How does your company compare?
Complying with ever-evolving sales and use tax regulations is not an optional business consideration. Small and medium-sized businesses can be hit especially hard with complicated, complex and distracting requirements. SMBs face a tremendous amount of pressure as they often don’t have the layers of resources that larger companies have at their disposal.
Economic nexus is now in play in nearly every U.S. state, and SMBs cannot afford to assume that increased sales and use tax scrutiny doesn’t apply to them. With regulators looking to close the tax gap, there are now increased chances of notices, audits, penalties and fines.
To gauge just how much pressure those who have responsibility for sales tax management/administration at their organization, Sovos surveyed 250 individuals meeting this description to learn about their concerns and frustrations. Nearly eight out of 10 respondents said that they work at companies earning less than $10 million or between $10 million and $25 million in annual revenue.