Most small businesses are probably paying too much. Or, too little. Who knows?
By CPA Trendlines
The true cost of interstate sales tax compliance borne by small businesses is fast mushrooming into a problem of national proportions, according to new research. And while it may be a big opportunity for accounting firms, most small business owners are probably spending too much, or just as worrisome, too little.
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According to a CPA Trendlines survey, 39 percent of accountants believe their small business clients were “mostly not in full compliance” with cross-border collection and remittance requirements. Each of those non-compliant clients is a potential problem and an opportunity for their accounting firm.
Now a new Avalara-sponsored survey looks more closely at “emerging small businesses” (ESBs) with under 20 employees, and small and medium-sized businesses (SMBs) with 20-50 employees.
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