Sales and Use Tax Solution – Accounting Software for Small Businesses and Mid-sized Companies
The following excerpt is sourced from Accounting Today – We hope you find it useful.
“Whether they are payroll taxes, sales taxes, or value-added taxes, taxes are a problem — a problem to track, a problem to calculate, and a problem to report.
Sales and use taxes are particularly onerous, and with the Supreme Court’s South Dakota v. Wayfair decision last year, they are becoming even more so.
It’s all about the money
Part of the problem is that sales and use taxes are a major source of revenue for states and municipalities.
With lots of pennies on the line, every entity that collects taxes has adopted a “no mercy” attitude. If your clients have what the tax collector sees as theirs, they intend to collect it, which translates to increased compliance issues.
Stirring the pot
A lot of the upheaval and change in the sales and use tax area stem from Wayfair. ‘The speed and complexity of the sales and use tax compliance landscape is outpacing the ability of traditional solutions to comply,’ said Sovo’s Maniace.
‘As a result, tax and IT leaders have begun to approach tax compliance more strategically. This manifests itself in a movement away from point solutions intended to address a particular compliance challenge, and toward modern, adaptable and scalable applications.
Wayfair opened the eyes of many organizations of all sizes that regulators are evolving, too, and they will find ways to collect what is owed. More organizations are looking for ways to solve the problem for good with complete end-to-end solutions — so they are positioned to grow when and how they want and don’t need to worry about tax getting in the way.'”
In response to all the changes happening in the sales and use tax area, we have begun to enhance the capabilities of our software to support your new sales and use tax collection obligations.
Those who are affected by the Wayfair decision can view our Accounting Software for Small Businesses and mid-size companies solution.
Our current sales and use tax capabilities are good, but, with the expanded requirements post-Wayfair, we know that many of you will need improved tools and we’re creating them.
We hope you found this post useful. Contact us at 800-969-7900 to see if we can help.