Approximately 18 months ago, , the U.S. Supreme Court handed down a decision in the landmark case South Dakota vs. Wayfair. The effects of that case are still rippling through businesses around the country, changing the way they handle compliance forcing many to adjust their tax compliance and planning strategies.
For many IT departments, this has meant new tools and technologies to help them smooth the way in this new tax landscape.
The gist of Wayfair is this: states can impose the obligation to collect and remit sales tax on certain companies even if they lack a physical presence in the state. A lot has been written on Wayfair, and Vertex Inc. has a great FAQ on the case here.
In this conversation Michael Bernard, Chief Tax Officer, Transaction Taxes, with Vertex, we focus on optimizing technology: tax compliance, planning and audit defense in a post-Wayfair world.
“Compliance is really the bedrock of what tax departments do,” says Bernard. Information has to be accurate and timely, and mistakes in transactions tax calculations — like sales tax — can start a wave of errors that waste time and money.
Bernard urges tax and IT departments to work together. “It’s essential that tax departments work with IT departments — they can help with the purchase that the tax department will deploy. This is crucial in terms of their compliance function.”
Tune in for more, as Bernard shares insights on tax planning and best of all, audit survival!