Sales Tax Revenue Surge Creates Need for Greater Practitioner Expertise
State regulators are now collecting nearly $400 billion in sales tax as compared to 2003 when they collected just over $250 billion.
This growing trend is a consequence of complex regulations, and new business models and technologies, according to Ryan Himmel, CPA and chief executive of BIDaWIZ, Inc., a networking and marketing platform for small businesses and accounting firms.
“Companies of all sizes need to have appropriate reporting processes in place to meet state sales tax regulations. Sales tax revenue remains an attractive component for generating state revenue,” he said. Read more on Accounting Today.