- It is important to comply with sales tax in 2024 to avoid penalties and fees.
- Failure to remit taxes collected to the appropriate jurisdiction is considered a criminal offense.
- Determine your full sales tax exposure to start the process of mitigating non-compliance.
- Most states have a “look-back” period of 7 years for determining prior period liability for unregistered businesses.
- Estimating prior period sales tax exposure helps in determining a mitigation strategy and meeting reporting requirements for publicly traded companies.
- Precise quantification of prior period liabilities may involve contacting customers.
- Use a sales tax expert for the most accurate estimate of liability/risk.
- Mitigating non-compliance before an audit occurs is recommended.
- Contact TaxConnex for assistance in mitigating sales tax burdens and starting a compliance process.
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.
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