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How to Manage the Sales Tax Burden in 2011
With the economy still in flux and new state legislatures about to convene, now may be the best time to put into place some practices that will improve your tax department's efficiency and effectiveness. Taxand US suggests four areas for companies to consider with respect to sales and use tax compliance and audit management.
The taxing authorities want to expand the sales tax base, generate more audits, expand statute extensions on lapsing filing periods, and enforce higher penalties. Businesses wants fairer and more reasonable audits, consistent application of tax laws, uniformity in the application of sales and use tax by taxing jurisdictions and, of course, lower taxes. Companies should make a point to ensure that those who are directly responsible for the sales tax area review these four areas and implement any necessary changes to their processes where necessary.Your Taxand contact for further queries is:
T. +1 713 221 3933