. Do not wait – contact us now to begin planning your sales tax strategy.