Sales and Use Tax Compliance
Sales and use tax can be complex for a small business. States, counties, cities, and other jurisdictions frequently change their laws as to which products and services are subject to such taxes. Filing requirements depend on sales volume and, as your business grows, you may need to pay sales tax and file sales tax returns more frequently.
If you sell products in more than one state, you may have multiple sales tax obligations when it comes to collecting, paying, and filing taxes. Nexus is the concept of whether you have a business presence established in a state to be subject to its sales tax collection and filing requirements. Nexus can be triggered by real estate ownership, Amazon warehouse use, where an employee works, the number of sales transactions, a dollar amount of sales to customers residing in a state, and other criteria.
Tracking, Reporting, and Monitoring
For tracking and reporting sales and use tax, it is essential that your accounting system is properly set up to accurately capture this information for state and local tax compliance.
It is also essential that you are informed of changes in the laws by each area (e.g., state, county, city) where your business operates.
Exceptions must be managed as well. Some customers you do business with may be exempt from sales tax, so you need to collect exemption certificates from them and manage the exceptions.
Sales and use tax compliance is not limited to sales. Purchases may be required to be tracked and reported for your business to be compliant.
Sales and Use Compliance Services
Given the complexity of sales and use tax, we offer business owners compliance services. You can focus on managing and growing your business and count on us to keep you compliant.
At LCW CPAs, we offer the following sales tax compliance services:
- Nexus analysis
- Sales and use tax filings including state and local tax
- Sales and use tax automation
- Document management – exemption certificate management support
- Sales tax audit support
We provide accounting services, tax planning and preparation, audits, reviews, and compilations for individuals and businesses. Our clients are throughout most of eastern Massachusetts, the Merrimack Valley, south down to Woburn, west to Route 495 and east out to the seacoast. In New Hampshire, our clients are throughout Southern New Hampshire including Salem, Nashua, and Manchester, north up to Concord, and east over to the seacoast of New Hampshire.
As a progressive accounting firm, embracing technology to serve our clients effectively and efficiently is a priority to us. We offer consulting services and managed accounting services, including outsourced CFO and bookkeeping services, to businesses throughout the United States.
Why LCW CPAs
We offer many reasons why you should contact us to be your chosen CPA firm.
- We are local. As a local CPA firm, we offer the opportunity to build a working relationship where we get to know you and you get to know us. Maybe this sounds old-fashioned, but to us, it is the best way to work.
- We are progressive. We embrace improving and striving for better ways to help our clients. We utilize technology as an enabler to be more efficient and effective.
- We speak your language. Literally. We have many accountants fluent in multiple languages to best serve our diverse client base.
- We have a long-term view. We look to build relationships over time and seek to work with clients who value the benefits of a productive working relationship. If you are looking to secure a partner in the truest sense of the word, then we may be a great fit.
- We are experienced, credentialed, and knowledgeable. As CPAs, we offer expertise and knowledge to provide thoughtful guidance and advice.
- We offer a superior client experience where in every interaction you will experience our diligence, empathy, responsiveness, and the attention that you deserve. You can count on us to go above and beyond to do the right thing.
- We work with commitment and passion; we believe it is important to be good corporate citizens who are actively engaged in the community; we are deeply committed to the City of Lawrence and committed to helping our clients achieve their own American Dream.
LCW is extremely responsive and easy to do business with. We have a small business. LCW provides EXCELLENT advice for the business and for us personally. We highly recommend LCW. LCW CPAs willingly works with you through good and challenging times.
– Dan S.
For sales and use tax compliance services, please contact us. We have the team, systems, and processes in place to take the burden of compliance off your plate.