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SALT: The Small Business Disaster Waiting to Happen

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More Highlights: “Tax Season from Hell.” The pandemic pivot. Small business outlook. Digitally-powered recovery.

Small business SALT: 98% of accountants say small businesses are vulnerable to interstate sales tax issues, including 7% who say “none or almost none” are in compliance and 39% who say “most” are not and another 39% saying only “some” are.  (CPA Trendlines Research)

 

By CPA Trendlines

Three years after the notorious “Wayfair” decision, accountants say a vast number of small businesses face new and burdensome interstate sales tax measures. But only a few accountants appear ready to help, according to new research by CPA Trendlines.

MORE: Survey: Rough Seas Ahead for Small Business

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Most accountants believe that 98 percent of small businesses – virtually all – are failing to fully comply with all the interstate sales tax issues they may be liable for. And yet, about 71 percent of accountants are falling short of handling all their clients’ sales tax issues, with about 12 percent saying they address “most” issues, 36 percent handling “some,” and 24 percent handling none, according to the new study conducted in conjunction with Avalara, the tax management software company.

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