Currently, there is a growing list of triggers that, when not addressed
properly, can lead to serious and costly issues. First, not understanding
sales and use tax properly, bad data quality, inaccurate tax calculations,
and weak or outdated internal processes can contribute to a potential
audit. State tax rules and regulations are also constantly changing,
creating compliance challenges for companies.
An Ever-Changing Tax Landscape
Keeping up with changes in tax rates and rules is one of the most critical tax challenges
a business will face. Michael Fleming, founder of Sales Tax and More, a Rockwall, Texasbased consulting firm specializing in state and local taxes, estimates there are between
10,000 and 14,000 taxing jurisdictions in the U.S. “On any given day there are a number
of them changing a rate or regulation,” Fleming adds.
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