- Sales tax compliance is essential for businesses selling taxable products or services.
- Billing systems are crucial for ensuring correct sales tax assessment.
- Discrepancies often exist between billing systems and tax reporting.
- Products and services must be correctly defined for tax purposes.
- Nexus issues arise based on economic and physical presence standards.
- Billing systems should be updated regularly to reflect changes in taxability and nexus.
- There is often a disconnect between billing system management and returns management.
- Companies may incorrectly charge and remit taxes, missing available tax credits.
- Proper management of billing systems is vital to avoid compliance issues.
Source: taxconnex.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
