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Avoid Costly Tax Mistakes and Remain Compliant


The world of indirect tax is in a perpetual state of disruption with ever-evolving federal tax legislation, varying state and municipality codes and regulations, scrutiny of tax authorities, and digital transformation happening at unprecedented speeds. Suffice to say, the stakes are high.

Apr 28th 2021
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The time is now for accountants to help their SMB clients get in front of increased business compliance considerations by implementing the right tax solution.

By putting a thoughtful tax strategy and system in place, SMBs can mitigate underpayment and incorrect calculations, reduce overpayments, lost sales, potential penalties, and improve overall tax efficiency within their organization. Moreover, by implementing a premium, end-to-end tax engine solution, SMBs can worry less about managing the complexities that come from government regulations and compliance.

In response to COVID-19 and the economic loss our country incurred throughout 2020, governments are likely to be auditing with a fine-tooth comb this year and companies must prepare accordingly. As many states look to increase indirect taxes to counteract these losses, with changes across both state and country lines, SMBs must carefully consider their approach to compliance.

In order to keep up with the pace of change, companies are relegated to piecemeal solutions, alongside manual calculations and data-keeping, which are not only time intensive, but also put companies at an increased risk of error and lost revenue. For every miscalculation, indirect taxes must be recalculated and remitted, otherwise, businesses face consequences like decreased sales and loss of overall customer trust.

As a trusted financial partner and advisor to clients, CPAs must socialize three key tenets with their clients:

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