With the U.S. Supreme Court's 2018 ruling on the Wayfair case, businesses have been grappling with the complexities of adhering to the new economic nexus standards. Companies must now monitor their sales receipts and transactions to ensure compliance with state sales and use tax regulations.
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Since the U.S. Supreme Court's ruling in the 2018 Wayfair case, businesses of all sizes have been grappling with the complexities of adhering to the new economic nexus standards. Following the post-Wayfair era, companies must now monitor their sales receipts and transactions to ensure compliance with state sales and use tax regulations.
“As these entities expand into new jurisdictions, they face the task of determining whether their goods and services are taxable in every jurisdiction in which they do business,“ says Jeff Mallory, CEO and Managing Partner of Clarus Partners. “This growth makes it necessary to implement robust procedures to meet these new compliance requirements and that calls for a particular level of expertise. General practitioners simply don’t have the skill set to handle this kind of workload.”
One of the results of this ruling is that many businesses, such as remote sellers and marketplace facilitators, have sought the assistance of CPA or advisory firms to navigate these changes. Unfortunately, many traditional CPA firms do not have the needed experience in sales taxes to be able to expertly advise their clients on these matters.
The choice of a professional services firm should be based on the specific services and expertise required, rather than relying solely on reputation. Companies often mistakenly rely on their CPA firm for all taxes, even though that firm has no specific expertise on staff for certain tax types. A recent case filed in North Carolina Business Court highlights this issue and sheds light on the importance of selecting the right firm.
Vista Horticulture v. Johnson Price Sprinkle PA involves a North Carolina-based online flower bulb retailer suing its former accounting firm for allegedly failing to inform the company about significant tax law changes resulting from the 2018 Wayfair decision. The company maintains that it is now faced with significant sales tax exposures, including penalties and interest, as a result of its CPA firm not making it aware of the economic nexus standards resulting from the Wayfair decision.
In the post-Wayfair era, businesses should seek out firms specializing in the tax type in which the company needs help. Clarus Partners is one such firm that offers a team of seasoned and specialized tax professionals who prioritize customer service. Indirect taxes are their foundational service, as they provide comprehensive sales and use tax consulting and compliance services with extensive technical tax expertise. Additionally, Clarus Partners has specific expertise in exemption certificate management, business license management, and unclaimed property services.
Reliable sales and use tax consulting and compliance services are available with the right consultants. Clarus Partners specializes in such services for businesses of all sizes. Those interested in learning more are invited to visit the company’s site at https://claruspartners.com/services/sales-tax-consulting/ and reach out for more information and a personalized professional assessment.
Contact Info:
Name: Katie Coates, theprsecrets.com
Email: Send Email
Organization: Clarus Partners
Address: 1233 Dublin Road, Columbus, OH 43215, United States
Website: https://claruspartners.com/services/sales-tax-consulting/
Source: PressCable
Release ID: 89103867
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